With all of these misconceptions about credit unions, many don’t even know the real reason why credit unions exist and what membership actually entails.

Does this sound familiar: You’re determined to have X amount of money saved by a specific time of the year but something keeps coming up where you're dipping into your savings to pay for other expenses...

When applying for an auto loan from a lender (like a bank, credit union, or even a dealership) you're likely to hear about interest. Interest on an auto loan is essentially the extra fee you pay for using the lender's money to buy a car. Luckily, the interest you'll accrue (and eventually owe) on your loan is spread out over the life of your loan, so you're not required to pay the fee back all at once.

Picture this - you're doing some car shopping and just found your perfect one that has your unique style written all over it. The car salesperson approaches and says “Is this the one?! Let’s get you set up so you can drive home in your new car today!” What’s your next move? Are you rushing to submit an auto loan application or are you going to do some research for the best places to get an auto loan?

The emotions that come after being scammed can be devastating. Once you wrap your brain around being duped of your funds, the self-blame begins and you begin to over-criticize yourself thinking What if I didn't do ... It's all my fault because I shouldn't have... I'm so stupid for falling for... If only I would have ... This wouldn't have happened if I ...

As an adult, you have a credit report that summarizes how you've handled your credit accounts which are reviewed and scored. Think of it as your credit report is your new report card, and your credit score is your new GPA. A negative inquiry or delinquency on your report can drastically lower your credit score. This can take time to restore which you might think will ultimately put a hold on many parts of your life, like financing a car.

Ok, be honest - how many times have you attempted to do a debt paydown plan but it fell through the cracks or it was too hard to stick with? Maybe because the amount of debt is too exhausting to deal with or perhaps it’s the realization that it’s going to take a really long time to pay it off. So postponing your pay-down plan for a later date probably feels like an easier decision.

What are your initial thoughts when you hear or see the words "no payment needed" for an auto loan...? Is it a relief to hear that you're not forced to come out of pocket to pay a percentage of an auto loan that's already thousands of dollars? Or do you think it's a trap for you to eventually default on your loan because you failed to put 20% down?

Deciding how to pay off an auto loan isn’t the same for every borrower and it varies based on your spending needs. One borrower may opt into doing a monthly payment plan to establish their credit score, while another might decide to pay the total cost of the auto loan in advance and avoid paying interest.