If I make one more extra payment this month and then make my regular payment (which is $83 above the minimum payment) I will have my car paid off in December---1 yr and 10 months early.  Yay

Way to go! Congrats

I am glad for you. I have never bought a new car, so I don't know the feeling of paying one off.

I haven't either. Used cars paid for allways.

jenn wrote:

1 yr and 10 months early.

WOW!  Good for you!  Do you have any idea how much money you probably just saved in interest?? 

Yeah that is true you just aved yourself a couple of thousand just in interest im sure. I;m not sure how much your car is and or how much your payments are but i know that you saved a whopper.

That is wonderful!  I wish I had done that.  This car is taking forever to pay off!  I tried to set up to pay half payments every other week -- like I do the mortgage -- and that would have paid it off early, but the car company won't do it.

Thanks.  This is my first new car.  I financed a used car before this one and I paid that one in a year (I was really only financing it to build credit and I had received the advice that I needed to finance it for at least one year so I set the money aside for it and paid it off as soon as the year was up).

I know it makes more financial sense to pay the higher interest credit cards first but I figure this way if we get into a bind at least we've lowered our monthly minimum bills since the car is the highest payment after rent (which isn't going anywhere).

I guess thats the way you should do it when trying to build your credit up and build something for yourself. I am kind of looking into financing my own car but im not sure if i want to do it yet.

Great job!  I have only had used car which had only very minor problems.  In the meantime, I've been setting aside a around 200 a month for my next car.  Believe me, after a short time this amount really adds up and then you may only have to finance a small portion or purchase a quality used car with cash only.