So, I’ve made the decision to pay off my car loan after reading many similar posts asking for advice. It isn’t a Boglehead-ish loan, here are some details.
Loan Amount: $35.5k
Interest Rate: 6.79%
Term: 72 months
Started: May 2023
Monthly Payment: $604
Payoff Amount: $28.9k
I’m not asking for advice, but I wanted to post this so that I can hold myself accountable. My plan to is pay this off in less than 12 months from now. Bank of America doesn’t make it easy to pay additional funds towards the principle, so I will be mailing paper statements with a check each month.
In order to do this, we will be pausing all funds towards retirement until this is paid off. I’m in the 12% bracket and the emergency fund is funded. Wish me well, i will be checking back with this as milestones warrant.
Let’s see how this goes. Is there something i should i be looking out for?
Loan Amount: $35.5k
Interest Rate: 6.79%
Term: 72 months
Started: May 2023
Monthly Payment: $604
Payoff Amount: $28.9k
I’m not asking for advice, but I wanted to post this so that I can hold myself accountable. My plan to is pay this off in less than 12 months from now. Bank of America doesn’t make it easy to pay additional funds towards the principle, so I will be mailing paper statements with a check each month.
In order to do this, we will be pausing all funds towards retirement until this is paid off. I’m in the 12% bracket and the emergency fund is funded. Wish me well, i will be checking back with this as milestones warrant.
Let’s see how this goes. Is there something i should i be looking out for?
Statistics: Posted by MorgansRun — Sun Oct 06, 2024 5:46 pm — Replies 5 — Views 228