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Old 11-21-2013, 07:34 AM
 
Location: Mount Dora, FL
2,968 posts, read 2,632,562 times
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I was able to pay this thing off 2 years and 1 month ahead of schedule and the sense of relief is exactly what everyone said it would be -- simply fantastic feeling & accomplishment. I just had to share.
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Old 11-21-2013, 08:00 AM
 
15,370 posts, read 17,625,409 times
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Quote:
Originally Posted by kingtodd View Post
I was able to pay this thing off 2 years and 1 month ahead of schedule and the sense of relief is exactly what everyone said it would be -- simply fantastic feeling & accomplishment. I just had to share.

Congrats!

Now you have ample time to set "car" money aside. Aim for the next car to be an all cash purchase or mostly cash purchase.
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Old 11-21-2013, 08:04 AM
MJ7
 
6,221 posts, read 8,644,972 times
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Quote:
Originally Posted by kingtodd View Post
I was able to pay this thing off 2 years and 1 month ahead of schedule and the sense of relief is exactly what everyone said it would be -- simply fantastic feeling & accomplishment. I just had to share.
Great work!

I think any time someone could payoff a loan or just have extra money to either invest or spend on whatever...they should almost always payoff debt first. It builds credit (through improving ones credit ratio), lowers stress, and allows you to invest more at once...increasing your profitability.



What make, model and year was this vehicle?
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Old 11-21-2013, 08:21 AM
 
Location: Here
2,614 posts, read 5,849,797 times
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Lunch on OP
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Old 11-21-2013, 11:21 AM
 
Location: Butler County Ohio
906 posts, read 2,091,774 times
Reputation: 603
Nothing better than a paid off car. I agree with now saving that money so you can pay cash for the next one.
This same account can also cover repairs.
When we paid off our van, we fell in love all over again..
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Old 11-21-2013, 12:12 PM
 
Location: sumter
8,571 posts, read 5,386,531 times
Reputation: 6603
Quote:
Originally Posted by kingtodd View Post
I was able to pay this thing off 2 years and 1 month ahead of schedule and the sense of relief is exactly what everyone said it would be -- simply fantastic feeling & accomplishment. I just had to share.
congrats
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Old 11-21-2013, 12:19 PM
 
Location: WFNJ
1,036 posts, read 2,417,457 times
Reputation: 1058
Kudos!
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Old 11-21-2013, 12:19 PM
 
Location: Prosper
6,268 posts, read 12,918,551 times
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I've had 2 cars in my life (3 if you count my wife's when we got married) that were financed. One I didn't mind, because it was during the dotcom bubble bursting and investing was an even worse option for that money. The last two though, hated it and have only purchased vehicles with cash since.

Any kind of interest you pay to someone else is helping someone else get richer and you poorer, unless you are making more on that money by not paying down the debt.
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Old 11-21-2013, 12:25 PM
 
2,341 posts, read 9,316,252 times
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Congrats! I'd suggest you now start putting $100 - $200 per month into a "car fund" from which you can pay for repairs, or possible get set to buy your next car.
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Old 11-21-2013, 12:38 PM
 
2,786 posts, read 3,967,997 times
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It is wonderful to pay cash for a car. A very good feeling. My dad would often say that the best thing he liked about his car is that it was paid for. LOL
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