Thanks for all of the discussion about the payoff issue today.
02-26-2004, 03:58 PM
#1
Rest In Peace
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Thanks for all of the discussion about the payoff issue today.
I decided to go ahead and pay off the loan tonight. Wrote a check for $21,581.80. Took me a little over 2.5 years on a 5 or 6 year note (I forget which), financing essentially everything except a $2k down payment. Payments started out close to $900/month; refinanced down to $830/month with no extension; started sending in an extra $200 every two weeks a few months ago to pay it down faster (this last part worked pretty well, actually). Now, even without as much cash in the bank, I actually feel more secure, because I won't have that huge obligation each month, in case something dire happens - there wouldn't be the temptation to get rid of the car.
Damn, this feels nice!<ul><li><a href="https://forums.audiworld.com/s4/msgs/1560687.phtml">Original Thread</a></li></ul>
Damn, this feels nice!<ul><li><a href="https://forums.audiworld.com/s4/msgs/1560687.phtml">Original Thread</a></li></ul>
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02-26-2004, 04:47 PM
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Congrats! If your job is secure and all your family members are financially secure, then paying off
all your debt is always a good idea. I am personally in the situation where I have to keep at least $20K in my bank account, otherwise I can be in deep trouble when the worst thing happens. Getting a home equity loan for things is also a good idea in this low interest environment which I've taken advantage of.
