Early Pay Off Plan

[kats_rebuild]

Just closed on my first home, and while I can comfortably make the mortgage payment and my car loan, it should would be nice to put my car loan to bed and only have one source of debt.

My 2014 Mazda 3 currently has a balance of $7,660 and 26 months left on the loan, scheduled to end January 2019. Goal is to have it fully paid off by June/July 2017, and then I get to pocket the extra $338 a month into additional savings. It's going to be tough financially for me to meet this goal, but I'm hoping that by posting here, it will help hold me accountable.

Wish me luck, hopefully I can come back here in June or July and let you all know that this loan is fully paid!

[StartingOver10]

Congratulations on your new home! I think it's a great plan for you to pay off your vehicle loan early - you can do this!

[grillandwinemaster]

Congratulations on your new home.

Paying your car loan off early, may be a sacrifice, will be well worth the effort.

You can do this!

[kats_rebuild]

Still working on paying off my car early, but hit a total rough patch in December. I was rear ended hard with about $7,000 worth of damage to my car. The accident was deemed 100% the other driver's fault. I should be getting my car back from the body shop next week, but have lost motivation to pay off the car early or even keep it. 

My balance is now $4,400 on my loan, so an additional $3,200 gone since my last update. If I continue with my original plan, I should still make the June/July timeline. I have to keep telling myself that not having a car payment is going to be worth it in the long run. 

[Appleman]

Hopefully you are OK from the accident.

I understand the feeling of driving a repaired vehicle and not being sure if you want to keep it. Give it time, you will likely be extra-aware of any little noise you hear when you get it back. Also, if something is not right, go back and discuss it with the repair center.

On another topic, do you have a budget you use OP? If not I would recommend that you start to utilize a budget method or program. The accident is a perfect example of things not turning out you might have planned. I have enjoyed using YNAB (You need a budget) and wish I had been using this program a lot longer.

Congrats on getting the loans paid down ahead of time!

[kats_rebuild]

Car loan paid off!!!

Just sent my last payment electronically. My 5 year loan was paid in 3 years 3 months! So glad that this is finally over and I own my 2014 Mazda 3 free and clear!!

[Anonymous]

Awesome job!   Feels great when the payments are over and you dont need a new one!

[kats_rebuild]

I know. It's always tempting to have a new shiny car with all the latest tech, but I'm still more than happy with my current car, and with any luck and proper maintenance I can be car loan free for many years