Click For Photo: https://image.businessinsider.com/5da9eb36cc4a0a094b5090ed?width=1200&format=jpeg&imgtype=.jpg
After I totaled my car in 2014, I entered into a $16,000, six-year loan on a used Honda Civic with a $259.26 payment and 5.59% interest.
I paid it off a year ahead of schedule, and immediately noticed three benefits I hadn't expected.
Money - Credit - Card - Debt - Month
I was able to put more money toward my credit card debt every month, I wasn't tied to my car insurance any longer and could opt for another plan with a lower rate, and I saw my credit score tick up.
Read more personal finance coverage.
Months - Job - Palm - Beach - Hour
For the first eight months of my job in Palm Beach, I commuted an hour from Fort Lauderdale on I-95, which is known to be one of the most dangerous interstates in America.
On May 20, 2014, I found out how true that is. On the way to work that day, I got into a near-fatal car accident and completely wrecked my car. Fortunately, no one got hurt, and my job gave me the day off to recover from my shock.
Experience - Life - Time - Closer - Car
Because this was probably the scariest experience of my life, I decided it was time to move closer to work. But first, I needed a car.
Along with my bestie, I went to the local Honda car dealership on June 14, 2014 and after a few hours of browsing, chose a brown 2010 Honda Civic. After some paperwork, I entered into a $16,000, six-year loan with a $259.26 payment and 5.59% interest.
Years - Payment - June
Fortunately, it only took me five years to pay it off. I made my final payment in June.
As my car loan got smaller and smaller, I got more and more excited because it would mean keeping more of my money. When I made my final payment on June 28, a few immediate benefits came onto the table:
Originally, I wanted to...
Wake Up To Breaking News!