Made my first payment

[Haywire]

And to get it started off right, made it between a double and triple payment. The 0%/60mo was the feather that tipped me over to buying one, but I want this monkey off my back in 24 months. :thumbsup:

Ian

 

[Thomas]

With out realizing you'll be reaching for the last payment and saying..where did the time go.

 

[johnrex62]

You realize that if you paid for the Kubota Insurance, it expires when the loan is paid off, right?

 

[JOHNTHOMAS]

You could pay that extra amount into a savings account and earn a slight percentage of income. Then all you'd have to do is finish making those monkey payments from the income earning savings account and make a few bucks which is the same as getting the tractor for less. Also would still have your paid premium for insurance.

 

[veresjwv]

You could pay that extra amount into a savings account and earn a slight percentage of income. Then all you'd have to do is finish making those monkey payments from the income earning savings account and make a few bucks which is the same as getting the tractor for less. Also would still have your paid premium for insurance.

Yes JohnThomas, My CFO is saving the extra payments while making the regular monthly payment, when the extra's reach the remaining value she will pay off the tractor. Meanwhile they are making some interest!

 

[cdaigle430]

You realize that if you paid for the Kubota Insurance, it expires when the loan is paid off, right?

I wonder if its the same for AGCO? Time to do some reading.

 

[TripleR]

Congratulations, I hate being in debt too, so I can sure understand paying off early.

 

[SARG]

You already paid extra to get the zero percent ......... so why would you not use it for the full term ?

 

[Haywire]

You realize that if you paid for the Kubota Insurance, it expires when the loan is paid off, right?

The insurance is for the full term of the loan, 60 months. I asked that question and they said that I can either get a refund for the unused months or the insurance will continue for the full 60. My choice when the time comes.

You already paid extra to get the zero percent ......... so why would you not use it for the full term ?

I don't like debt. If I had done a 24 month loan, I would have been stuck with that high payment. This way, I get paid ahead several months and if something unexpected comes up and I need to skip a month or three, no problem. I asked if extra payments count as just extra or if it counts toward future payments. Since I don't have interest to worry about, there is no advantage to making a "principle payment" as if it were a car or house. The more I get payed ahead, the more wiggle room I have.

Ian

 

[ITHINKICAN]

And to get it started off right, made it between a double and triple payment. The 0%/60mo was the feather that tipped me over to buying one, but I want this monkey off my back in 24 months. :thumbsup:

Ian

Good call!! 1 more vote for a debt free life!!