03 Feb

3 Years vs. 5 Years: How Long Should Your Auto Loan Be?

Choosing an auto loan for your new car is a big decision. It can affect your monthly finances, your credit, and your ability to sell the car down the line.

The most common auto loans are 3-year loans and 5-year loans. Here are the benefits and drawbacks of each:

3 year vs 5 year auto loan rocky mountain law enforcement federal credit union3-Year Auto Loan

Benefit: These loans are less expensive overall. They are less risky for the lender, so they carry a lower interest rate. If you anticipate having very solid income for the next three years, a 36-month plan will save you money over the course of the loan. It will also allow you to pay off your car faster, meaning you can resell it sooner. That is a significant benefit, since cars depreciate quickly.

Drawback: 3-year plans come with a higher monthly cost. This can eat into your monthly budget. Even if you can afford it now, if your financial future is uncertain—if you know you’ll be looking for a job in six months, for instance—you may not want a 3-year loan. These expensive monthly payments leave you less discretionary income to handle life’s uncertainties, whether it’s unemployment or unexpected medical bills. You cannot eliminate these uncertainties, but if you anticipate having them, a high monthly payment might not be your best option. Read More

30 Sep

What it Means to be a Member of the Rocky Mountain Law Enforcement Federal Credit Union

Rocky Mountain Law Enforcement Federal Credit Union Privilege of PartnershipYou have joined the police force whether as an officer or part of their amazing support staff. You are now in an elite group dedicated to keeping the rest of us safe. While you spend your days and nights protecting the citizens of the Rocky Mountain region, we spend our days and nights looking out for your financial safety.

The Rocky Mountain Law Enforcement Federal Credit Union is an exclusive credit union built, designed, and managed to serve only law enforcement members and their families. Since 1938 we have been serving those who serve their communities bravely and altruistically.

So what does it really mean to be a part of RMLEFCU? Here are 3 reasons to join RMLEFCU if you haven’t already.

  1. Take Your Commitment to the Next Level – You’ve joined the police force, now join your financial institution. RMLEFCU is a credit union created only for law enforcement workers and their families.
  2. Own Your Banking Institution – Yup, that’s right. When you join RMLEFCU you are not just a member of an exclusive credit union, you become the boss. Every member owns a piece of the credit union and is entitled to 1 vote at our annual meeting. This keeps the goals of our credit union aligned with those of our membership. Get the privilege of partnership!
  3. Great Rates & High Dividends – Since the Rocky Mountain Law Enforcement Federal Credit Union is owned by its members, profits are returned to members in the form of low interest rates and high dividend savings products. We even have checking accounts that pay interest and have no fees!

There are hundreds of reasons to join the Rocky Mountain Law Enforcement Federal Credit Union. These are just three. To find out more about membership please come by a branch or speak with a member service representative today! 303-458-6660 You can even join online! Click here to join!

27 Aug

3 Really Good Reasons to Keep Your Account Information Updated

We want you to what?! Call into the credit union and/or log into online banking to make sure all your information is updated! No one has time for that, right? Wrong. Everyone needs to make time to keep his or her accounts updated or it can cost you, big time.

Here are 3 really, really good reasons to review your account information to make sure it is updated.

Update Beneficiaries on RMLEFCU Accounts1. Unexpected Beneficiaries – Do you know who holds the key to your accounts? Former spouses, former friends, former business partners – who from that former life is still listed on all your accounts? Per operational law, the order of ownership on a deceased member’s account is assigned in the following order:

  1. Joint Owner(s)
  2. Beneficiary(s)
  3. Court Appointed Legal Representative

This means whoever you leave your money to in your will may not be the person who gets it.

True Story: A RMLEFCU member opened a savings account in his younger years and had his current wife as the beneficiary on the account. Read More