You signed the paperwork. Got the keys. Made the purchase.
Done, right?
Not necessarily.
One of the easiest financial habits to fall into is treating a loan like something you can never touch again. You got the rate. You got the payment. Now you make that payment every month until the balance finally hits zero.
But a lot can change between the day you borrow money and the day you finish paying it back.
Your credit can improve. Your income can change. Your budget can change. Your home’s value can grow. And the loan that worked for you then might not be the loan you’d choose today.
So, in honor of Borrowing Smarter Week during Columbine Days, we’re giving you permission to question your debt.
No shame. No lecture.
Just one question: Is the loan you have still the loan you would choose today?
Here’s where to start.
Your Car Loan: Are You Still Getting a Good Deal?
Remember buying your car?
You probably compared makes, models, mileage, features and prices. You may have spent hours finding the right vehicle.
But when it came time to finance it? Sometimes that’s a different story.
Maybe you took the dealership’s offer because you wanted to drive home. Maybe your credit wasn’t as strong then. Maybe the rate seemed fine at the time. Or maybe you simply haven’t thought about it since. That’s worth revisiting.
Auto refinancing replaces your current vehicle loan with a new one. Depending on your situation, refinancing could potentially help you secure a lower rate or a payment that works better for your current budget.
Columbine currently offers refinancing on eligible auto loans held with other lenders, including 90 days to the first payment and a $250 deposit into savings on qualified refinances over $10,000. *
Before refinancing, compare more than the monthly payment. Look at:
- Your current interest rate versus the new rate
- Your remaining loan balance
- How many payments you have left
- The proposed new loan term
- The total interest you’ll pay
- Any applicable fees
A smaller monthly payment doesn’t automatically mean a better deal. Extending a loan over significantly more time, for example, could lower your payment while increasing what you ultimately pay.
The goal isn’t just a lower payment. It’s a loan that makes more sense for you.
CHECK MY REFINANCE OPTIONS
Your Home Has Changed. Has Your Borrowing Strategy?
If you’ve owned your home for a while, you may have built equity—the difference between what your home is worth and what you still owe on it.
A Home Equity Line of Credit (HELOC) lets qualified homeowners borrow against available equity as needed rather than receiving one lump sum. With Columbine’s HELOC, interest accrues only on the amount borrowed.
That flexibility can make a HELOC worth considering for things like:
Home improvements.
The kitchen finally needs more than a new coat of paint.
Education expenses.
For yourself or someone in your family.
Larger planned expenses.
When you know something significant is coming and want access to funds as needed.
But your home is also the collateral for the loan, so this isn’t money to borrow simply because it’s available.
Ask yourself:
What am I borrowing for?
How much do I actually need?
How will I pay it back?
Does using my home’s equity make sense for this expense?
You’ve worked hard to build equity. If you’re going to use it, have a plan for it.
EXPLORE HELOC OPTIONS
Sometimes You Just Need a Loan. That’s Okay.
Here’s something we wish more people heard from their financial institution:
Borrowing money isn’t automatically a bad financial decision.
Sometimes the roof leaks.
Sometimes there’s a medical bill.
Sometimes you need to make a purchase now rather than six months from now.
Sometimes borrowing strategically makes more sense than completely draining the savings you’ve worked hard to build.
A personal loan can provide a fixed rate and predictable payments for expenses that don’t have collateral attached to them. Columbine’s personal loans can be used for a variety of purposes and currently offer terms of up to 72 months, subject to approval.
The important part isn’t avoiding debt at all costs. It’s understanding what you’re borrowing, what it costs and how it fits into the rest of your financial life.
Don’t Let the Monthly Payment Fool You
When you’re borrowing money, it’s tempting to ask:
“Can I afford the payment?”
That’s important. But it shouldn’t be the only question.
Consider two hypothetical loans:
Loan A: $450/month for 48 months
Loan B: $350/month for 72 months
Loan B certainly feels cheaper every month. But you’re making 24 additional payments.
Depending on the rates and amounts financed, the loan with the lower monthly payment could ultimately cost you more.
That’s why Columbine encourages members shopping for a vehicle to consider getting pre-approved before heading to the dealership. A pre-approval gives you a budget and financing baseline before you’re sitting across from someone asking what monthly payment you want.
Don’t just ask what you can afford each month. Ask what the loan will cost you altogether.
Know Your Numbers Before You Borrow
You don’t need to become a lending expert. But you should know a few things before signing:
APR: The Annual Percentage Rate helps you understand the annual cost associated with borrowing.
Term: How long you’ll be paying the loan.
Monthly Payment: What needs to fit comfortably into your budget.
Total Cost: What you’ll ultimately pay over the life of the loan.
Collateral: Whether something you own—like your vehicle or home—is securing the debt.
And then ask the simplest question of all: Does this make sense for me?
Not your neighbor. Not the person on TikTok. Not someone who earns twice what you do. You.
Good Borrowing Isn’t About Having Perfect Credit
We look at the bigger picture—not just a number. Budget, employment, payment history and your current situation can all be part of the lending conversation.
Because life changes. Maybe you’re establishing credit for the first time. Maybe you’ve made some mistakes. Maybe you’ve spent the last few years improving your finances and your current loans no longer reflect where you are today. Progress shouldn’t require perfection. And asking whether there’s a better option isn’t something to be embarrassed about. It’s smart.
Give Your Debt a Checkup
This week, we have one challenge for you: Pull up your loans and take a look.
For each one, write down:
Balance. Rate. Payment. Remaining term.
Then ask: Would I choose this same loan today?
If the answer is yes, great.
If the answer is “I have absolutely no idea,” that’s okay too.
And if the answer is no? Maybe it’s time for a conversation.
Borrow Smarter During Columbine Days
Throughout September, Columbine Days is about giving members opportunities to check in on their finances, learn something useful and make a few financial wins along the way.
This week, we’re focusing on borrowing smarter. So, bring us your questions. Bring us the loan you’ve been wondering about. Bring us the dealership offer you’re considering.
We give a damn about helping you understand your options—not judging how you got here.
LET’S TALK LOANS
APR = Annual Percentage Rate. CFCU membership is required. Existing CFCU loans are not eligible for this offer. Credit terms, conditions and other restrictions may apply. Three months of no payment due is equivalent to up to 90 days until the first payment is due. Interest and finance charges continue to accrue until the first payment is made. $250 savings incentive valid on qualified refinance loans over $10,000 and will be deposited into the primary savings account within 30 days of loan closing. CFCU reserves the right to withdraw the offer at any time without notice. See credit union for complete details. Federally insured by NCUA.