My reason was to save on interest. The car would've cost me 2k more in interest alone. So i paid it off. Now, looking back i kind of regret it. I am saving to buy a condo/coop and could really use the extra 12k or so in the bank......but thats me. if you dont have any large expenses in the near future i say do it
Do you own your speed?
- Thread starter mdavis
- Start date
My reason was to save on interest. The car would've cost me 2k more in interest alone. So i paid it off. Now, looking back i kind of regret it. I am saving to buy a condo/coop and could really use the extra 12k or so in the bank......but thats me. if you dont have any large expenses in the near future i say do it
Im 23 and in the exact same boat, at least you dont have to worry about NY real estate prices
lol nice to meet another engineer. looks like we did almost the same thing. I will, however be about 200k in debt real soon (sad2)
house?
condo/coop cant decide on which yet
coololddude
Member
Paid. Saving now for my next one.
///M Compact
Member
Congratulations! That's a very smart move. It took me until middle age to reach the same point, but it is a great feeling!!!
6
60181
Yes. Own both my vehicles. I'll never take out a loan to buy a car. That said, I paid cash for my MS3 then 30 days later had to change jobs. Talk about scary.....but hey, it all worked out. Have 57 more payments on my house. Goal is to shave a few off that and pay it out completely by age 45.
Making loan payments, but I overpay every month and intend to have it paid off in full by the end of 2011 at the soonest. Maybe sooner, depending on how much overtime I bank in the next 2 years. Goal is to have it paid off when I finish school, then I will dub it my graduation present. 
- :
- 2008.5 Mazdaspeed 3
I would suggest keeping about 6 month's worth of living expense, the rest put them toward the car payment. Don't clean out your savings just to save a few hundred on interest, just in case of emergencies. Or keep paying regularly every month, save up to 5K or so and pay it off 5K at a time. It only takes 3 payments like that to pay off a $15K loan, rocket science I know, lol. It sucks to not have much money in between, but the feeling of being car payments free = WIN. I used to put way too much money on my cars, looking back, not a smart move, I wished somebody back then would have schooled me a thing or two about financial responsibility.
MikeHTally
Member
- :
- 2008.5 Speed3, 2006 Chrysler 300C, 2003 Ram 1500
Wrote 'em a check for just under $27K when I bought it. No payments here.
MikeHTally
Member
- :
- 2008.5 Speed3, 2006 Chrysler 300C, 2003 Ram 1500
Make sure they're applying the overpayment to the principal. Otherwise, you may be in for a surprise come payoff time.Making loan payments, but I overpay every month and intend to have it paid off in full by the end of 2011 at the soonest. Maybe sooner, depending on how much overtime I bank in the next 2 years. Goal is to have it paid off when I finish school, then I will dub it my graduation present.
mysleeper6
Member
- :
- 2006 Mazdaspeed6
I stole my MS6 ($17,800 with 11K miles) in Feb. of 2007, paid on it for about a year and a half, then paid it off with winnings from a television gameshow. Trivial knowledge FTW!
It's through my credit union, so I can check all that stuff online anyway. It's all good. (2thumbs)
