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.
Update on truck loan
November 20th, 2013 at 05:25 pm
November 20th, 2013 at 05:35 pm 1384968946
November 20th, 2013 at 06:23 pm 1384971810
November 20th, 2013 at 07:53 pm 1384977202
November 21st, 2013 at 12:48 am 1384994915