I hit the bank yesterday to pay down another extra payment on the principal of my vehicle loan. Though the teller each time is different, they seem to know what I am talking about when I ask to do that....that's a huge bonus :-)
Since I started being in a position to make extra payments on this loan in late spring, I have knocked 5 payments. With the interest I have saved, I knocked an additional one off, bring the total to 6 payments gone.
The loan was originally due to be finished June of 2014. I have now happily brought the final payment into 2013. December of 2013 to be precise. I know, I know, that is a lifetime away. My DS1 would be at Christmas of his first year of University at that point.
My goal is to get this paid off before DS1 graduates from High School which is June 2013. Given that I am in a position (knock on wood) right now now to continue to make both the regular payment and an additional payment each month, this goal is quite achievable.
Still, the darn loan is over $20 000. It's been 15 months and I haven't yet paid off 10 grand. I am just under at about $9500 paid off. It would have only taken about $200 to get it under that $20 000 point but I just can't swing it this month.
I will have to be patient and wait until the beginning of Oct to get that rush of accomplishment.
Not Much Working Out Monday
3 hours ago
4 comments:
thats great making those extra repayments and hopefully now it will start eating into the principle so the amount owing will go down faster.
I know it seems forever, but you are doing such a good job! I wish I had started paying ahead on my car loan earlier...I've had the car four years now, and I'm still not done! Good for you for being dedicated to getting it paid off early, I'm sure you can exceed your goal if you keep going this way!
Congratulations!! That's a huge accomplishment - I have no doubt you'll achieve your June 2013 goal.
Don,t be disheartened, you are doing an awesome job of getting through that loan. I take my hat off to you.
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