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Archive for December, 2011

Auto Loan...Again

December 15th, 2011 at 11:06 pm

Well, just figures that we pay my 2007 Honda Civic Si Sedan off November 2011, a year early on a 5 year note the wife's car becomes a hassle with repairs needed.

We picked up a 2010 Honda Civic LX Sedan with 22K miles for $14,300. We paid cash for the taxes, licensing fees etc, so we just financed the price of the car, $14,300 for 4 years @ 3.49%. The payment is $321.xx/ mo. We could have done 3 year loan, but figured the lower payment would be nice incase something happened with positive cash flow. I already have a pre-payment plan of 18-24 months payoff my tossing an additional $300/ mo. toward the principal.

We also decided to sell the old car privately and hopefully get about $500 more then what the dealer wanted for trade.

I had to adjust the monthly budget to reflect the car loan and additional in auto insurance. Even with the extra $300 to the car and $600 to the mortgage a month we still have $800+ positive cash flow to savings.