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Well I got confirmation that....


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My car is officially paid off as of June 29th 2017. Started with a 15,868 loan on June 25th 2016 and car was officially paid off 13 months later...

 

So once again I am car loan free and it feels great.

 

IMHO any of you that have loans do you best to pay them off fast, it will free up a lot of funds....

 

edit: fixed the payoff date

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I feel you. I paid off my car loan in (2) years owning my Subaru. I have financed (2) other vehicles and there all paid off. The reason I paid mine off way to early because I got tired of making car loans. If you were building credit it's best to pay month to month. For me I have enough credit so it does not matter if I paid mine off early or waited till March 2020.

 

The more you pay off it sooner the less interest you pay.

 

I don't have time to take the letter to my local DMV (MVA) to get the clean title. I may just wait till October when I have to renew my Driver/Motorcycle license and need to order another title for my other vehicle that my wife misplaced it and can't find it.

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What was your financing rate? Its not always best to pay off early.

 

That is only true if there is a large early payment fee or if you would otherwise be investing that money in a vessel that yields higher returns than your interest rate...I think

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Lots of 0% (or close to) financing offers now and have been in the past. If that's your rate, there's little to no benefit to paying off early. Use someone else's money if it's free.

 

I do 6 mos SAC at every opportunity . . and I stretch it out to the term limit without paying interest. You DO have to be on top of your payments to do that tho as a lot of places will hit you with ALL the deferred interest if you miss one or pay late.

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Lots of 0% (or close to) financing offers now and have been in the past. If that's your rate, there's little to no benefit to paying off early. Use someone else's money if it's free.

 

I do 6 mos SAC at every opportunity . . and I stretch it out to the term limit without paying interest. You DO have to be on top of your payments to do that tho as a lot of places will hit you with ALL the deferred interest if you miss one or pay late.

 

there is no such thing as a true 0% financing on cars, the cost of the loan is in the price of the car...

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