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Car Loan Is Paid Off !!

June 6th, 2009 at 02:59 am

Today I made a final payment of $2,102 (actual payoff figure) to the car loan. Even though I was paying at least $70 towards the principal each month, it didn't seem like I would get it paid off much earlier than February 2010 (end of contract)anyway.

So basically I've been thinking about doing this for a few weeks/months. Creditcardfree made a comment on one of my posts in regards to having enough money in my extra income fund to pay off the car loan. I believe I was swayed by that too Smile

Since my extra income fund has been growing at a nice pace, I decided that I could use $ from that account for the car loan and still be able to attain my goal of $8,000 by the end of 2009. That is if I can manage to hang on to my Saturday job in the upcoming months. Since this extra income is the main reason my account grows so rapidly.

As of May I quit my one Saturday job to be able to work *every* Saturday at the better paying position. It seems like I have been ranging from $700-800/month since the change now, so hopefully this goal is still within my reach. We shall see how it goes...

I've updated the sidebar, so the new balance in the extra income account is $3,087.49.

Thanks creditcardfree for your advice!

9 Responses to “Car Loan Is Paid Off !!”

  1. gamecock43 Says:
    1244253887

    Yes! Thats quite a big last payment! you must have been real motivated!

  2. L Saver Says:
    1244254836

    Could you put the money you were paying each month to the car loan into your extra income fund to make up the difference? Since the loan is paid off, that is now extra income! Smile

  3. Blue Eyes Says:
    1244255178

    gamecock-Yes, I was very motivated!

    L Saver-Mmmm...I guess I could do that. I might put it in a separate account to save for another car though. I did think of still saving that money, but didn't think of it as extra income...but you are absolutely right!!

  4. lizajane Says:
    1244258371

    Good job!

  5. No Pain | No Gain Says:
    1244277748

    Fantastic job! =) Feels good, huh?

  6. shiela Says:
    1244280513

    Good for you.

  7. creditcardfree Says:
    1244304772

    Yipee!! I hope that your car drives better now. I'm sure you will still make your goal of $8K, you are doing so well. Enjoy the car!!

  8. frugaltexan75 Says:
    1244316745

    Awesome! Have you noticed the difference yet? You know between driving a car You own and a car the Lender owns? Smile

  9. MariRDH Says:
    1244336289

    Hooray! Congratulations on being Car-Loan-Free now! That is awesome. Smile

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