The way I paid down a $20,000 car finance within just 24 months

The way I paid down a $20,000 car finance within just 24 months

Today’s post is delivered to you by Amanda, a twenty-something who blogs about one easy concern: are you currently pursuing a life that is intentional? Today, she shares her story exactly how she reduced her car within just couple of years!

Four months into my very first full-time task, I made a extremely stupid choice.

I bought a vehicle that is expensive. And I also took down a loan to accomplish it. A $20,000 loan.

You should keep in mind that the $20,000 figure ended up being an entirely arbitrary quantity We opted for, at random, it sounded like an adult-level dollar amount to pay for a car because I thought. I didn’t adjust this figure centered on my salary that is annual or amount of cash I experienced saved within my checking account.

Now, before you would imagine I’m totally economically inept, i shall share a couple of things used to do appropriate:

  • I got myself utilized, and so I didn’t need certainly to ingest the depreciated price of a vehicle that is brand-new.
  • We negotiated that loan with a 3.5 % interest, that will be less than average (but not just like having that 3.5 % nevertheless in my own pocket, you realize? ).