Auto Loans: Bigger Down Payment or Paying Off Other Debt?

Thursday, June 20 at 01:00 PM
Category: Personal Finance

When you take out a loan for a car, some people argue you should put down the biggest possible down payment, so your monthly payments are lower and you can pay it off quicker. Others advise prioritizing paying off other existing debts over making a big down payment. In reality, the solution that’s right for you depends on your financial situation.

You can get a low APR car loan with little or money down (with good credit). Use savings to pay off credit cards or other debt, not as a down payment. Buying a car, new or used, is a financial commitment. You can make a down payment, reducing the amount you’ll have to pay monthly on the vehicle. But what if you have more pressing debt, like credit card or student loan debt?

Does it make sense to sign up for a car payment plan and use the short-term cash to pay other debts first? We’ve analyzed the pros and cons of each choice. Read more here*.

 

*Link is a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Financial Education
 

Small Business Banking Series in Greater Kansas City

Wednesday, May 08 at 01:00 PM
Category: Business Banking

So… What Do You Do? What’s Your 10-Second Commercial?

When meeting people for the first time, why do we struggle with explaining what we do in 10 seconds or less? Join our featured speaker, Dan Stalp of Sandler Training, for this highly interactive session where participants will:

  • Build intrigue when someone asks, “What do you do?”
  • Be more clear about the types of people/companies who qualify as good candidates for your business; and
  • Learn how to set strong verbal agreements with those who qualify for follow-up after meeting someone.

Dan Stalp has over 26 years of experience leading, training, and coaching high performing individuals. He has risked everything and completely started over twice career-wise, once in 1993 and again in 2005 by co-founding and founding his own firm. Dan has co-authored two books, “The Reunion” and “Antoerh Reunion,” about career significance and how pursuing what you were “meant to do” – along with always being grateful – plays an instrumental role in being the best you can be.

When not being mistaken for a certain Hollywood movie star, Dan and his wife Lisa of 28 years travel to Dallas, TX and Fayetteville, AR to visit their two grown daughters. Or they are attending rugby and lacrosse events for their high school and college aged sons.

This first session will be held Wednesday, May 29, 2019 from 11:30am to 1:00pm at the Regnier Center of Johnson County Community College (12345 College Blvd, Overland Park, KS – Room 270). This class is open to the public and registration includes lunch.

Space is limited. Registration is required. Please visit the event site* to reserve your spot today. 

Generously sponsored by Arvest Bank and hosted by the Kansas SBDC at JCCC, this workshop is the first of a 4-part Small Business Growth Lunch & Learn series*. The series will be an opportunity for small business owners and resource partners to network, share best practices, and learn from industry experts. Each session will feature a presenter on a different small business topic.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

 

*Participants do not need to attend all four sessions. 

Tags: Financial Education, Kansas City
 

Reminder: Before Using Your Credit Card for Online Purchases

Friday, March 22 at 12:00 AM
Category: Personal Finance

Making purchases online can be convenient and efficient. While online shopping never has a 100% guarantee, here are five simple tips that could help keep your information secure when entering your credit card online:

  1. Shop secure sites. Check for the ‘s’ behind the ‘http’ in a website’s address. The ‘s’ indicates the site is encrypted, which provides an extra layer of security for online buys. The address bar may also appear green, confirming the site is secure.
  2. Purchase at home or on a private wireless internet connection. Using either a public computer or a public Wi-Fi network can make you an easy target for nearby scammers.
  3. Keep your social private. Nearly all online purchases can be made without entering your social security number. Don’t provide this or any other unnecessary information when making a purchase.
  4. Add additional security. Anti-virus software and strong passwords may take a little time to set up, but keeping your personal information safe is worth the effort.
  5. Use your best judgement. If a site seems questionable, don’t follow through with the purchase. Deals that seem too good to be true could cost you in the long run if your credit card and other personal information falls into the wrong hands.

If you need assistance with your credit card or wish to report a potential issue, please contact us at (800) 356-8085.

    

Tags: Financial Education
 

Take Control of Your Credit Card Debt

Friday, March 22 at 12:00 AM
Category: Personal Finance

Whether you have a high credit card balance or feel like you’re barely chipping away at the interest, debt can be overwhelming. One way to manage credit card debt is by transferring your balance to a different card with a lower interest rate. Over time, this could reduce the amount of interest accrued on the account as you continue to pay off the principal balance. 

What is a balance transfer? Simply put, a balance transfer is when you move the balance from one credit card to another in order to reduce the amount of interest accumulated on the account each month. While the best way to avoid interest is to pay off the full balance of your credit card each month, balance transfers are helpful when you’re unable to pay off the entire amount owed.

Do Your Homework. When considering a balance transfer, make sure you research the following:

  • Introductory APR periods
  • Applicable fees
  • Transfer amount limitations

Most importantly, you’ll want to establish a firm plan to make regular payments on the balance once it’s transferred.

Take Advantage of this Balance Transfer Opportunity. The Arvest Personal Credit Card provides new cardholders with a 0% Introductory APR* on purchases and balance transfers for 12 billing cycles. After that, rate will be based on credit worthiness - 14.65% to 21.00%*.

Existing cardholder? Call us at (800) 356-8085 to learn more about balance transfers today! 

Disclosure:

*Introductory Rate: 0% introductory Annual Percentage Rate (APR) is valid on purchases and balance transfers for 12 billing cycles from date of account opening. After that, the APR for purchases, and balance transfers will be based on your creditworthiness (between 14.65% and 21.00% APR) and will vary based on the prime rate. The APR for cash advances will vary based on your creditworthiness (between 14.65% and 21.00% APR) and will vary based on the prime rate. The transaction fee for cash advances and cash equivalent transactions is the greater of $4 or 4% of the transaction. Foreign transaction fee is 1% of each transaction in U.S. dollars. Rates apply to new accounts only and are accurate as of January 8, 2019. Subject to credit approval. Additional limitations, terms and conditions may apply.

Tags: Financial Education
 

Travel Safety Tips

Friday, March 22 at 12:00 AM
Category: Personal Finance

Traveling is an exciting adventure for anyone seeking to learn more about the world they live in. As with anything, traveling comes with both risk and reward. However, the risks shouldn’t outweigh the rewards of exploring new places, so review these safety tips as a precaution.

Pause Deliveries

Who is going to pick up your mail and newspaper while you are on vacation? Rather than having your neighbor gather those items daily, opt to temporarily stop delivery. Safe Wise* cautions that burglars may view accumulating packages and newspapers as a vacancy sign announcing your absence. The last thing you want to do is draw attention to your empty home.

Write down Everything

No one likes to think about someone stealing their credit card, passport or other important documents. However, the risk of theft is real and should be taken seriously. CNBC* urges travelers to write down information for each important item before departing for a trip. Leave the list in a secure envelope with a trusted relative, for safe keeping and easy retrieval while you are away. Additionally, USA Today* suggests tourists leave a copy of their itinerary with a friend or relative at home. Plan times to check in regularly and ask the friend to contact authorities if you fail to check in.

Call Your Credit Card Company

In addition to writing down credit card information, be sure to call your credit card company before departing for a trip. It is important to inform the company of where you will be traveling and how long you will be gone. This simple measure will ensure your cards continue to work during the trip and any unusual activity will be quickly reported.

Arvest monitors its credit cards for suspicious activity, so be sure to report your travel plans to the company before you depart. If your credit card falls into the wrong hands, unusual charges will be noticed more quickly.

Get Vaccinated

As you plan every detail for the upcoming trip, your health may never cross your mind. However, the Center for Disease Control and Prevention* encourages travelers to research common illnesses in the country they plan to visit and vaccinate accordingly. Additionally, it is important to make sure all routine vaccines are up-to-date. Your decision to plan ahead could keep sickness from ruining your otherwise incredible vacation.

Delay Posting

Social media can be a great place to keep friends and family updated on all your travel adventures, but posts and geo-tags can also serve as a virtual footprint for thieves. Consider stockpiling your favorite travel stories and photos, and posting them after you return from vacation. You can still share all the fun memories with your followers, without worrying about the wrong people keeping track of your location in real-time.

Check Advisories

Do research and familiarize yourself with the destination, whether domestic or abroad, to ensure you are fully prepared. If you are traveling out of the country, visit the U.S. Department of State* website to register as a traveler and view travel alerts or advisories for the specific country you plan to visit. It is a great way to stay aware of anything that could affect the comfort of your trip.

Secure Your Room

Although hotel rooms may seem secure, it never hurts to add an extra level of security to protect yourself and your belongings. Nationwide* suggests packing a jammer or door stop in your suitcase. It is small, so it won’t take up much space in your luggage, but it could deter unwanted visitors from gaining access to your room.

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed.

*Link is a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

 

 

 

Tags: Financial Education

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