Did you do extra payments. Who finally owns their Tacoma?

Exactly this. @.9 I stretched to 72mo. Why anyone would deliberately overpay on a depreciable investment when they can use the flexibility to turn that Interest into a profit, and offset the depreciation is short sighted to me.
Really depends on everyone’s individual situation and mindset tho.

 

Credit scoring is more about how much money can be made off of you. Think of it that way and it makes sense.

 

I just paid my 2018 off, it took 13 months.

Car payments are the devil. Even at 1.9 % the cash flow is better than the cash. The problem with debt is the payments stay the same, while your income can change in an instant due to circumstances beyond your control.
So debt is always a risk of not being able to service it without dipping into your savings, retirement or emergency funds or having to sell off possessions for less than you could if you could wait for the right buyer.

 

I had my 16 I paid for in 1yr ,traded for my 19 took out a simple 1yr 1 payment note 6000
Due in April 2020. Cost 120 in intrest no prepayment penalty at 2.1% it will be done by 12/01/19

 

^^This is how I do it. My 2010 that I purchased new is still going strong and I have saved enough of these banked “car payments” to purchase a new truck. Of course, I love my current truck so I’ll just keep saving.

 

Cash...

 

In my experience no. Your monthly payment is your monthly payment, paying extra principal reduces your total balance so your payments will end sooner and you'll pay less interest.

I've only had auto loans through local banks and credit unions, and it's been very easy to make extra payments towards principle online.

 

I sold one of my Harleys and put a down payment on my 16. I said F it, I wasn't pulling savings money out like I did on the last 2 cars and bikes. But I did cash in some vacation time and bought a BMW K 1600, both of these are planned to last forever, maybe downsize the bike if I get too old for that big of one. I have 15 payments left and coincidently that's how many mortgage payments are left, and Ill be retired in 10 months. Life is good.

 

All cash baby, nothing better.

 

Bought a camper last year. Custom order from the factory. When they they asked how we were financing I said “All cash. I’m allergic to debt!” Got a great price to boot!

 

My policy is if I don’t have the cash I don’t buy.

 

Thanks

 

Yes

 

The wife and I slowed down our extra payments the last few months to save up the cash for a 5-year anniversary. Now that all the cash is set back for that, it is back to double payments. 10 grand left on it, and should have it knocked out by February.

 

Bought mine exactly 1 year ago today and it’s halfway paid off. I had a change in my financial situation and am on track to pay the truck off by February. I’m 32 years old, and managed to never acquire a cent of debt until I took out this car loan, so I can’t wait until it’s done and no longer hanging over my head.

 

I just saved until I could buy with cash. I hate giving the bank my hard-earned money.

 

I paid cash. Their is no advantage to a simple interest car loan. So I save up and buy what I can afford.

 

I did a 60 month note. It will be paid off in 35 or 36 months (later this year).

That said I struggle with this. My loan is low interest, and my eTrade account makes more than the interest. But the good feeling of having it paid off is winning.

 

When there is a recession, and you have lots of cash flow and no debt. Trust me. You will be way ahead of the credit hungry fools in the rest of this nation.

 

Paid cash for mine too, with extra money from a house we sold. Keeping it for a long time, no payments are nice!