Sonic Loan Roll Call
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wasteoffilm
Member
If I wasn't sitting in first class on a flight to Vegas right now, I would have mine paid off. I'm down to $2100 but I needa vacation. and comfort, and in-air wifi!
My next payment isn't due until January 2017!
My next payment isn't due until January 2017!
Hulty
Site Supporter
I bought two cars at once, paying off early, not so much....only about a year early on my current plan. But the wifey got a fully loaded Optima at the same time so add another 30k onto my bill!
Technically I bought mine used in 2014, some dude returned it with 6k miles on it so the best rate I could get was 4.99%(not bad for used), apparently he didn't like it as he said it felt to TIN-y......one more vote for Dynamat!!
Technically I bought mine used in 2014, some dude returned it with 6k miles on it so the best rate I could get was 4.99%(not bad for used), apparently he didn't like it as he said it felt to TIN-y......one more vote for Dynamat!!
ahtoxa
New member
Quoting this old post for significance.
I was much in the same boat in my early 20's. Too much debt, too many cars financed and a few defaulted loans.
It took me a few years to pay off old debt, resolve a couple collections and get to where I needed to b financially. I really didn't give a **** in my early 20's, when I should have. Loans were just out of sight and out of mind - pretty dumb.
I no longer consider whether I can afford the payment, I consider whether I can afford it whole.
Truth be told, I'm still feeling the aftershocks of all that stupidity all these years ago. But, my credit is far, far better than it's ever been and it's only getting better. I'm not buried in credit cards, I'm not buried in loans. My only credit card has a balance between $0-100 every month, and by keeping my revolving balance above 0%, I keep increasing my credit score. This strategy is better than not using credit cards at all - even a 1% utilization rate is far better than 0, in the eyes of creditors. So yeah, I end up paying a small fee in the form of APR, but I view that fee as going towards raising my credit score. I can live with that.
In 2 months, an old debt will be repaid and I'm going to be able to funnel another chunk of change into paying off the car loan ASAP. In the past two years alone, it's been a massive effort to resuscitate my financial standing, and it's been very successful.
Financially, I was a full retard back in my 20s. Hindsight is always 20/20, but the lesson was hugely valuable.
NewZJ
I Don't Know
I try and pay my cc off every month. I used to have terrible credit and was able to buy the sonic when experian screwed up and showed me having over 700 score instead of my usual 5 1/2 so I bought it quick. My score fixed itself the next month but I got the car and found a new desire to use it to my advantage by restoring my credit.
I was able to get a decent credit card with a low limit and started buying everything with it, I'd pay it off multiple times a month and kept doing that to build enough credit to get a second credit card, I followed suit and now I'm up to like 5 cards that I pay off every month. Nothing leaves my checking account other than rent that doesn't go towards credit cards. I'm not going to max them, I sweat when they get 10% full. I plan on buying a home one day and getting a great credit score will help.
I was able to get a decent credit card with a low limit and started buying everything with it, I'd pay it off multiple times a month and kept doing that to build enough credit to get a second credit card, I followed suit and now I'm up to like 5 cards that I pay off every month. Nothing leaves my checking account other than rent that doesn't go towards credit cards. I'm not going to max them, I sweat when they get 10% full. I plan on buying a home one day and getting a great credit score will help.
Preloader
The M32 Martyr
A big down payment helps as well. That's my big master plan, and why I need to get this Sonic loan done. So I can start building a down payment for another house and rent this one out. The goal is to have 100k to put down on a 400k house. Realistically optimistic that it'll take me 5-7 years to accomplish this.
I don't want to take equity from our current home. I want to move forward, not backwards. But if I have to in order to beat a housing bubble I may consider it.
I don't want to take equity from our current home. I want to move forward, not backwards. But if I have to in order to beat a housing bubble I may consider it.
Fry
New member
My Sonic loan is still in the 5 digit range, though not for too much longer. I haven't paid any extra on it because it's at 0 percent, so no rush.
My wife and I are working on getting her Mazda 5 paid off, since it does have an interest rate. We bought the car with a 5 year loan in November of 2011. By paying $100 extra each month, and then creeping up to $200 extra as the payment lowered (due to less interest each month): we only have $1500 left. We hope to have that paid off by November. Two years early.
Then we'll split the extra car payment between savings and getting my Sonic ahead. Though we had another child in July and my wife intends to go from full to part time...so we'll have to be careful about where we spend our money. At least if you get ahead on car payments, though, you can just stop paying for a few months if necessary.
Paying down loans is pretty satisfying.
My wife and I are working on getting her Mazda 5 paid off, since it does have an interest rate. We bought the car with a 5 year loan in November of 2011. By paying $100 extra each month, and then creeping up to $200 extra as the payment lowered (due to less interest each month): we only have $1500 left. We hope to have that paid off by November. Two years early.
Then we'll split the extra car payment between savings and getting my Sonic ahead. Though we had another child in July and my wife intends to go from full to part time...so we'll have to be careful about where we spend our money. At least if you get ahead on car payments, though, you can just stop paying for a few months if necessary.
Paying down loans is pretty satisfying.
Preloader
The M32 Martyr
Fortunately my wife has a comparable income to myself. We keep our incomes separate but split our family expenses right down the middle.
I love how we do our finances. As long as each of us covers our half of the bills, we don't care or control what each other does with the rest.
I could spend it all on toys, or stockpile it away for future ambitions. So really I'll only have to pay for half of the cost of the kids.
I love how we do our finances. As long as each of us covers our half of the bills, we don't care or control what each other does with the rest.
I could spend it all on toys, or stockpile it away for future ambitions. So really I'll only have to pay for half of the cost of the kids.
ahtoxa
New member
Fortunately my wife has a comparable income to myself. We keep our incomes separate but split our family expenses right down the middle.
I love how we do our finances. As long as each of us covers our half of the bills, we don't care or control what each other does with the rest.
I could spend it all on toys, or stockpile it away for future ambitions. So really I'll only have to pay for half of the cost of the kids.
Sometimes I want a roommate for this exact reason - so that I could split living expenses. Even given the fact that we'd have to pay more for a larger place, it would still be less per person than I'm paying now just for my own place. I could get ahead even further on my finances.
On the other hand, if I want to come home, take a steamy pile of crap in the middle of the living room and leave it there for the dog to ponder, I don't have a roommate yelling at me about that.
dkennedy1989
Member
Dang, my wife and I our rent is 739 total, but we live in Michigan.Sometimes I can't stand my roommate.
But our mortgage divided in two is only $775/month each. That is beyond reasonable for our area.
David
TheLorax
New member
Dave Ramsey wouldn't approve. He would say that you aren't properly accounting for risk and the behavorial aspect.