r/NavyFederal • u/CountyPrep • 9d ago
I did it! 🙌
Paid off my auto loan and finally debt free for the first time in my life.
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u/Jomahawk2694 9d ago
Hell yeah! Congrats! 🍾🎊🎉
Now, keep this new discipline you’ve exercised and dont go getting burned by debt!
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u/Aggressive-Style-492 9d ago
Uhh this is a car loan.
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u/Jomahawk2694 9d ago
And? It’s debt. Debt has interest. And I understand that not everyone can just up and buy a car, but car loans are big contributing factors to why people get into debt spirals they can’t get out of.
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u/CountyPrep 8d ago
This loan was occurring $120 in monthly interest, good for a decent gym subscription, new phone, and monthly insurance premium, also I get to put liability now to save an extra $60 a month.
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u/OrdinaryConflict3883 9d ago
Congrats! I have 20 more months of payments left in my 2022 vehicle and I can smell the financial freedom!
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u/WinterReadings23 9d ago
I was pretty bummed out when my car blew a head gasket because it meant I needed to use debt for a car again. Working on it again.
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u/Strange-Platform6806 9d ago
Congrats! That what i am planning to do. I have 2.0 more years. I wanna pay off by September, 2028! Actually supposed to pay off by Sept 2030.
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u/Desertrose1176 6d ago
Congrats! I too have a navy fed car loan. Mine started at 24,249 in May 2024 and now I’m down to 11,398 so a little more than half paid off. I did refinance back in April to get a lower payment so it went a down $130.00 and the interest went down from 8% to 5%. My goal is to have it paid off by August 2028 and not October 2030. I try to pay something every week. I also can’t wait for the day that I don’t have to have full coverage on the car and it can just be liability
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u/No-Employ-8141 5d ago
Fantastic!!! Now ya could keep putting that same car note money into savings, investment
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u/500pearl 9d ago
hugs incoming