Why I Paid Off My Car Loan EARLY | 2020 Toyota RAV4 XSE Hybrid

Рет қаралды 3,409

Күн бұрын

In this video I will be going over the Pros & Cons of paying off an auto loan early and discussing my specific situation with my 2020 Toyota RAV4 XSE Hybrid.
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📌 Timestamps:
00:00 Intro
00:24 Pros
01:39 Cons
02:44 My Situation
04:49 Outro
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Пікірлер: 38

@PrepperDawg Жыл бұрын

Smart move paying it off early. Wow the dealer was only offering $1K for your Acura. Good thing selling on your own.

@pablorosado535 Жыл бұрын

Instead of trade in, it could be called, "steal in", better for anyone to sell their car by themselves.

@Nicole.Sisson Жыл бұрын

@@pablorosado535 Agreed! 👍

@Nicole.Sisson Жыл бұрын

It's nice not having a car payment every month. I've never traded in a vehicle before but thought I would get an estimate. Surprised me too! 😅

@NicoleHikesalot Жыл бұрын

Hello Nicole very educational and good to know information. We also paid off our Corolla early and it worked well for us. I'm glad you saved a lot to put down too, that is really smart to do. 👍

@Nicole.Sisson Жыл бұрын

Glad to hear you paid off your loan early. It definitely creates peace of mind. 👍

@BowlerActuary Жыл бұрын

Neat that you did a little bit of a financial outlook. Another note on investing and going risk free: a high yield savings can yield at least 3.5% in most places so in that case you couldn’t just put your savings there and used it to pay on the loan. But paying off a debt early is never a bad decision!

@Nicole.Sisson Жыл бұрын

Yes, I agree. Lately it's harder to find high yield savings accounts. I had one a few years ago but they kept decreasing the rates, so I no longer found it to be valuable and transferred the money elsewhere.

@BowlerActuary Жыл бұрын

@@Nicole.Sisson I recommend SoFi and Ally. I use Ally and am at 3.85%! But SoFi is 4.3%. With the current market rates are quite high.

@puma509 Жыл бұрын

Very good Points. Thanks so much

@Nicole.Sisson Жыл бұрын

Glad you found the video helpful! 😊

@MarC-ot5gl 11 ай бұрын

Hi Nicole, I have been following your channel and I love the diversity of subjects you posts hence why I am such a huge fan. This video is spot on and so informative, you give the pros/cons of both and provide a very easy to understand/follow along guidelines. It should be a must for all people considering the purchase of a new/used vehicle. Keep up the amazing work!

@Nicole.Sisson 11 ай бұрын

Thank you so much for your kind words and support! ❤️

@AbdulsCycles Жыл бұрын

Thanks for sharing the story about paying off the car, it's usually when people pay off car loans early to avoid longer debts. Thats good idea my friend.....

@Nicole.Sisson Жыл бұрын

It definitely made sense to me. I like to keep my monthly expenses as low as possible. 🤗

@kevinkemble3718 Жыл бұрын

Great suggestions. We decided to pay cash for both our 2020 & 2021 RAV4 XSE Hybrids simply because we ended discussion years ago negotiating trading hours of our life by working for the man to pay the man as most Americans do. Just to give a little background, (as adventurers) we used motorcycles, mass transportation, walked, uber… owning no steel cages with cost of insurance, maintenance, fuel, etc. we at times rented ran them like college loans. Our most value asset is time. And people, cash is king. We constantly have “pre-approved” whatever and run them through the shredder. If you’re an entrepreneur with a venture or company, in the 21st century you do not have to go into debt to make money, better yet become financially independent. And you’re not free until you are financially free. We negotiated the vehicle purchases over the phone. I didn’t even go inside the Toyota lot offices both times once the RAVS were built and delivered to the lot. We’ve developed a good relationship with the business. And our sales clerk last couple of months, now the general manager of that large dealer. Wife and I your vlogs content.

@Nicole.Sisson Жыл бұрын

I like the way you think! I'm always working on keeping my expenses down. I also feel time is your most valuable asset. Glad to hear you enjoy the content! 😊

@onlywithvic Жыл бұрын

That’s awesome so happy for you! I would want to pay off my RAV4 too but my interest is 3% so it’s not too bad. But I might in the future 🤔

@Nicole.Sisson Жыл бұрын

Not bad at all! 👌I like to keep my monthly expenses low so paying it off gave me some peace of mind. 🤗

@callmefrog76 Жыл бұрын

View #1000 😁. Congrats on paying off the debt. It’s always best be be as debt free as possible IMO

@Nicole.Sisson Жыл бұрын

Yes I agree! It definitely gives you peace of mind. 😊

@TravelHungryForLife Жыл бұрын

Always best to pay off and save Thanks like and support here All the best see you soon 👍🏻👍🏻

@Nicole.Sisson Жыл бұрын

Thanks for the visit! 🤗

@jerbsherb4391 11 ай бұрын

I always find it strange when people make the investment argument when trying to pay off your car. Investments can be the biggest gamble and like you mentioned in the video, you can end up losing money. We aren't even going to cover taxes either. Unless it's a huge lump sum, there is no point in stressing about that. Great video!

@Nicole.Sisson 11 ай бұрын

Thanks!! I agree! Investments are definitely risky. I'm glad I chose to pay my car off. 🤗

@ikichannelhiburan Жыл бұрын

Terimakasih untuk video bagus ini...

@NeonKue 6 ай бұрын

Under 3% interest rate…those were the days.

@Nicole.Sisson 6 ай бұрын

Ya it was definitely a good time to make big purchases!

@vickvega571 Жыл бұрын

If you ask to like your video before ive seen the content 😂

@oralpowers7932 Жыл бұрын

Really I could save $6000 in interest but I can't afford a $6000 car? You bought a new Rav for $41k that's a very good deal considering the great financing you were able to get and what they cost now if you could get one. The best deal was the acura for $4100, good condition with 100K miles of life still left in it. If your unemployed or retired your DTI would be infinite, meaning no loan over 5k for you. I Still don't understand the credit score, why should a third party be able to access your financial information? What if they get hacked, oh they've done that already. I quess if your in extreme debt you have nothing to worry about with inflation and all, it's just the people with money in the bank that should be worried.