Next month is my last car payment!

[Reverend Conehead]

The bank informs me I only have one more car payment on this 5-year loan. Plus, the final payment is only one third of the regular one. It's going to be like getting a raise. I would still be paying for a 6th year if I hadn't done some homework five years ago. I found the car I wanted at the dealer (a used, 4-year-old Honda Civic), and I qualified for a loan through whichever company the dealership was using. It was a 6-year loan, and when I read the fine print, I saw that the interest rate sucked. I told them that I would take the car, but I wanted to shop around for other financing. To my huge surprise, they let me drive home with the car that day without the loan set up. I guess they must have a great repo service. Plus, they knew where I worked. Anyway, I found a loan at a bank in the small town in Texas where my parents live, and it was at a much, much lower interest rate. And I would be able to pay this one off in 5 years, not 6. That bank is a bit behind the times. I had to mail monthly checks. They had no way to pay online. However, that minor inconvenience was worth living with. This baby is almost paid off, in 5 years, not 6.

A month or two ago, I was upset that I took on some credit card debt to get my car fixed. I reluctantly signed up for the car repair place's credit card and charged $700 of the $1100 bill to get it done. It's now paid down to $500. Now that the car loan is almost paid, that will make paying off that 500 in debt way easier.

I was just reading that on the whole country there's over 1 trillion dollars in personal debt! Yikes! I don't feel so bad now about charging that auto repair. I get credit card offers in the mail all the time. It would seem every Joe Schmoe and his brother wants to loan me money. I ain't going to run up a bunch of debt! I might get one regular credit card in case I have to buy an emergency plane ticket for a family crisis. But that super nice acoustic guitar I've been wanting for $1800. Not charging it! Even though I could. Some bank offered me a credit card with a 2K limit. Not doing it. Even if I do take that card, that credit limit is staying open unless I have some emergency.

It would seem these credit card companies want me to go into a bunch of debt. If I said "yes" to immediately getting that guitar or to taking a trip to Mexico, that crap would happen. But my latest nice guitar that I bought, I saved up all the money for it first. Then it felt great to get it. I got a great guitar that I had always wanted, and I knew there was no debt to pay off.

And another thing: I AIN'T @#$%ing getting married. I know numerous dudes who did, and every one of them got financially wrecked from it. One guy I know ended up living in his van while he was still paying for his mortgage for his cheating, trashy ex to live in and do da nasty with her new boyfriend in. Meanwhile he's living in a vehicle and showering at truck stops.

Edit: Oops, I meant to post this in off-topic.

 

[MWH1967]

Grats!

 

[DFWJC]

 

[The Fonz]

I don't like to finance anything always pay upfront and if i don't have I just don't buy ( buy used or rent)

 

[Sammy]

Congrats! Next year is my final house payment. Talk about a raise! Looking forward to it.

Regarding your credit card -- DO use it regularly to buy stuff you always buy like groceries and gas. Just pay it off every month to avoid finance charges. This keeps your card active, because many will cancel your card if you don't use it often enough. Save up to buy that guitar, but put it on the credit card then use the money to pay the card. Using the card(s) responsibly helps your credit score and you'll get a better rate when you buy your next car.

 

[BrAinPaiNt]

Good News / Bad News situation you have found yourself in.

Good News is you are almost completely paid off from the car loan.

Bad News is that your car knows this and will break down or have some other mechanical issue that will cost.

 

[big dog cowboy]

The bank informs me I only have one more car payment on this 5-year loan.

Congrats!!!!!

Now the next step is very important. Invest your normal monthly car payment money each month. You are used to living off your pay minus the car payment anyway right? So invest that money! Figure out how much you will have saved and earned after a year or two and you will be sooooo happy.

 

[RJ_MacReady]

That’s a helluva feeling. Congrats on that. The last time I paid off all of our cars was in 2011.

It was awesome to put that cash elsewhere for many years…until the great car-pocalypse of 2018 happened and all 3 of our vehicles crapped the bed within an 8-month period. Of course, all of them were hard broke, beyond the worth of fixing (even the Evo8, that’s still in the garage). So we had to buy 3 replacements (used).
Back to square one, but this time I bought Toyota/Lexus vehicles, so they should fair better. Should..

 

[SuspectCorner]

The bank informs me I only have one more car payment on this 5-year loan. Plus, the final payment is only one third of the regular one. It's going to be like getting a raise. I would still be paying for a 6th year if I hadn't done some homework five years ago. I found the car I wanted at the dealer (a used, 4-year-old Honda Civic), and I qualified for a loan through whichever company the dealership was using. It was a 6-year loan, and when I read the fine print, I saw that the interest rate sucked. I told them that I would take the car, but I wanted to shop around for other financing. To my huge surprise, they let me drive home with the car that day without the loan set up. I guess they must have a great repo service. Plus, they knew where I worked. Anyway, I found a loan at a bank in the small town in Texas where my parents live, and it was at a much, much lower interest rate. And I would be able to pay this one off in 5 years, not 6. That bank is a bit behind the times. I had to mail monthly checks. They had no way to pay online. However, that minor inconvenience was worth living with. This baby is almost paid off, in 5 years, not 6.

A month or two ago, I was upset that I took on some credit card debt to get my car fixed. I reluctantly signed up for the car repair place's credit card and charged $700 of the $1100 bill to get it done. It's now paid down to $500. Now that the car loan is almost paid, that will make paying off that 500 in debt way easier.

I was just reading that on the whole country there's over 1 trillion dollars in personal debt! Yikes! I don't feel so bad now about charging that auto repair. I get credit card offers in the mail all the time. It would seem every Joe Schmoe and his brother wants to loan me money. I ain't going to run up a bunch of debt! I might get one regular credit card in case I have to buy an emergency plane ticket for a family crisis. But that super nice acoustic guitar I've been wanting for $1800. Not charging it! Even though I could. Some bank offered me a credit card with a 2K limit. Not doing it. Even if I do take that card, that credit limit is staying open unless I have some emergency.

It would seem these credit card companies want me to go into a bunch of debt. If I said "yes" to immediately getting that guitar or to taking a trip to Mexico, that crap would happen. But my latest nice guitar that I bought, I saved up all the money for it first. Then it felt great to get it. I got a great guitar that I had always wanted, and I knew there was no debt to pay off.

And another thing: I AIN'T @#$%ing getting married. I know numerous dudes who did, and every one of them got financially wrecked from it. One guy I know ended up living in his van while he was still paying for his mortgage for his cheating, trashy ex to live in and do da nasty with her new boyfriend in. Meanwhile he's living in a vehicle and showering at truck stops.

Edit: Oops, I meant to post this in off-topic.

Personally, I love a car that’s ‘paid for’. Any mileage you get from here on out is your bonus. May you drive it until the wheels come off.

 

[Reverend Conehead]

Personally, I love a car that’s ‘paid for’. Any mileage you get from here on out is your bonus. May you drive it until the wheels come off.

Thanks to working from home, I don't drive it much. It only has 43K miles on it, and is all paid off next month. I used to drive it every day, but now I only drive it about twice a week.

 

[Hoofbite]

Thanks to working from home, I don't drive it much. It only has 43K miles on it, and is all paid off next month. I used to drive it every day, but now I only drive it about twice a week.

My car has low mileage but that's because I don't go anywhere with or without working from home.....lol

 

[DZSierra]

And another thing: I AIN'T @#$%ing getting married. I know numerous dudes who did, and every one of them got financially wrecked from it. One guy I know ended up living in his van while he was still paying for his mortgage for his cheating, trashy ex to live in and do da nasty with her new boyfriend in. Meanwhile he's living in a vehicle and showering at truck stops.

Edit: Oops, I meant to post this in off-topic.

I learned from my father a long time ago that the key to a successful marriage is marrying a smarter and better person than yourself.