Meerschaum is working on his resumé.
Payment made.
4 weeks ago
Just deposited $2000.
More than halfway done. Rock.
People who have done this
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How to pay off my car loan
It made me
 "I'll never do that again.:)
Or: "Tupperware on Wheels: the Movie""
How I did it: Monthly payments...lots of them. It was a challenge, and it was difficult at times. I think it was a difficult commitment for the lifestyle that I was living. I got the car originally because I had a job that required a lot of driving, but then I became a grad student and took a lower paying job. By then, it would've been a hassle to sell the car and buy a cheaper one. The worst part was earlier this year, when I was seriously broke, and the car was repossessed, but then I was able to get it back. That was a major ordeal. The irony of it was that the car would be paid for this year, so I couldn't bear not recovering the car so I could at least own it outright after five years of making payments. Lessons & tips: Know that you'll have a decent job/income for the duration that you'll need to make payments, or better yet, buy a cheap, reliable used car with cash (which is what I did in the past). The only reason I bought a new car was for this job. Resources: Money, lots of it, and a fairly flexible finance company.
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More "How I Did It" stories
mnwilson28 is a Self-Knowing Money Managing Self-Improver
It made me
Very Happy! 
How I did it: When I was able to I started saving large amounts of money and really watched my spending because I knew I wanted to achieve this goal. My next car will be bought with cash but I plan to drive this one for a very long time! Read how I did it…
It made me
releaved
How I did it: Paid way over my monthly amount - as often as I could. As much as I could give towards the end. I prioritized this over some of my other debt. In this economy, I figured I should pay off something I could sell (car) over something I can't (my college education). Read how I did it…
It made me
good enough 
How I did it: Made my payment every month. Eventually you'll no longer have to pay the loan. If possible try to apply more money than is due to pay it off quicker. Try not to incur late payments. You'll wish you had not as you get into the final stretches. Read how I did it…
It made me
Happy
How I did it: The only reason I was able to complete this goal is that I am currently living at home. I decided to defer saving everything for a new house and put the majority of my savings towards getting out of debt. Now that my car is finally paid off I can focus on saving for a house. Read how I did it…
It made me
How I did it: This is something I thought I wouldn't be able to do until I was older and had a "real" job, but by doubling and tripling payments when I could, I got my new car paid off in 2 1/2 years. Read how I did it…
People doing this are also doing these things:
Entries
can't wait!!
1 month ago
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!
mnwilson28 is a Self-Knowing Money Managing Self-Improver
Yippppeeee!!!!!!!!
2 months ago
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!
mnwilson28 is a Self-Knowing Money Managing Self-Improver
Hope to have this done soon.
3 months ago
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.
First Payment!
4 months ago
Starting Debt: $3,878.17
First Payment (12/2/09): $25.00
Remaining Debt: 3,853.17
My standard loan repayments are $85.04 per fortnight. These payments are in addition to my standard loan repayments.
Jeremy is at work!
I have a confession
6 months ago
I actually have 2 car payments. I want to pay off one car loan and I want to sell my other car. I’m working 2 jobs so I should be able to pay off the 1 car loan pretty fast.
I paid an extra $200 in principle last month and I plan to do the same thing (but with more money) next month.
Month 2 - $1800 paid
6 months ago
It took most of what I have this month. But it’s looking good. It’s nice to actually get closer to owning my own car.
