I have 48 months left on my sports car and 70 months on my scoot. I'm going to pay in as much as I can on both vehicles to pay them off early so I can put more into my retirement in a few years. Sound like a plan?

 

Always a good idea to pay stuff off as soon as possible. They say the rule of thumb is to pick one loan/credit card, whatever (it is recommended the one with the high interest rate...) and throw as much cash at it as you can reasonably afford, to pay it off early. THEN, take the money you were putting toward that loan (once it is paid off...) and put it toward the next highest. And so on, and so on, until you're debt free. With any luck you'll have all this accomplished BEFORE you need a new vehicle, bike, or whatever, so you don't have to jump right back into debt. Good luck with it...

 

70 months on your scoot ? wow
and yes,,, put in what ever you can towards retirement, then double it!

 

70?? What a deal!! MIne was 72

 

Already made some payments. I'm going to try to pay everything off early.

 

my car is paid for. 69 camaro was my dads until he let me have it. im only 18 and dont have much credit history so my bike loan is going to be my big test

 

I hear ya. I have 14.9%. I will be paying mine off early too!!

 

If you ride really fast - you won't have to worry about the rest of that stuff...

 

Nope.

 

One rule of thumb I have tried to live by to pay things off early is:

Figure out what the principal and interest are separately. When making your payment each month, try to double the interest portion every month. You will pay it off in less than half the time. For example:

Monthly payment (principal + Interest) is $200
Principal is $50
Interest is $150
Try to pay $350 each month.