Breaking News: We’ve paid off our car loan early!
Just a couple days ago, I mentioned that we had about $3,300 left to pay on our car loan, and that we would pay it off over the next 2 months.
Well, I jumped the gun.
I was looking through our budget and saw that I could pay the credit card loan off completely right now. The loan was a low 1.99% interest, and yes, I could have earned 5.05% in my HSBC account, but darnit, I wanted that loan GONE!
We cashed out our eTrade CD late last month, and I was dragging my feet on moving the money to our savings. My logical side said “move it and earn more interest than I would save by paying off the loan”. But, my emotional side (yes, I have one), said “that car can be yours and you can get rid of that debt hanging over your head RIGHT NOW!”
It just goes to show that logic doesn’t always rule in personal finance, and sometimes you just have to get that weight off your shoulders.
So, what’s next? I’ll clue you in later. 🙂