Here’s an update to my recent post “Paying off a $15,000 car loan in 9 months without using savings“:
Chase didn’t offer the length of time I needed on their 0.82% transfer they offered (what’s up with that? Why not just make it 0 or 1%?). They only offered till June (5 months technically), and I need till at least September to be sure I can pay it all off.
I switched gears to Bank of America (my old MBNA card) and they offered 1.99% until October 1. I got the $15k out for the car and an extra $3k to stick in the bank to earn interest to pay back to $75 transfer fee. I could have gotten a new card at 0%, but I just didn’t want to, so nyah! The interest rate is still better than the almost 6% we were paying on the auto loan, AND I’ll get the title on the car much sooner. Perhaps I’ll even get a slight insurance discount since there won’t be a lien.
So I’ll be updating this site with a scale, as seen below, to show the status of the loan. I’m definitely excited about the progress we’re making in just a year to get our finances on track.