Saturday, May 18

Woo-Hoo! Car Loan Paid Off =)

We no longer have a car loant, YAY!

We've been paying the loan ahead as often as we could since we got our Black PT Cruiser 2008 in August of 2010 (when Trace was 5 weeks old). We finally paid off the last $1009.32 this month!

Final cost of buying the cruiser:

We had the loan for 34 months. So, that breaks down to paying about $41.25 in loan fees a month. It was a 7 year/84 month loan. Using these figures if we had went the whole term paying on it we would have incurred about $3464.83 in total loan fees. So, that means we saved $2062.40 by paying it off earlier =)

Sounds good to me ;-) Nice to have one less bill to worry about.

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