One more payment

[Sixguns]

I have just one more payment left until my car will really be my car:awe: Will be the first car that I have paid off! Not bad since I am only 25!

 

[DesiPower]

good for you, now go trade it in and start making new payments.

 

[MagnusTheBrewer]

good for you, now go trade it in and start making new payments.

It's the American way.

 

[Sixguns]

good for you, now go trade it in and start making new payments.

No way. The wife and I plan to wait at least a year until we buy her a new one so that we can take care of some other debt. Trying to be smart with the extra money we have. No need to dig into another hole right away

 

[SandEagle]

same here. one. last. payment. $450. done. its been a long five years. no more. free at last.

 

[amdhunter]

I have just one more payment left until my car will really be my car:awe: Will be the first car that I have paid off! Not bad since I am only 25!

What kind of car? If it's fairly new, keep it and find something more worthwhile to spend your money on.

 

[edro]

lol, people with car payments

 

[PricklyPete]

Awesome. Now just resist the urge to buy another.

 

[Sixguns]

What kind of car? If it's fairly new, keep it and find something more worthwhile to spend your money on.

Nissan Altima 2003 and still runs great. I plan on keeping it for as long as it runs. I am not one that is worried about having a nice shiny car all the time. All I have to do is just take car of this one and it will last for a long time.

 

[Tweak155]

I've had my pickup for 2 years (2010 F150) and my wife's car for a little over a year (2010 Fusion). Paid them both off within 2 months (took the incentives for starting a loan with Ford).

Her parents gave us crap for taking a loan, even though it netted us more money due to incentives, and we paid it off in 2 months. According to them its a scam and I lost money, same with every other 0% card I've ever opened, ever.

 

[96Firebird]

I paid all my cars off the day I bought them.

Used cars :thumbsup:

 

[lokiju]

Its a good feeling.

Paid my wife's off in 2007 and plan on driving that thing until the wheels fall off.

Didn't replace mine until it was 10 years old with 165,000 miles on it.

 

[LTC8K6]

Paid off my 08 Grand Cherokee a couple months ago. It's great not having a payment any more. Was a 5 year loan, paid it off right at 3 years. Hasn't hit 18K miles yet, either.

 

[Rage187]

Woot, same here on one of our cars. February payment is the last. Will free up a little over $300 a month. My car still has 66 months left. Financed at 2.44% so it is $380 a month. I'm going to focus the extra cash on credit cards and then snowball it all into my ride.

 

[EliteRetard]

I bought and paid off three cars by the age of 25. One now has 30K miles (heavy duty truck), one 50K (current car), and the most heavily used and oldest (1996 Chrysler LHS) was parked a few years back at ~180K miles because nobody can figure out a tiny problem with it (its getting air in the radiator). The chrysler is bar far the better car, I actually put in new brakes/rotors and a new transmission at like 178K, just before the radiator issue. Can't get myself to throw it away (nobody will buy a '96 with 180k).

 

[angminas]

As a general comment, when deciding how long to keep a car, people tend to pay too much attention to how much the car is worth to strangers rather than how much it's worth to them. Don't be in any kind of hurry to get more car payments.

 

[JS80]

I would do interest only on my 1.49% loan if I could.

 

[amdhunter]

I've had my pickup for 2 years (2010 F150) and my wife's car for a little over a year (2010 Fusion). Paid them both off within 2 months (took the incentives for starting a loan with Ford).

Her parents gave us crap for taking a loan, even though it netted us more money due to incentives, and we paid it off in 2 months. According to them its a scam and I lost money, same with every other 0% card I've ever opened, ever.

That's awesome. I have friends and family that give me all kinds of shit for paying stuff off early. They can't fathom how someone could drop an alternator sized amount of money when they can keep paying less money x 60 months.

Funnily enough, all of them struggle with money issues while I've been in the black for years now.

 

[drebo]

My car gets paid off in June. I'm quite excited. Payment's only $230 so it's not that much, but it'll be nice. I plan on driving it until it falls apart. My wife's car will be done in 2.5 i believe.

 

[LookBehindYou]

Good luck! Both of our cars are paid off. The one I had before my current car was 3 payments from being paid off before I got hit and insurance considered it a total. Talk about bad luck.

 

[Tweak155]

That's awesome. I have friends and family that give me all kinds of shit for paying stuff off early. They can't fathom how someone could drop an alternator sized amount of money when they can keep paying less money x 60 months.

Funnily enough, all of them struggle with money issues while I've been in the black for years now.

To their credit, they haven't really had money issues either because they practice what they preach as far as buying habits - buy everything cash.

So when they buy a car from a dealer (and they buy new), they pay cash. But the fact that they can't understand that they are paying more money usually (there is almost always an incentive for starting a loan with a specific lender), and won't listen to other people, still makes them kinda ignorant.

 

[velillen]

To their credit, they haven't really had money issues either because they practice what they preach as far as buying habits - buy everything cash.

So when they buy a car from a dealer (and they buy new), they pay cash. But the fact that they can't understand that they are paying more money usually (there is almost always an incentive for starting a loan with a specific lender), and won't listen to other people, still makes them kinda ignorant.

My parents have always paid cash for new vehicles. I was with them the last time since i bought my truck at the same time. They just go in and get the best price they can as if they were financing....then just tell them they will pay cash if they get the amount knocked off as if they financed. One dealer said no so they walked out. Day later the dealer called back and said they could offer half of the incentive and 50% off any accessories. Worked out to them saving way more than if they had financed since my dad wanted like 2 grand in accessories.

 

[alent1234]

my first car was 11.8% interest

my current loan is .9%. why pay cash or pay it off early?

 

[boomhower]

I've had my pickup for 2 years (2010 F150) and my wife's car for a little over a year (2010 Fusion). Paid them both off within 2 months (took the incentives for starting a loan with Ford).

Her parents gave us crap for taking a loan, even though it netted us more money due to incentives, and we paid it off in 2 months. According to them its a scam and I lost money, same with every other 0% card I've ever opened, ever.

Stop keeping them informed of your financial choices. Your money your business, not theirs. Tell them to STFU.

Congrats OP, now drive that car until it dies. Take that money and pay of the rest of your debt.

 

[child of wonder]

Congrats OP! My wife and I are aggressively paying down her car and should have it paid off this summer. Then both the cars are ours!

Next up is the $9,400 in student loan debt and then we're down to only our mortgage. Our plan after that is to save like crazy so we can replace one of our cars eventually with no loan necessary.