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The average new car payment in the United States is $470 a month, according to March 2008 data from Edmunds Inc. But if a 35-year-old were to invest that same amount each month at a conservative 6% return, he would have more than $460,000 by the time he was 65 (a 25-year-old would have over $900,000).
Obviously, auto loan payments can significantly hinder your ability to build wealth … but then we all like to get around, right?
Lower Your Rate
Columbia Credit Union is looking out for your best interests. If you currently have a car loan, consider refinancing at Columbia. Auto refinance rates are as low as 4.99% APR. Then, instead of spending the difference, invest it. You won’t notice a change in your lifestyle, but you will notice a difference in your accumulated wealth.
Quick Payoff
It’s great to lower your monthly payment, but you may wish to lower your rate — and your term. Shorter term loans typically have lower rates. And by paying off your loan earlier, you’ll save even more in interest. And you’ll be able to pay yourself longer. Who knows, by the time you’re ready to trade up, maybe you’ll have enough saved to pay cash.
We Can Help You Invest
Turn those old payments into a new future. Columbia has a team of specialized representatives ready to help you with investments like mutual funds and stocks. Give us a call at 360.891.4196 or schedule an appointment online.
Online Auto Refinance
Use our quick online application to refinance your vehicle today.
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