bought it cash... so no debts here.

 

I've only had her about 5 months. Didn't pay anything down (was a little upside down in the old money pit), and owe about $13.5


At my Credit Union, anything I pay over the regular amount goes to principle. Read the fine print on your car loan or just ask the bank you got your loan through-it all depends on how they set it up. My CU rarely charges fees for anything.

 

Bought it brand new, and paid off within 2 weeks of taking it off the dealer lot. Gave a large deposit, and drove it home. Then sent a check for the balance.
IMO, having car payments is terrible. A mortage or other high cost items should be the only monthly payments.

 

I paid cash for mine. Of course, it was 5 years old and had 140,000 miles on it, so it cost considerably less than a brandy new 5th gen at the time. Considering that she still runs great at 220k miles, I think that it's worth it to buy a used one with cash than a new one with a loan.

Shopping for a new car now though, since someone rear ended me last week and put my poor Max's life on borrowed time. I hope I can swing it again, insurance should cover a good portion of it.

 

Bought max back in August '02 and paid it off in July of '05. Cost of car was ridiculously expensive. Being stress free of payments: priceless.

 

Purchased Nov 2000, paid off Dec 2005.... no payments are the best!

 

If you pay extra money and are paying say 6.9% yearly they can't put it towards future interest.only what has acquired to that day....It goes towards principal, and if you over pay for a month then miss a month it goes right back into principal/interest....
BTW: I bought this because I had to quick sell the other car...I have a loan for full purchase price. 10,000. Still owe $9,700....After my divorce is finalized it will be paid off in full. (June or July)