Twitter
Email
RSSFinally finished paying off my car loan! Whats next?
Well I have finally done it. After 4 years and $8250, I have finally finished paying back my parents for my car.Back in 1999, I came home from grad school for Memorial Day weekend to find my parents ready to take me car shopping - they were going to take back the car they were letting me use so they could give it to my sister and they were going to help me buy a car that weekend. By the end of the weekend I ended up with a 1998 Nissan Sentra. I paid out $5000 in savings that I had, and my parents paid for the rest of the car as a "loan" to me that I would repay along with the insurance premiums once I started working.
By the time I started working in 8/2001 the tab was $8250.
| Car Loan Payments | |
| Date | Amount |
| | $ 150.00 |
| | $ 900.00 |
| | $ 900.00 |
| | $ 900.00 |
| | $ 900.00 |
| | $ 900.00 |
| | $ 900.00 |
| | $ 900.00 |
| | $ 300.00 |
| | $ 500.00 |
| | $ 500.00 |
| | $ 500.00 |
| Grand Total | $8,250.00 |
I am very grateful for the "free" loan from my parents as well as the flexibility they allowed me to pay it back. You'll notice a gap of over 1 year in my payments that allowed me to focus on saving for a down payment for the house I purchased in 8/2002.
After some thought my current plan is to keep my car for 5 more years which I hope will allow me to save enough money to purchase my next car outright. I will begin to save $250/mo to put away for my next car. Over the next 5 years that should amount to $15000 plus interest for my next car. As I get closer to the time to buy my next car I plan to fine tune this savings target to ensure I have the amount I need to buy my next vehicle.
Similar Entries
Expanding Our Media Center (Jun 29, 2010) About a year ago I pieced together a $30 internet TV box that we have been using in lieu of paid cable TV. My wife and I have been very happy with the setup and its paid for itself many...
Xbox 360 - A Low Cost Media Extender? (Jun 17, 2010) With recent announcements about the Playstation and next generation Xbox it looks like prices have been marked down on Xbox360s in the last 48 hours. Infact both Amazon.com and Walmart.com have the Xbox 360 Arcade Spring 2010 Bundle (with base...
The Cost of Painting Yourself (Jun 16, 2010) My wife and I spent the better part of two weekends painting our 2 story foyer. We finally finished the painting this weekend and with the work complete we both still have lingering thoughts about whether it was worth the...
Comments (0)