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Change of Plans

April 26th, 2008 at 03:29 pm

Our focus has been to save money for a down payment on a new to us Toyota or Honda van. Now, we are changing plans.

The new plan is to pay off our home equity loan as soon as possible. I estimate it will take us at least the rest of the year to do this.

We really need to hold on to some equity as we move around the country with the Army. It looks like we will have at least two more years here. When the time comes, I would like to have that loan paid off so the money can be used as a down payment on the next home.

After the loan is paid off, we'll save some more for the van down payment and then finance the rest. The van we are replacing is a 1997 Dodge Caravan with over 120k miles. Right now it needs new tires and power steering pump replaced. We will take care of those things in the next two months with cash.

We were really looking forward to getting a newer van. In some ways, we are disappointed, but we know it is the right thing to do. Finally, we have our heads on straight!!

If anyone, has any thoughts or inputs I'd be happy to hear them.

Posted in Home Equity Payoff | 2 Comments »

2 Responses to “Change of Plans”

  1. Thrifty Ray Says:
    April 26th, 2008 at 03:42 pm 1209224567
    1209224567

    Kudos to you guys for making the 'right" decision in your eyes. That is a tough thing to do!!

  2. Amber Says:
    April 26th, 2008 at 04:54 pm 1209228864
    1209228864

    Good for you on paying down the debt first. As long as the van deos not become a cash cow, I think it is the best idea... way to Smile

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