Going to pay off my car loan

[CRXican]

Owe just under $3,000 at 7.24%. Going to pull the money from my ING savings sitting at 1.10% because I'm unemployed and will be that way until at least January.

Thinking I should have done this a while ago. Will still have a good amount of savings left.

 

[rcpratt]

Definitely a good choice, if you have enough cash to survive for awhile.

 

[CRXican]

I thought so. I do have the cash and if need be can sell the car.

 

[purbeast0]

i got 3 payments left on my car, will be paid off jan 10th

$770 left! could easily pay it off now but meh i don't feel like it, ill just let the autopay do it.

 

[WildHorse]

``

 

[CRXican]

no such penalty

 

[RPD]

Good job, that has to be a great feeling. Wish I didn't trade in my last car, I just think of all the things I could have done to my '05 350z if I didn't have my new truck payment

 

[dud]

I appluad your decision. Most people will (unfortunately) never experience the feeling you get when you get yourself completely out of debt and owe nothing to no-one.

 

[WaTaGuMp]

You can then remove full coverage on your auto insurance to save more money.

 

[RaistlinZ]

It's a great feeling to pay off your car. Kudos man.

 

[mizzou]

I appluad your decision. Most people will (unfortunately) never experience the feeling you get when you get yourself completely out of debt and owe nothing to no-one.

i only have a home loan right noe, i cant wait for the day when i own it outright

 

[ponyo]

i only have a home loan right noe, i cant wait for the day when i own it outright

You'll still pay yearly city and county property tax so it'll never feel like you own it outright. We're all just renters.

 

[mizzou]

You'll still pay yearly city and county property tax so it'll never feel like you own it outright. We're all just renters.

Taxes arent so bad, insurance is a pain too, but not dumping around 700 in p&i will be a sweet raise

Imagine all the bad ass shopping i could do!

 

[mizzou]

You can then remove full coverage on your auto insurance to save more money.

Are you serious??? I would only do this if your car is not resellable as is or worth less than the deductable

 

[Scouzer]

Are you serious??? I would only do this if your car is not resellable as is or worth less than the deductable

In many areas you'd have to be nuts to claim less than $5k... they'll jack up your rates or just dump you.

 

[WaTaGuMp]

Are you serious??? I would only do this if your car is not resellable as is or worth less than the deductable

Of course I am serious, you can carry liability instead if the car is paid off.

 

[drebo]

1.1&#37; < 7.24%. Keeping the money in savings instead of the car (if you can pay it off) is costing you money.

 

[mizzou]

1.1% < 7.24%. Keeping the money in savings instead of the car (if you can pay it off) is costing you money.

:hmm:

 

[amdhunter]

Good job, that has to be a great feeling. Wish I didn't trade in my last car, I just think of all the things I could have done to my '05 350z if I didn't have my new truck payment

What truck?

 

[amdhunter]

In many areas you'd have to be nuts to claim less than $5k... they'll jack up your rates or just dump you.

I've had 3 claims totalling over $3400 over the last 2 years. My insurance went up a whopping $4.

My father totalled his 300C and they paid off $25k, and his insurance stood the same.

My point is, people panic too much when they have to make a claim. Insurance rates usually jump up when you get moving violations - that's when you get raped.

 

[RPD]

What truck?

07 Avalanche, got married knew we'd have kids (first one due 11/25) and in the mean time because it's four wheel drive I can haul 3 friends with their ski's in the back to the slopes anytime. Plan on keeping this one for a looong time.

 

[CRXican]

Thanks for the feedback. I figured it was best to eliminate another debt while my income is gone/severely lacking. I realize it's no good staring at the money sitting in savings when I will eventually shell out $350 month for another several months anyway.

It would be nice to ditch full coverage but that's not a good idea for me/this car.

 

[amdhunter]

07 Avalanche, got married knew we'd have kids (first one due 11/25) and in the mean time because it's four wheel drive I can haul 3 friends with their ski's in the back to the slopes anytime. Plan on keeping this one for a looong time.

Congrats. Don't shake the baby. :biggrin:

 

[Train]

just paid the remaining $927 on my car. Was going to wait until next month to finish it off, but I couldnt resist, paid using my savings acccount instead of waiting to have more money in my checking.

Was addicting paying it off early, saved thousands in interest by paying off a 5 year loan in only 9 months.

One less payment to worry about, moving forward I will have more to save/invest.

 

[zoiks]

I owe 4300 on my 2008 G37. Thinking of paying it off rather than pay the 3.9&#37; APR.
I think that I'll get done with it in 6 months anyway but perhaps it's better to pay the whole thing off at once?