Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
i have the money to pay it, i almost have 0 bal in my acct. now though and at holiday time even!!
i am debt free!!!
i hope i shared in my own little way to help in the credit crisis, coz i, unlike all of you, is a RESPONSIBLE human being that can't sleep if i have debt. i am that dignified.
Well, if there's a big gap between your loan interest rate and your savings account interest rest, say about 4%, then it makes sense to pay off the debt. However, you probably know this already, but you have to save money for an emergency found!!! About 8 months of expenses! And keep your car for at least 10 years. It is a depreciating asset that was invented for transportation, not to impress others! Good luck!
Have the amount you were paying for the car automatically deducted from your checking account and put into a savings account. You know you can live without that every month.
Location: Finally escaped The People's Republic of California
11,314 posts, read 8,655,159 times
Reputation: 6391
Quote:
Originally Posted by knoxgarden
Have the amount you were paying for the car automatically deducted from your checking account and put into a savings account. You know you can live without that every month.
i have the money to pay it, i almost have 0 bal in my acct. now though and at holiday time even!!
i am debt free!!!
i hope i shared in my own little way to help in the credit crisis, coz i, unlike all of you, is a RESPONSIBLE human being that can't sleep if i have debt. i am that dignified.
Make sure you call your insurance company. You have to carry higher coverage when you have a loan. Now that its paid off, your premiums may drop by 50% or more. ANother perk!
oildog: really? i just paid the whole 6 month insurance policy this month via credit card. i havent got the bill yet, maybe i shld tell them i paid the car in full today... would it still work? i paid almost $500 for that 6 months till june 09... so the $200 savings will REALLY help me.
thanks guys for the advise and the praise i need that.
the interest for car was 8.24%.. my savings interest is 3.5%. almost 5% diff. not bad. i have my salary direct deposited to my savings acct. actually.
my main reason for doing it :
i don't wanna pay the monthly interest anymore.
i have the money to pay it, i almost have 0 bal in my acct. now though and at holiday time even!!
i am debt free!!!
You are not crazy; you are SMART (smarter than a lot of people out there who could do the same thing you did but choose not to)
Congratulations! Doesn't it feel good to get that debt monkey off your back?
As another poster said, you can now start the new year off right by putting all or part (even if it's only the interest portion that you would have kept paying, had you not paid off the car loan) into a savings account.
Congrats LBser I paid mine off a fews months ago and it felt great. The extra money you have that's not going into a car sure comes in handy.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
and at holiday time even!!
I paid mine off a fews months ago and it felt great. The extra money you have that's not going into a car sure comes in handy.
