Isaac Diaz, who turned 40 in June, has kicked his plan to pay off his car loan into overdrive.
"Right now, I'm focused on paying my car off," Diaz says. "I'm so happy because I'm only a few months removed from paying this thing off."
Diaz owns a 2013 Acura TSX that he refinanced in 2019 for $15,249 after buying it used a few years prior. At the end of April, he had about $4,999 remaining on his loan. But over the last few months, Diaz has managed to shave off almost $2,000, bringing his loan balance to just $2,999 as of June 24.
Typically, his car payment is $371 a month, but recently, Diaz has been paying about $630 extra every month to bring it to an even $1,000 and help him get rid of the debt quicker.
"I am paying a lot more extra on that car loan, but it's gonna pay off because that car is gonna be mine," Diaz says. After his car is paid off, Diaz plans to start rolling the money that he was putting toward it into his student debt. He has about $6,000 left on his student loans.
"Paying extra is so hard right now because there are other things that I could be doing with that money, but it wouldn't be setting me up for success later," Diaz says.
