Monthly Archives: February 2016

Finding Your New Vehicle – Auto Financing & Maintenance Tips!

Auto Financing

Purchasing a new vehicle is always an exciting venture. At Putnam Bank we want to help you maximize your buying experience with a trusted and affordable auto loan. Before you start roaming the lots, glance at our easy auto check list to see what type of vehicle you and your budget are searching for.

Determine if you want a new or used vehicle.

Many auto dealers today offer both new and used. While new can offer updated technology and the assurance of no prior owners, choosing a used vehicle can drastically diminish cost and also offers a comparable quality with moderate mileage.

Decide on a budget and a timeline.

When choosing the right vehicle to purchase, there are many questions to help you research which option may be best on your wallet in the long run.

-How long do you want to drive this vehicle?

-What does your budget allow you to spend for the down payment and installments?

-When do you need your vehicle by?

-What type of MPG do you need to keep gas costs within your overall budget?

-How long do you want to be paying the loan off? (0-5 years)

With these questions in mind you can better view the credentials needed to purchase the ideal vehicle for you and your family.

Save towards your new vehicle.

Speak with one of our lenders to confirm your auto financing needs and decide on the best lending option for your needs. As a rule of thumb 20% of the purchase price is a great savings goal to shoot for; however, depending on your personal finances there may be better suited options available to you.  Be sure to include any maintenance work, tires, or other repairs a vehicle may need in the overall cost.

Talk to us!

If you have any questions or want to begin the process of auto financing call or stop by today. We’re happy to help, and look forward to making your auto buying dreams a reality.

Practice good car maintenance.

After purchasing your new vehicle you’ll want to keep it prepped and ready for the winter! Try some of these quick tips to keep your car safe and warm this winter.

  1. Warm up your car before you go to work to make scraping ice easier.
  2. Rotate your tires to ensure a stronger tread on tires.
  3. Keep a winter emergency kit in your vehicle, just in case!
  4. Maintain a full gas tank when possible to avoid freezing gas lines.

New or old, Putnam Bank is here to help you finance your ideal make and model! Give us a call at 1-800-377-4424 or stop by to get started buying your new car today!

Member FDIC, Equal Housing Lender

NEW CARD – NEW PIN – NEW SECURITY

Chip Enabled Debit Cards

Chip Technology makes an already secure card even safer! The new Mastercard® Chip Technology keeps your purchases private while offering the flexibility of a magnetic strip, making purchasing easy from wherever you are.

With the excitement of this big change we know you have some questions, and we’d like to help answer them!

Q: How is this card more secure?

A: The new debit cards feature Mastercard® Chip Technology, which generates a separate code for each purchase you make. This individualized code makes it nearly impossible for potential criminals to gain your information through in-store purchases.

Q: Does this change anything with my accounts?

A: This card will act as a replacement for any debit cards you currently have with us. Your previous card will be deactivated approximately 30 days after you receive your new card. If you have any reoccurring bills set-up using auto-pay, your payments should continue, but still touch base with your vendors to ensure a smooth transition.

Q: What do I do with my old debit card(s)?

A: After you have activated your new chip card shred or cut your old debit card into pieces and then dispose of responsibly, OR bring your old card to Putnam Bank and we will dispose of it for you!

Q: Can I use this card for purchases if it is only associated with a savings account?

A: If you card is attached to a savings account only, and not a checking account, then it will act as your ATM card, and continue to be limited for cash withdrawal purposes.

 Q: Where can I use my card?

A: The United States has begun adapting chip technology across the country, but many businesses don’t yet have the processing equipment. If businesses are still using traditional card processors you may also use the magnetic strip on the back of your card to pay for purchases. Chip technology is now accepted in over 80 countries, so wherever you’re going your card can go with you!

Enjoy the security of your new Putnam Bank debit card with added Mastercard® Chip Technology! If you have additional questions stop by or call 1-800-377-4424 today!

Putnam Bank
Member FDIC, Equal Housing Lender

Learn How To Manage Your Finances Together!

Personal Finances

After tying the knot, finances can be a tricky subject, but they are an absolutely necessary discussion. As Dave Ramsey says, “If you can talk about money, you can talk about anything.” Getting your finances put together takes some decision making. Here are some basic guidelines to get you started.

Be transparent with one and other.
Begin the conversation with sharing each of your individual financial states, and the goals you have for where you want to be in the coming years. Once everything is out on the table you are able to dissect the differences between your finances and discover any areas where you may differ. If one of you has debt and the other does not, then you are able to build a plan to first eliminate your now joint debt. By being open with one another you can communicate more efficiently and work toward the goals you share.

Evaluate your account setup.
In today’s world the words “joint checking” don’t always apply. While most common among married spouses with children, a joint checking account can provide a larger sum for paying expenses and saving toward goals. Additionally, spouses today are utilizing a combination of joint and separate accounts to maintain relative independence and have access to personal spending funds. Other couples choose to select separate accounts for all their financial means, paying bills fifty-fifty or perhaps every other. Whichever account scenario you choose, ensure that you and your spouse are on the same page, establishing ground rules and acceptable spending habits.

Make a plan and stick to it.
At least once a month set aside time in your day to discuss finances with your spouse. By openly discussing the successes and failures of your household finances, you maintain a level of security in understanding where they currently relate to the goals you’ve set. You and your spouse must create and maintain a household budget to gain success in your finances. When creating your monthly budget remember to factor in costs for any loan installments, debt repayment, monthly expenses, and savings. By evaluating your budget during your monthly finance discussions you can track your progress and adjust the budget (if needed) to better reach your joint financial goals.

By utilizing these simple tips you will begin the path to financial security and develop your joint capabilities. As Ramsey says, “Marriage is a partnership, and couples can’t win with money unless they’re doing the budget as a team.”

Putnam Bank
Member FDIC, Equal Housing Lender