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Auto Loan Under $6,000!

April 24th, 2013 at 10:09 pm

Our auto loan is now under $6,000!

It is sitting at (as my side bar reflects), $5,765.37!

Loan Originated December 2011 for $14,300...59% paid in 16 months! Hope to have it gone by late Summer or before December 2013.

Posted in Auto Loan | 4 Comments »

4 Responses to “Auto Loan Under $6,000!”

  1. creditcardfree Says:
    April 24th, 2013 at 10:34 pm 1366842846
    1366842846

    Awesome!! You can do it! That is similar to the amount we took out and paid it off in 22 months.

  2. snafu Says:
    April 25th, 2013 at 02:25 am 1366856713
    1366856713

    Terrific progress! What steps will you need to take to get that loan gone by December? When accelerating payments it's important that sums paid in excess of monthly requirement go directly to principal to reduce interest charges. We're confident you can get this done!

  3. Xtreme Thunder Says:
    April 26th, 2013 at 12:03 am 1366934614
    1366934614

    CCF: Thanks! I watched you make great progress on your loan, for a while we were neck and neck, until you just had to pay yours off with large lump sums! Haha!

    snafu: August marks our 2nd "extra pay check" month leaving $2,000 to go directly to the auto loan. If no extra principal was applied from now until December 2013, the remaining amount would be $3,300. So, $3,300 - $2,000 = $1,300. That $1,300 could be split between the remainding 7 months calling for an additional $186/ mo. extra to principal on top of regular payments with August being $2,186 total extra to principal. I also thought about keeping the extra money on hand until December for a lump sum payoff of the $3,300, that is if I can stand to keep it all the way until December 2013!

  4. rob62521 Says:
    April 26th, 2013 at 12:25 am 1366935916
    1366935916

    Great job! That is a good feeling!

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