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Paid Off The Truck Loan!!!

March 5th, 2013 at 07:01 am

I just made an online payment to our truck loan that will pay the loan off in full. The payment was $1443.30, which includes the final $4.04 of interest due.

We originally took this loan out in May 2011 for $14,776,70. We made regular payments on it for 15 months. In the last 8 months we have made big, big payments to get the loan down to ZERO!!!

We are debt free, except our mortgage. Happy, happy, happy! I'm looking forward to getting the title in the mail. That always makes it seem real when you pay off a vehicle.

The question of the day: Do you have debt on your vehicle(s) or is it paid off? Do you have a plan to pay it off? Are you saving for the next vehicle?

26 Responses to “Paid Off The Truck Loan!!!”

  1. Momma23 Says:

    Way to go! My DH and I paid off a $17,000 loan in 10 mos. Doesn't it feel great? We are also debt free except our mortgage. Congrats!

  2. CB in the City Says:

    Whaaaa??? You've been working on this a long time. Congratulations!

  3. Beawealthywarrior Says:

    I guess we now know what decision u made, congrats!! Only debt here is my mortgage and my goal is to have that done in 2015!!

  4. ceejay74 Says:

    Eeeek!!! Congratulations! You're amazing Smile

  5. PNW Mom Says:

    Congratulations! That is awesome! As you know, we just paid my car off and got the title last week. We have under 5K on DH's car loan and hope to have it paid off in December. Then we will be debt free except for our mortgage too!

  6. JulieAlbright Says:

    That is great news, congratulations to you!

  7. twest Says:

    Congratulations! I know you worked so hard on that loan. We too will be debt free as soon as I get hubby's bike paid. I am planning to have it paid by the end of the year for sure. I hope to then have my house paid off by 2016. Can't wait!

    Are you going to really focus on the mortgage now?

  8. MonkeyMama Says:

    Awesome!!

    We always pay cash for our vehicles, and are saving $100/month each to replace (I'd say we should both be able to save up about $18k - 15 years, but probably will not spend that much on a vehicle as long as we have a mortgage. Whatever we can save up more than we need/use will probably go to mortgage - maybe to college expenses). We've had our cars (bought practically new) for 7 & 11 years, so we have $20k saved to replace. I expect to keep both our current vehicles for 15-20 years.

  9. rachel021406 Says:

    Way to go! What a wonderful feeling.
    We paid cash for both of our cars a few years ago. Probably time to start saving for that again.

  10. Jenn Says:

    It's been inspiring watching you pay that loan down! We don't have auto loans either and plan to keep it that way.

  11. My English Castle Says:

    Hooray! No car loans for us either.

  12. LuckyRobin Says:

    Woo Hoo, that must feel really fantastic!

  13. NJDebbie Says:

    Woot Woot!!! Great job. /

  14. mjrube94 Says:

    Yay! We haven't had car payments for years, but also not aggressively saving for our next one. That's the goal after the HELOC. Congrats!

  15. Sian Says:

    congratulations!!!

  16. FrugalTexan75 Says:

    Awesome Smile Somehow I figured that you'd make the decision to pay earlier than later. Big Grin

  17. Looking Forward Says:

    Whoot!!

  18. snafu Says:

    Yahoo, you've reached a new milestone having the truck paid-in-full. Phenomenal to be debt free. I don't see mortgage in the same class as consumer debt as it has potential to be an appreciating asset.

    No vehicle loan

  19. Bob B. Says:

    Congrats on paying off the truck. That is great.

    Our family van is paid off, but our truck is not.

    After our CC debt is cleared up, I plan to send more per month to the truck loan.

    When that is paid off, we'll start saving for a (hopefully) healthy down payment for a replacement for a family vehicle.

    My plan is to get on a cycle where we are paying on one vehicle at a time. We'll not finance for more than three years. And the payments will never be more than 10% of income. Right now, the truck payment is 5.7% of income. I'd like to keep all future payments in that 5-7% range, max, and less is better.

  20. Banker Gurl Says:

    That's great news! We are also debt free other then our mortgage which we are agressively paying down. Both of our vehicles have over 100K miles, so we have been saving for new ones as inevitabley one (hopefully not both!) will bite the big one in the next few years. Currently have $10K saved for that. But we would never buy new, so we will find something within that budget and not get any loans. Once the house is paid off, then I can save for something fancy! Wink

  21. TexasDisneyGirl Says:

    Congratulations!!!

    To answer your question...we have car debt of around $11,000. We didn't have it until, after two adoptions, we found ourselves pregnant with a 3rd child on the way. Both of our cars were too small for 3 carseats in the back, so we splurged and bought a minivan. The minivan has been a huge blessing. Our interest rate is only 1.9%, so not sure if we will pay it off early. Our plan is to start a car fund once our payments end, so that we can buy our next car in CASH!

  22. wowitsawonderfullife Says:

    Fantastic!

  23. mhl Says:

    I'm going to assume there is no tax benefit on the interest paid since it's an auto loan. But you DO pay taxes on the interest you receive in the savings account. If your marginal rate is 28%, that 4.1% becomes 2.9% after tax. If you're in the 25% bracket, then it's 3.1% after tax.

  24. Bingo Says:

    You are very inspiring! I cannot wait until the day when all we have is our mortgage and we are paying that down to nothing! Target for that blessing is end of year 2013. I think about it every day. The sooner we are out of debt the sooner we can plan for my retirement (so I can do other things with my life)

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