pay off my car loan

I made the last payment last week and I’m all done! I officially have no debt in my name! (Oh, er, except for my HECS, but let’s leave that for another goal)

I paid off my loan 8 months earlier than expected, and I’m so proud of myself. Next time I need a car I’m going to save up first and not borrow to buy it.

Woohoo debt free!!

I sold my car nearly a year ago when I quit a job. The public transport around my place is so good that it was really just sitting in the garage for 6 days a week anyway. I’ve been making really small payments on the loan, when all of a sudden I realised that I could make extra repayments! I wish I’d thought of that earlier instead of leaving it at the automatic amount.
Last fortnight I paid 4x the normal amount, so that means I just have 3x more payments to make! Sadly that last payment threw out my budget a bit, so it might be another month before I can pay the whole thing out, but I am determined that it will be done by the end of October!

I have less than a year on my car payments, but want to try to overpay a little bit each month to pay it off at least one month early. This might seem like that much, but it would give me that money back in my pocket a little faster!

the stupid barina conked out on me and had to get a new car so back to square one.. :(

Just deposited $2000.
More than halfway done. Rock.

I cannot wait to pay off my car loan. I rushed into buying this car because my last car died unexpectedly. I think I still have almost three years left on this thing!! However, I want to start putting more toward my payments to pay it off early and save myself some interest. Another of my goals is to move to New York City and I have to pay off the car before then—I’m not taking it with me (won’t need it, insurance would be expensive, parking would be expensive). Sooo…I need to get on this goal!

I paid off the remaining balance of the car loan today! It happened just like I planned it. It’s amazing what you can to do when you put your mind to it. I’m so happy to have accomplished this. Yaaaay!!! Now it’s off to save for the house. :)

It’s amazing how much money you can save by throwing money down a little bit earlier. I’ve set up my auto bill pay on my checking account to pay almost triple my regular monthly payment and plan to be done by the end of the year. If I had done something like this, even for a few months, a couple years ago while my car loan was newer, it would be ridiculously easier to do this now.

Still, the main motivating factor for me is not saving a few hundred bucks on interest, but rather removing this burden from my life sooner than later. Let’s just hope this aging bucket of bolts on wheels stays in decent shape for years to come!

I plan to have this done by May. I have about 10,925 left to pay. I plan to continue to save $3000 a month in a savings account until I have enough to pay it off. I will also still be making my required payments on the car monthly until it’s paid off. I’m really watching my spending because I know in the long run I’m going to save a lot of money when I don’t have to pay interest anymore.

Paid everything I had saved over the last few months.