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Sunday, June 3, 2012

Car Loan update

We're aiming to pay our car loan off by the end of this year. Including minimum repayments, we've been trying to put $1000 a month onto the loan. The past couple of months went well for us and we were able to meet our goal, but unfortunately we had a temporary loss of income throughout May, so therefore no extra repayments were made. As of 1st June, we're just under $13400. I'm hoping we get a decent tax return and are able to start putting extra on the loan, so we can get it under the $10k mark within the next few months.

6 comments:

  1. Well done, you are well on your way!
    Chrissie xx

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  2. Thanx Hun :) I've been meaning to check out ur page, will hopefully catch up tonight :) xx

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  3. All's well that ends well, guys! If you can, take that as a challenge to be more financially-disciplined. In time, you will be able to pay off your car loan. What’s better is that, once you learn to be financially-discipline, you will be able to be better focused on reaching your financial goals and spending lower than your earnings.

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    1. Thanks for commenting, and thanks for the tips Clint :)

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  4. Good luck saving up! When we were paying for our car loan, what we did was we always tried to allocate a small portion of our income for our ‘emergency car loan fund’, which is separate from our monthly car loan payments. That way, when we hit a rough spot with our finances, we could still make the extra payments without losing a stride. The tax return is definitely a big help! So have you finished paying it off already?

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