It’s paid for!

Congrats! I got mine pre certified. And paid cash. Didn’t want a retirement car payment

 

Very true. Biggest issue most face is being underwater on their car loan. I've found owning and maintaining stock un-modified Tacoma's to be much better in that aspect. So many with big loans on domestics and are underwater by a lot then re-fi into another new car adding to their misery. However, we are in unusual times at the moment. Just my 0.2 anecdotal observation. YMMV.

 

It’s 0.5 these days with inflation and all.

 

Congrats. Nothing feels better than making that last payment. Like others have said, keep making the monthly payment so you have a huge down payment for your next vehicle (or for an emergency fund).

I did this, and when I bought my 2021, I had a $16k down payment. Now I only owe $19k on my truck. I've been toying with the idea of paying it off early, since I have that in the checking account right now. But I can't see the financial benefit of it. I got a 2.17% interest rate on the loan, and I'd still keep full coverage insurance on the truck even after I pay it off.

But it would feel awesome to have a fully paid off truck that is current (well, until 2022 officially hits).

 

HooYah!

Having the pink slip is the greatest mod in my opinion.

Congratulations!

 

Giggidy!!!!

 

Congrats!

 

I sold my three year old Tundra for 2K more than I paid for it with 45K miles.
I got a call yesterday that my honda dealership wants to give me more than I paid for it.... four months ago! Strange times indeed.

 

Congrats!! It’s a great feeling. My 21 tundra pro LunaRock is paid for and not going anywhere.

 

Yes, congrats is in order!

Getting approved for loan is a task in itself...but it keeps your credit score where it needs to be...if you follow that sort of thing.

Thanks God, no penalty for early payoff.

Enjoy the accomplishment!

Ed

****

 

Nice. I hope to own my '22 in three years instead of 5. But that's the best I can do.

 

Awesome! I only have like 6 years to go on mine. I know stretching it out wasn't the best long term, but I wanted to have the payment be something I could handle with some cushion and I can pay extra and pay it off early with no penalty. Paying like $30/month extra the way it is so I should be paying it off at least a few months early.

 

Great feeling. I remember paying off the wife's Subaru about 4 months early and then
bought the Tacoma. I dropped 24k down and got 1.9% ( which is crazy high the subaru was 0% )
but I plan on paying it off in about 18 months. Then I'll be buying my son a new car he's due
and worthy of one. After that he'll be well on his way in his own career, my daughter is well on her
way as well. The Subaru has another 5-10 years life and the Tacoma well, it will outlast me for sure.

 

Good lord! A truck as much as my mortgage!

 

Sadly I have till 2025 on mine

 

You could end up somewhere between the 2 if you add extra money to your monthly payment and put it towards principal only if your bank allows it.

 

Vehicles like that are the reason there doing 96 month auto loans these days