Tuesday, August 13, 2013

Car refinanced

I've been looking for ways to reduce our monthly bills so that we can get our budget to balance (there was at least $600 deficit before I started shuffling stuff around).  One of the first things on my list was to check into refinancing my car which I had stupidly never considered before because I just assumed I would end up paying more in the end.  Plus, I had originally planned to get out of debt pretty quick and didn't think extending my car loan was worth it... my how things changed when the twins entered the picture!

Anyways, I am proud to say I have completed the paperwork to refinance my car!  I was able to find a loan with a lower interest by almost a point and a half, so now my rate is 2.64%!  By extending my loan another 30 months I was able to cut my payment in half and the best part is that I won't end up paying more in interest over the life of the loan!  In fact, it will end up costing less in the long run.

I'm kind of kicking myself for not looking into this earlier. I probably could have been paying less on the car and, therefore, more on the higher priority debt for a while.  But oh well! That's what this journey is all about: learning to manage my finances!

1 comment:

  1. Nice job! Don't be too hard on yourself for not doing this earlier. A person can only concentrate on so many things at once, and you've been making progress in other areas.

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