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Photo Credit: Rojer
I just checked the balance on my car loan and the last payment went through. My balance is now $$508.74! We’re getting there and I feel excited about killing this loan. It’s in good condition, as we replaced the timing belt this past October and try to keep it maintenanced.
Once the car loan is paid offf, the money will be most likely be redirected to our emergency fund until it can cover 6 months of expenses.
How have you been doing with your goals?
Auto News Today:
- Obama to Let States Set Emissions Rules
- What Is an American Car? It’s Hard to Tell
- California Towns Bail Out Dealerships
This article was included in the 177th Carnival of Debt Reduction over at SimplyForties.
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Congratulations! That’s a great feeling. I paid off my car loan a little over a year ago. Now if the car will just hold up for a few years….!
@SimplyForties Thanks! I’m looking forward to my $0 balance update on the car loan.
Congrats! Feels great, no?
We paid off our car loan this month, as well as my daughter’s braces and the remaining amount of their private school tuition. In all, it frees up over $1,500 per month in income!
GP,
Congratulations. I can almost feel your happiness. Looking forward to read your post when this loan is dead and truly gone.
Regards
@fathersez Thanks! I hope that will be in a few weeks, but we’ll see.
[...] around$500 on the car loan. We decided to hold back on paying the car loan because we didn’t want to deplete emergency [...]
When I paid off the Moto-mobile, I still kept making a payment – to myself – of about half what the car payment had been. Now when she dies, I’ll be able to replace her with no muss, no fuss, no payment! Eventually you’ll need a (new to you) younger car, so plan for that day.
@threadbndr: Thanks for the idea! Once our emergency fund is loaded up, I’ll set aside a portion to a ‘new car fund’.