Friday, October 7, 2011

We're in the Money…

…well, if you call a 1.79% annual rate loan money.

Though no doubt that rate's better than any Nissan Motor Acceptance Corporation can give me.  My plan is to pay it off within 3 years, if not sooner, by simply direct depositing my Net Pay (after allotments) straight into the loan, which should come out to about $867 per month in payments, give or take a bit.  At this rate, I can have the $20,000 loan paid off in a mere 2 years.  Not that I have to pay it off so quickly since my loan term is 60 months (5 years) and still charges the same rate.  Mind you, the Personal Property Tax on the LEAF still scares me and having this debt hanging over me is not a fun prospect, but we'll face that as we come to it.

Paying off half the car with a loan allows me to keep some of my savings, which is good in case there's an emergency of some kind.  And the interest paid under this accelerated plan is just $300 - $400.  What still remains is to move most of cash payment out of the savings account and into an account where I can draft a personal check for the other $20,000 or so, as well as set up direct deposit to make payments to my loan automatically.  Then there's getting an insurance policy and ordering new plates and finally all pieces should be in place.

Only one month to go…