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helpmeout

I am so happy car almost paid off! 28k loan

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Posted (edited)

So I am 25 right now and I started of a car loan with 28k after rolling over an existing car loan because I am an idiot but right now I have less then 5k left! That is only owning the car since march of 2016 so about 3yr and 3 months later I have paid about 23k so far. My loan expires on march 2022   https://imgur.com/Wpf4euH

https://imgur.com/wRFNWuw

I expect to finish this before even 2020 starts and no I didn't get no help financially or anything. About to own my car financially free and be saving bout $600+ a month!

Edited by helpmeout

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Good job on throwing the extra money at it each month.  Even with the low-ish rate (many in your position have been in FAR worse shape than 6.19%), your story shows what paying more than the minimum does to clear out a loan. 

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14 hours ago, helpmeout said:

So I am 25 right now ...

 

About to own my car financially free and be saving bout $600+ a month!

If you invest $600 a month even moderately wisely, you could easily have a million dollars saved by the time you retire.

 

xaB7ZpO.png

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Congrats. When you are done save that money each month. Then when it’s time to get another can chunk a ton of money at it. Then have a very low payment. That’s what I do.


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