November 17, 2009

Car Paid Off

Both my parents and my wife’s have paid off their auto loans early to save a ton on interest. Now we get to join the club. Thanks to my wife’s $4,872 ($2,255.97 net) quarterly bonus and our accelerated payments, we just paid off the 6.5% auto loan on our 2006 car. The loan was originally scheduled to be paid off April, 2012 and at the beginning of 2009 our balance was $15,586.49. It feels great to have this paid off early. We now have $450 a month to save and/or invest.

6 comments:

Money Funk said...

CONGRATULATIONS! That is sooooo awesome.

I detest my $400 car loan payment and cannot wait until the day arrives that I say it is PIFd.

Keep up the great financial work. You two are doing wonderful!

1MansMoney said...

Thanks Money Funk. Believe me, it feels great.

-1MansMoney

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