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Update on truck loan

November 20th, 2013 at 05:25 pm

Besides our mortgage, my truck loan is the only debt we currently carry.

I bought the truck last December. I borrowed $12,750. The term on the loan is 36 months. It's a 2004 Dodge Ram half-ton.

The current balance on the loan is $7,777.67. Minimum payment is $378. Of the 10 months I've made payments (the first payment wasn't due until Feb. 1), I've made the $378 minimum payment four times, and I've paid something greater than the minimum payment the other six months.

If I make $425 payments each of the next 18 months, and a projected $387.20 payment in June 2015, I'll have the truck paid off six months early.

My hope is to have the truck paid off before we need a new family van. My goal is to have only one vehicle loan at any given time.

If there is more life in the van after June 2015, we'll save the truck payment toward a down payment for the new family vehicle.

I really don't see us saving enough money to buy a replacement family vehicle out right, but all things are possible.

4 Responses to “Update on truck loan”

  1. creditcardfree Says:

    Great plan!!

  2. beawealthywarrior Says:

    Looks like we know what one of your 2014 goals might be Smile

  3. SicilyYoder Says:

    I need a new car, but I want to save up and pay cash, which means I won't get a new vehicle until this time next year.

  4. snafu Says:

    It's so important to set a goal and have something to reach towards. Would it help to take a photo of truck and add it to a simple bar chart temporarily tacked to the back of a door to show progress of pay-off on truck? Are there any small sum programs to help increase payments like change jar, avoided/reduced expenses from coupons, sale savings, items no longer used and loved sold on CraigsList or similar sell offs etc. Are there any small changes you can make to reduce costs? I'm asking because when I changed the type of bank a/c it reduced bank charges by $ 9. ea. month and I got a few extra services. A couple of changes toined comb auto and home insurance resulted in substantial savings just because I asked a couple of questions.

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