Tuesday, January 7, 2014

$1035

That is all that remains on our car loan.  We bought my Mini Cooper S Convertible brand new in 2009.  It was specifically ordered and built for me as we were on our way out of Germany.  I think the loan was for about $27,000.  We put $1500 down and ended up paying more than we had to on the loan, since the finance company had originally advised us to get car loan insurance.  We ended up not getting the insurance, but kept paying as if we had, so we were soon ahead on the loan.

And then last year, when we paid off our 2006 Toyota RAV 4, we added $200 from that former car payment to the Mini payment, which put us even further ahead.  I'm pretty sure we had a 66 month loan, but I'm not totally sure of that.  In any case, we're going to be done way ahead of time.  I expect in less than a month, we will be car loan free.

This is a very sweet thing for us, since when we bought our Toyota in 2006, we were broke.  Since I wrote that story a year ago, I won't rehash it here.  Suffice to say that I remember the big car loan we took out and how much it was going to cost us every month.  I didn't think we'd ever finish paying.  We finally did after refinancing to a much better interest rate.  That allowed us to get the next car loan at a great rate.

The Toyota only just recently passed the 100,000 mile mark, while my car still has under 20,000 miles on it. I don't think we'll need to buy a new vehicle anytime soon.

I'm pretty excited to have yet another car loan discharged.  Because if Bill doesn't find a good job, we may have to sleep in them!

2 comments:

  1. Congratulations on the car loan disharge. I don't think you'll need to sleep in you cars. Used tents are afforable. I'm joking, of course.

    ReplyDelete
    Replies
    1. That's true. And I actually bought Bill a tent when we were dating. I think he still has it.

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