Monday, November 7, 2011

Car loan

We bought our car very recently (October 2011) and I finally bit the bullet and called the bank to find out exactly what our balance is. We're at $16,381.92. That's after a couple of payments since we purchased it. The car loan is amortized over 48 months, but I'd like to pay it off within 36 months (3 years). Our payment was $172.96, so when I called for the balance, I increased our payment to $175. Not a big difference, but it a) makes it easier to keep track of a nice round number, and b) gets us that little bit closer.

Once our other loan is paid early next year, I will do the math and figure out exactly how much we need to pay bi-weekly to get that paid off faster. I'd be a very happy girl if that loan is paid off before we buy a house.

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