I Saved Over 2 Grand!

I always had the intention of paying off my auto loan for the MINI in less time than the life of the loan. I estimated that I would save about a grand if I sent in a little extra every month. Well a little became as much as I could and boy did it pay off. My 60 month loan became a 22 month loan and I saved about $2200 on interest. Here's the details:

MINI Loan Summary
Loan Amount - (no down payment) - $28,508
Life of Loan - 60 Months
Total Cost of Loan - $31,905
Total Interest Charges - $3,397
Actual Cost of Loan - $29,729
Actual Life of Loan - 22 months
Interest Saved - $2,176

This may not be for everyone but it has been my experience that a little extra every month over your regular payment will make a difference. I was lucky enough to send at least an extra full payment every month. Now comes the hard part, what am I going to do with this new found cash?... spend it on the MINI of course! ;-)


Anonymous said...

Nice job.. Start putting some of that extra $$$ away so you can buy your next car with no loan.

We are doing the same thing on our house and our 30 year loan should be paid off in under 15 if all goes well (and we will save a quite a bit more than 2K)

DanC said...

yup, I'm doing the same thing with my mortgage, too. :-)