Prepare for
Your Future
with OMB

Picture this - at age 16, you start with just $100 and put it in an account or investment that earns an 8% interest rate compounded annually. By continuing to add just $100 a month, you would have almost $30,000 saved by age 30. Here's a handy tool for easy calculations so you can see the power of saving early and often.

On the other hand, it's never too late to start saving either. If you are older and just beginning to work on money management, every dollar saved still counts!

Crazy, right? But it's true! The days of never-ending spreadsheets are over. Today, there are more options than ever when it comes to budgeting tools. From colorful budgeting notebooks for those that prefer paper to hundreds of apps and software programs for budgeting right from your phone or computer, there's something out there for everyone.

Remember, budgeting is not about restricting or punishing yourself. Budgeting is simply telling your money where to go so you can ensure you're meeting your own financial goals and responsibilities, while still having money for that new shirt or dinner with a friend.

Students have many options for graduating college debt-free, including: Attending part-time, working while in school, choosing a cheaper school, graduating early, utilizing scholarships and grants, and attending a trade school instead.

There are even schools around the country, such as College of the Ozarks, that offer programs allowing students to work on campus in exchange for tuition.

This isn’t to say that going to school debt-free should be the ultimate goal for everyone. Sometimes student loan debt is necessary, particularly if you enter into a high-paying field within a few years. The important thing to remember is that the money you borrow, while it may seem intangible, will ultimately have to be paid back.

Rainy day fund, emergency fund, nest egg - whatever you call it, having savings set aside in case of emergency or unexpected expenses is key. Not only will it protect you in a pinch, it keeps you from having to go into debt continuously - a vicious cycle that can be hard to escape.

Some debt is good and some is bad, but at the end of the day, most people will take on some debt throughout their life. Every time you borrow money, your credit score is impacted. This score is one factor that helps determine whether or not you get approved for loans or credit later in life.

So what's considered a good credit score? According to Equifax, one of the three major credit bureaus, a score that's in the 580 to 669 range is considered fair; 670 to 739 is considered good; 740 to 799 is considered very good; and 800 and up is considered excellent.

Remember that there is a difference between a soft and hard credit inquiry and that making payments in-full and on time is key to boosting your score.

The fortunate part about being a kid is that you probably had most of your expenses paid for you. The true cost of adulthood can come as a shock, but it doesn't have to be that way. When you begin to have conversations about making a large purchase or moving out on your own, do your research and do the math.

For example, when looking to purchase a vehicle you also need to consider the cost of gas, regular maintenance, insurance premiums and your monthly payment. When looking to move out, consider things such as rent, the cost of groceries, utilities that aren't included and other monthly bills.

Add these expenses up and see if the cost is realistic for you based on your monthly income and lifestyle. Planning ahead makes those life changes significantly easier.

You can apply for an OMB auto loan by visiting any of our convenient locations. You can also request to be contacted by a branch representative or call (888) 662-2443 to speak to a loan officer.

When you get pre-approval for an auto loan, you'll receive an estimate for the loan that includes the term and rate. This means you can have an idea of your monthly payment prior to making the purchase. It's important to remember that a pre-approval is still just an estimate, so you'll need to fill out an official loan application to receive financing. Some places charge a fee, but pre-approvals through OMB are free.

Yes. As with any credit or loan product, submitting a formal application does affect your credit. You can expect to see a slight dip in your score at the time of application, but with consistent payments made on time and in-full, you can rest assured your score can bounce back and sometimes even increase.

Your lender will tell you everything you need to bring for your specific situation. Typically, you should be prepared to provide: Your driver's license, bank statements or pay stubs, information on the vehicle you want, and proof of insurance.

OMB is proud to serve our communities, just as we have been since 1999. We offer local lenders and underwriters, terms to help you stay within your budget, and helpful, friendly loan advisors to guide you every step of the way.

You could have a credit decision in as little as a few minutes, but some decisions may take longer depending on your circumstances. Your loan officer will communicate expectations to you at the time of application so you know exactly what to expect!

Special rate programs offered by a dealership can be appealing if they're offered for the specific car you want, but sometimes the terms are too restrictive or you may want different terms. It's important you completely understand the terms of any loan before signing to proceed. OMB is here to answer any questions you may have.

Refinancing your loan means replacing your current car loan with a new one. Typically, this is done to receive a lower interest rate and, thus, a lower payment. OMB is proud to offer auto refinancing after approved.