The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Credit Unions Offer the Best Auto Loans
Did you know that Credit Unions offer the best auto loans? That can be very important, as the average cost of a new vehicle today is around $30,000.
Vehicles Second Largest Expenditures
The purchase of a car likely will be the second largest expenditure you have, second only to the purchase of a home. Whether you desire the shiny, brand new one, or if you are content with finding a reliable used one, we want to help you to get the most for your money.
Here are five reasons it makes more sense to get your loan through us:
1. Loan Approval. With us, you have a better chance of getting your loan approved. Even though the loan application process is the same and the underwriting process is similar, the credit union may make some adjustments that a commercial bank would not. Many credit unions are also more inclined to listen to its members’ needs and unique situations—sometimes adjusting terms of a loan accordingly.
Lower Rates Save You Money
2. We have lower rates. A five-year term is the most common loan term for a new or used car, and rates at a credit union are typically much lower than the average rate at a competitor bank. The savings in interest alone is a major reason to consider this financing. In a recent CUNA (Credit Union National Association) report, financing a $25,000 new automobile for 60 months at an Oregon credit union would save members an average of $107 per year in interest expense compared to what they would pay at another type of financial institution in the state. Just think of what you can do with that money.
Service Is Still Important
3. We provide personalized service. Because we are a are not for profit organization and work to provide members with high-quality services, you can openly discuss your concerns about your loan, talk about flexible repayment options and review your financial situation with a dedicated professional. This can alleviate some of the pressure of applying and securing financing for your new or used vehicle and you can be more confident that the credit union is working with your best interests in mind.
4. We offer educational resources. Many credit unions will provide information such as financing options and how to make the best decisions when assessing the value of your car purchase. If you’re a first-time car buyer and apprehensive about the loan process, you can turn to a credit union for unbiased answers.
5. We offer a non-sales approach. Unlike other financial institutions, which often grant their lenders bonuses or some type of compensation for the loans they get approved, credit unions, as not-for-profit financial institutions, work for their members and aren’t driven to sell you anything that equates to extra money in their pocket.
Benefits of Being In a Cooperative
All profits from members end up going back to them in the form of lower rates on financial products and more flexible loan options. If you don’t like the pressure of working with other lenders, a credit union is the answer. You should find out that credit unions offer the best auto loans. To find out more, call us at (541) 382-1795, email us at info@midoregon.com or visit one of our Central Oregon branches.
Preston Thompson Guitars
Earlier this year, Mid Oregon Credit Union Commercial Services provided Preston Thompson Guitars of Sisters with financing to help them expand their business. We appreciated Preston Thompson and his team coming to us, especially in light of our new Sisters branch opening later this year.
Preston Thompson, Master Guitar Luthier
Thompson, who has built guitars since the 1970’s, is a “master guitar luthier”, and has worked with some of the greats in his field. From pktguitars.com:
“Discovered by bluegrass virtuosos Charles Sawtelle and Peter Rowan in the 1980s, Preston has built a reputation for handmade, original vintage guitars. He got his start building guitars under Charles Fox at the School of the Guitar Research & Design Center in Vermont, the first school for guitar makers in North America.
“During the 1970s, he honed his guitar-making skills at the legendary Randy Wood’s Old Time Pickin’ Parlor, the center of Nashville’s bluegrass music jam scene. In the 1980s, Preston’s custom acoustic guitars attracted the attention of the top flatpicking and fingerstyle guitarists in the world.” Read more about Preston Thompson…
How Mid Oregon Helped PK Guitars
Recently we caught up with Preston Thompson Guitars’ Christine Funk, who offered these thoughts on how Mid Oregon has helped their company:
How did this loan impact your business?
Christine: This loan was critical for Thompson Guitars to expand and continue to grow their business. Having a line of credit to count on for cash flow ups and downs gave us a sense of security as we moved quickly forward with purchasing inventory and creating a larger brand presence in the marketplace. Also the small equipment loan helped speed up our processes with new and improved jigs, fixtures and larger pieces of equipment to fill guitar orders in a more timely manner so that we can accommodate more orders. We also were able to replace a high interest short term loan with a longer lower interest loan from Mid Oregon Credit which helped out our monthly expense total.
Any comments about Mid Oregon?
Christine: Mid Oregon Credit has been helpful every step of the way from the loan process, providing a list of items they needed to complete the loan and making it a quick the turn around for both the credit line and equipment loan to keep our company growing. We have a great team at Mid Oregon Credit that we can ask questions to and feel they are a part of our business helping us to be successful. They provide a very personal touch with coming out to visit our shop to check on progress even after the loans were put into place.
More about Preston Thompson Guitars:
Preston Thompson Guitars
Website: pktguitars.com
Address: 352 E Main Ave, Sisters, OR 97759
Mailing Address: PO BOX 250, Sisters, OR 97759
Phone: (541) 588-6211
From their workshop in the music-loving town of Sisters, they build custom guitars and standard models based on the best American made guitars from the 1930’s. The choice of Grammy-winning flatpick and fingerstyle guitarists alike, Preston Thompson Guitars are among the best acoustic guitars available anywhere, renowned for superior tone, craftsmanship and materials.
How to Save Money While You’re a Student
Money might be tight when you’re in college, but it’s not impossible to find ways to save. Yes, you can save money while you’re a student. Here are some simple ideas.
Budget
It’s essential to create a spending plan so you know where and how you’re spending your money. This allows for better spending habits. Without knowing where your money is going, it’s impossible to know what to cut back on. Too many dinners out with friends and an unexpected book you have to buy for class and suddenly all the money you have for the month could be gone.
Mid Oregon Credit Union has hundreds of members who are students of local and national colleges. We would like to help those in college save money while in school, and after. We have low or no-cost checking options, and even contribute money to our local colleges for each new COCC or OSU Student who joins.
Food
Prepping meals at home can save you a lot of money. One meal out can cost as much as one cooked meal that includes leftovers for two more meals. Never go grocery shopping when you’re hungry. Stock up on sale items you can easily store or freeze to save time and money.
Textbooks
Before you go out and buy the newest copy of each book for your classes, shop around. Look for used versions of textbooks or rent them if possible. Sometimes you even can find textbooks at the library. If you have to resort to buying a textbook at full price, take good care of it so you can sell it back at the end of the semester.
Entertainment
Staying busy for cheap while in college should never be a problem. Instead of going out and spending money on entertainment, check out the free events that your campus has to offer—concerts, movies, speakers, sporting events. Stay in shape with the free fitness classes or intramural sports that are offered at your school’s recreational center. Lastly, ditch your cable—watch shows and movies online.
In Central Oregon, COCC and OSU Cascades offer some low cost activities: