Car payoff amount the day I started this blog (March 24, 2014):
$17,941.03
Minimum monthly car payment:
$396.68
Car payoff amount today:
$17,148.37
Goal:
$0.00 loan balance STAT
Are you making progress on your financial goals? Share with us what it is!
Just a heads-up. It's very difficult to make sure you aren't prepaying your note when you pay online. I had to set up an account with the finance company and then guess at which options paid the payment for the month and put the rest towards principal. They don't make it easy. If you get your next bill and it says "Zero due this month" look into it because you are prepaying payments. Keep up the great work!
ReplyDeleteYou are completely correct. Most finance companies require that you actually mail them a payment specified "toward principle only", otherwise, you are just making the next payment that is due. I found this out the hard way at the end of the year last year. I have heard of some loans that will only let you pay off purchases early if you can pay the lump sum due. In this instance, I would recommend stashing those savings aside in another account until you can pay the bill off in full.
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