PAID OFF!!!...What?!?

[slothman86]

So the other day I finally paid off my Yaris! Yessssss.... wait a second, I paid what in interest? 2,ooo some odd dollars? That's an awesome suspension or a turbo! I had a low interest rate too! 5.5% Luckily I paid her if off in 2 years and not 5 like the loan was for.... eeeeek that's close to 6 grand in interest alone! No wonder dealerships make soo much money

Good thing is...is...is that it is mine now! NO MORE PAYMENT~

Paying for everything in cash from now on. No more loans for anything....well except school, no getting around that...even with scholarships? what?

Just curious...How much interest did everyone else pay? or was I the only one bending over and almost paying 20,000 for a yaris! LOL

[custom Lftback]

i pay $242 a month at 4.25%. it's a 60 month loan so I gotta looong way to go yet!

[foober]

credit card interest rates are going through the roof now. Almost 30% if you miss a payment. Don't miss a payment or you'll be dead meat the rest of your lives. The company store or banksters want to own you. WAtch out.

[mikenacarato]

i pay 456 a month at 36 months. i dont want this payment over my head for longer than that.

congrats on paying it off!

[slothman86]

I almost think it's better to save up the money instead of getting a loan...can you imagine that? saving for something that I want to buy? Maybe I could get some sort of a deal if I walk into the dealership with 11,000 cash....hmmm?


Good Luck everyone with your loans...It's a hard road ahead!

[CTScott]

I used to pretend I still had the loan after I paid it off. I'd put it into a separate savings account and by the time I was due to buy another one I'd have a sizable down payment or in the case of my Yaris, enough to buy it outright.

[Forrest]

Originally Posted by CTScott

I used to pretend I still had the loan after I paid it off. I'd put it into a separate savings account and by the time I was due to buy another one I'd have a sizable down payment or in the case of my Yaris, enough to buy it outright.

You did a good thing by continuing to save. Most people do not have the will power to do that and will eventually dip into the money set aside.

[65tuxedo]

Twowheels,

Worries me too.

[Kal-El]

I have a long way to go on mine.

After having to file bankruptcy last year but also needing a reliable car soon after, I was forced into a loan shark-like interest rate: 20%!!! I know, I know, but I had no choice and most lenders wouldn't accept my app. If I go the full term, I would have paid about $7,000 in interest.

I hope to begin paying it off quicker than the term but will need to make more than I make right now.

Hey, the way I look at it is that in the end, I'm paying far less in interest on a car I love than the money I was in debt for (a lot) and bankrupted free and clear.

[darkmoon87]

Paying 270 cdn a month with 10k down for 3 years (paying the rest 10k in 3 yrs) with 0.9% financing interest.....holla!

[White Yaris]

next month will be my last payment and it suppose to finish in a year and half later. Paid more and want get out of payment asap haha.

[kustom play]

im paying off more on my loan also

im trying to get it paid off by December

but were looking to buy a house so it might get pushed back a bit

[yaris-me]

Congratulations!

[SilverBack]

Congrats!

..Wanna pay-off mine now?

[bnther36]

Great job paying your ride off.
I just paid off school and my little car is next!

[Havana]

I know it's a good feeling paying it off. At least you minimized the interest paid. Unless you can score 0%, it's always better to pay it all up front. It will save you thousands. Now, that you're in the clear, keeping making payments - to yourself. Set that money aside for your next car. That's what I did and I was able to pay for my Yaris the day I picked it up. I'm not rich. I just set aside $200 a month - way less than most people's car payments. I did that for 6 years and had more than enough to buy my Yaris. I just planned ahead and saved. That's a very unusual concept in America these days.

[unclenefeesa]

Great News !

I still have 54 payments of 360 USD to go.
its a 60 months loan with 3.75 % yearly interest.

Cars here are much more expensive than in the states.
my Sedan costs 18600 USD in cash at the dealership. including tax and registration but without insurance.

And no it is not an S model. it is a standard full option Sedan.

[captainm27]

Originally Posted by unclenefeesa

Great News !

I still have 54 payments of 360 USD to go.
its a 60 months loan with 3.75 % yearly interest.

Cars here are much more expensive than in the states.
my Sedan costs 18600 USD in cash at the dealership. including tax and registration but without insurance.

And no it is not an S model. it is a standard full option Sedan.

I beat you by just the slightest: $18,898, including tax, title, etc. The dealer actually charged an extra $1,000 over msrp because of the "high demand" of the car in summer of 2008, when gas was $4 a gallon. But you got a real good interest. Mine is 8.9%