Auto Loan Comes With Savings Account

DAYTON, Ohio—With the summer push on auto loans in full gear, Day Air Credit Union has developed a new auto loan that also helps members save money. "There is a real concern that people do not save anymore," Day Air’s Colleen Scott said. "Many people do not have down payments for cars or car repairs that unexpectedly come up. To help prevent this problem we created the Auto Loan Plus." The Auto Loan Plus in an auto loan with a built-in savings account. "We do it because we are so used to the money just being taken out of our [paychecks],” Scott offered. “The Auto Loan Plus works in the same manner. We set-up your payment for the loan incorporating your savings amount." For example, if your car payment is $250 and you want $20 to go to your savings each month, your payment will actually be $270. This money goes into a high dividend earning account and can be available for unexpected car repairs or to save money for a down payment on the next new car.