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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.
Why Auto Loan Pre-Approvals are Critical Today
Are you seeing the need to get yourself a new set of wheels? Maybe you have been waiting until the pandemic restrictions were reduced? Perhaps your current vehicle is becoming less reliable? Generally, more people make vehicle purchases in the spring. Mid Oregon wants you to know why auto loan pre-approvals are critical today..
Mid Oregon Credit Union has many thousands of vehicle loans, and each year we help Central Oregon’s purchase thousands of cars, trucks, RVs and “toys”. We strongly suggest you get pre-approved for any vehicle purchase, especially today. While always a good idea, currently it may make the difference in getting what you want, when you want it.
Why Get Pre-Approved For Your Loan?
- Verifies you can afford the car you want. You will want to focus on the vehicles that fit in your price range. There are many brands, makes and models theoretically available. You should concentrate your efforts where prices, whether new or used, are affordable to you.
- Reduces pressure while buying. There can be a lot of stress just finding, test driving and negotiating your purchase. Having your loan settled is one less thing to worry about. You will want to be focused on the vehicle and price to make a better decision.
- Lender will have more of your interest in mind. If you finance through a credit union or bank directly, they want to be sure the loan works for your circumstances. That lending relationship will continue long after you drive off the dealer’s lot. Both you and your lender want that to work long term.
- Choose better loan terms. When you are at the credit union looking at a pre-approval, you will have knowledgeable input on what you can afford. You can easily see how interest rate, monthly payments, duration of the loan and overall costs will look for you. You aren’t pressured or rushed in order to get your vehicle purchased.
- Learn about additional insurance or service coverage at better cost. Mid Oregon, and likely other financial institutions, will have lower cost additional products and services you can set up with your financing. Guaranteed Asset Protection (GAP), Mechanical Breakdown Protection and Life, Disability and Unemployment protection are the most common. These can help provide peace of mind with your major purchase.
- Get trade-in valuation information. Mid Oregon will look up current values on your potential trade-in. Sometimes it is easier to handle that at the dealer, but normally you can get more value in selling it yourself. You will have more time to consider the choice.
Why Auto Loan Pre-Approvals are Critical Today
- Low Inventory. New vehicles have been in short supply due to supply chain issues. Chip availability for new auto electronics are the major reason, but there are others. As a result you will have fewer vehicles on the lots to see, and if you find one, having your pre-approved loan and amount allows you to make a fast decision. Even if you order your vehicle, having your loan in-hand can mean getting delivery sooner. While the used car market has its differences, being able to make quicker decisions is still important.
- Rising Prices. Prices on new cars increased over 12% from January 2021 to January 2022. And 82% of buyers paid over sticker price, compared to 3% in January 2021. If you are pre-approved, you can better determine current affordability in the moment.
- Higher gas prices and operating expenses. Often vehicle buyers only focus on the monthly payments for their purchase. While we know that the total cost is equally important, the monthly maintenance expenses can make a big difference to affordability. Fuel prices have risen dramatically in recent weeks, and even motor oil costs have increased. Coupled with lower supply of some parts and even difficulty getting in for services, the expenses for operating a vehicle need to be strongly considered with your purchase and loan payments.
Getting Pre-Approved is Time Well Spent
Talking to a vehicle lender like Mid Oregon Credit Union before you start shopping can be a great decision. You will use your time better by concentrating on what you can afford, not wasting your time. It’s easier to be more responsive when shopping, and have less stress in doing so. You stand a better chance of getting the vehicle you need, when you need it. And you will have more peace of mind knowing the financing will be better for you, without the pressure of a quick decision.
Mid Oregon would love to help you with your pre-approval. Many purchasers start online with our easy application. You can also visit one of our Central Oregon branches, or reach out to us through email info@midoregon.com or by phone (541) 382-1795. Let us help you get the vehicle you want, when you want it!
Want to know more about getting your best car deal? Join us Thursday 3/24 at 7 p.m. for our free online webinar- register here!
Read more about vehicle buying, and vehicle financing.
QR Code Fraud—Are you at risk?
What are QR Codes?
QR codes provide quick access to specific websites or products (for example restaurant menus), but they can also lead to dangerous phishing schemes or infected websites.
Cybercriminals are exploiting the growing use of QR codes as a “touchless experience” during the pandemic. QR interactions have grown 94% over the last three years, with an estimated 5.3 billion QR coupon redemptions projected in 2022. In QR code fraud, the goal is almost always the same—to get you to navigate to a website where cybercriminals can steal your data, money or both. However, there are many ways to protect you from these cybercriminals.
How to Identify Threat:
Tampered QR codes trick consumers by directing them to a malicious site which is designed by the cybercriminal to look identical to the site the victim is attempting to access. Believing the site is authentic, they are then prompted to share confidential information, such as their online banking login credentials or other personal information. Malicious QR codes may also contain embedded malware, allowing criminals to also gain access to the victim’s mobile device and location. Cybercriminals have the ability to tamper with both digital and physical (printed) QR codes on display in public locations.
How to Protect against this Threat:
Consumers can protect themselves by checking that the website the QR code links to is authentic with a correctly spelled and secure URL. Physical QR codes should be highly scrutinized and checked to make sure it was not tampered with by placing a sticker on top of the original QR code, for instance. Also, consumers should be cautious of downloading QR code apps due to the risk of malware. In short, only scan QR codes you are sure are directing you to a trusted site.
Want to know more? Read additional Mid Oregon blog articles about online security and fraud protection.
Content based on an article by Wespay
Remote Education Security Concerns
K-12 Students and Online Learning-Schools, Parents Failing Security
Since the coronavirus pandemic struck, educating children in the U.S. became a challenge to figure out. Online, remote education is still considered the safest way for our children to learn, but it also presents serious online security concerns. Unfortunately, the quick shift to remote education resulted in an outright failure to protect students learning online. Now in the middle of a new school year, how it’s going to work is still being debated. It could include in-person, hybrid (a combination of remote and in-person), and remote education. In our changing environment, there are large remote education security concerns. The time for schools and parents to protect the online security of our students is now.
Failing Security Grades
An organization that tracks K-12 cybersecurity incidents, the K-12 Cybersecurity Resource Center, says “The public assumption that K through 12 information security has kept pace with the rest of society is wrong…School districts throughout the United States suffer from notoriously poor information security.” The organization has been tracking cybersecurity incidents with K-12 students since 2016, and to date confirms over 1,100 of these incidents have occurred.
Both schools and parents can improve online security for students with these tips provided by the U.S. Cybersecurity and Infrastructure Agency (CISA) and McAfee security.
Helpful Tips
Share information carefully. Before sharing personal information, consider where it will end up and who may be viewing it. CISA says that’s especially true for video conferencing apps like Zoom and collaboration platforms. Shared screens should have only the information needed visible. Use blurred backgrounds when possible.
Device cameras are a gateway for intruders and security incidents, according to McAfee. Disable chat when possible, and pay close attention to unintended screen sharing, instant messages, and video chats like those from “Zoombombing” incidents.
Don’t hesitate to mute all involved with larger meetings. According to CISA, “ensure you have the capability to mute all attendees and limit the ability of attendees to share screens…consider giving participants an option to participate by audio only if they have privacy concerns…”
Sharing too much information is very risky, says both CISA and McAfee. Don’t put birth dates, location, and phone numbers on learning apps whenever possible. Use a school-provided email address and login info rather than using personal accounts.
Have a vetting process, says CISA. Consider a waiting room to verify participants arriving for a remote learning class before it starts.
Require multi-factor authentication (MFA) for learning apps when possible, says CISA. It’s an easy and effective way to keep hackers out of the online learning process.
Read more “Stickley on Security” on Mid Oregon’s Security and Fraud Center page.
Read more articles on Mid Oregon’s blog about online security