{"id":3899,"date":"2013-06-24T02:45:54","date_gmt":"2013-06-24T09:45:54","guid":{"rendered":"http:\/\/add-vodka.com\/?p=3899"},"modified":"2015-06-10T14:58:16","modified_gmt":"2015-06-10T21:58:16","slug":"saying-goodbye-to-the-car-loan","status":"publish","type":"post","link":"https:\/\/add-vodka.com\/saying-goodbye-to-the-car-loan\/","title":{"rendered":"Saying Goodbye to the Car Loan"},"content":{"rendered":"<p>Last year, <a href=\"http:\/\/add-vodka.com\/the-story-of-how-i-doubled-my-debt-in-a-day-last-week\/\" target=\"_blank\">my car broke down a step from my parking space<\/a> after two years of almost constant use on my part.<\/p>\n<p>The car was older than I am, and had numerous issues. Most of the issues we could fix, or at least live with, but when it finally died, I went out the next day to shop for a new (to me) vehicle.<\/p>\n<p>At the time, I needed a car for a few reasons:<\/p>\n<ul>\n<li><span style=\"line-height: 15px;\">I worked, went to school, and lived in 5 different cities \u00a0(two of these did not have bus service from the main routes)<\/span><\/li>\n<li>I went to school in a somewhat dangerous area, and my night classes didn&#8217;t end until 9:50 PM.<\/li>\n<li>I would have had to leave at 4:35 AM to arrive at work by my 8:00 AM start date (3 buses, 2 trains, and a half an hour walk)<\/li>\n<li>My job required a car.<\/li>\n<\/ul>\n<p>I didn&#8217;t want to buy a car that would leave me stranded on the side of the road, so I had a criteria set out for when I did buy a car. When I went to buy the car last year, <a href=\"http:\/\/add-vodka.com\/the-story-of-how-i-doubled-my-debt-in-a-day-last-week\/\" target=\"_blank\">I got a decent deal on a 2008 Honda with only 42,000 KMs on it<\/a>.<\/p>\n<p>I financed the car at 4.99% over a five year term with the intention of paying it off quickly, and did a debt payoff plan\u00a0in February 2012 that projected my car loan payoff date to be &#8220;the middle of 2013&#8221;. It looks like my accounting was perfect, because:<\/p>\n<p><strong>By July 1, I&#8217;ll have my car completely paid off.<\/strong><\/p>\n<p><a href=\"http:\/\/add-vodka.com\/wp-content\/uploads\/2013\/06\/excited.gif\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-3900\" src=\"http:\/\/add-vodka.com\/wp-content\/uploads\/2013\/06\/excited.gif\" alt=\"excited\" width=\"300\" height=\"250\" \/><\/a><\/p>\n<p>This is actually not that huge of a deal, because the payments were not high, nor was the interest, and I hardly even noticed the money coming out of my account each month.<\/p>\n<p>I&#8217;ll be rerouting some of the money that&#8217;s landed in my emergency fund as a result of my $10,000 emergency fund goal. This will leave a little more than $5,000 in my emergency fund, and I&#8217;ll have an extra $220 (the amount of my car payment) at the end of each month.<\/p>\n<p>I have plans for that money already, but if I really wanted a $10,000 emergency fund, I could have it in 22 months (not taking into account interest accrued on the balance) by rerouting what would have been my car payment into my EF account.<\/p>\n<p>This isn&#8217;t going to happen, though, because I just don&#8217;t feel like I need a $10,000 emergency fund right now, and I have some financial responsibilities coming up that I have to consider, which I&#8217;ll be blogging about later this week!<\/p>\n<p>Anyway, it&#8217;s always nice to see a debt paid off, even if it didn&#8217;t make that big of an impact to your life.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last year, my car broke down a step from my parking space after two years of almost constant use on my part. The car was older than I am, and had numerous issues. Most of the issues we could fix, or at least live with, but when it finally died, I went out the next &hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[231],"tags":[],"class_list":["post-3899","post","type-post","status-publish","format-standard","hentry","category-money-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saying Goodbye to the Car Loan<\/title>\n<meta name=\"description\" content=\"It&#039;s time to say goodbye to my car loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/add-vodka.com\/saying-goodbye-to-the-car-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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