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?
Paid Off The Truck Loan!!!
March 5th, 2013 at 03:01 pm
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Are you going to really focus on the mortgage now?
March 5th, 2013 at 04:14 pm 1362500073
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.
March 5th, 2013 at 05:35 pm 1362504917
We paid cash for both of our cars a few years ago. Probably time to start saving for that again.
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March 6th, 2013 at 03:31 am 1362540706
No vehicle loan
March 6th, 2013 at 02:25 pm 1362579913
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.
March 7th, 2013 at 04:45 pm 1362674749
March 10th, 2013 at 04:22 am 1362889367
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!
March 17th, 2013 at 03:03 pm 1363532580
March 23rd, 2013 at 01:23 pm 1364044980