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Getting Impatient with the Auto Loan

July 8th, 2013 at 09:54 am

The auto loan is at an amount that we could just pay off immediately if we wanted. I am tired of waiting for each months payment, but retiring the loan now would leave our EF way too low, but still tempting. Next month is 3 pay periods for us which means an extra ~$2,000 to savings on top of our normal amount. My plan is to bring loan under $4K after August regular payment and additional $400 to principle. We also want to increase our EF to $10K by December 2013. I don't think we can have both and the auto loan is only costing us $14 a month in interest. Of course that gets less with each payment, but I just want to be done with it! At that point we would only have the mortgage!

2 Responses to “Getting Impatient with the Auto Loan”

  1. creditcardfree Says:

    I definitely felt that way with our last auto loan. I think I finally dumped the last $1800 on it in the end. You will get there soon!

  2. Xtreme Thunder Says:

    In the back if my head that's pretty much the number I thought as well. That is mainly because we can replace that amount in a month easily. Thanks, I just can't wait!

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