I’ve now had a Car Loan for two months, and I’m having conflicting feelings about it.

First is the resentment I have towards it, considering that it lowered my credit score by 22 points! No biggie, since I’m no longer looking at buying a house, but still….I was so close to 800 before! (Or at least I thought so.)

Secondly, I thought it would be easy making my extra payments. I enrolled for the automatic pay and when I called they said I’d have no problem paying extra online, and it wouldn’t affect my monthly payment. So first month I paid $260, or $29.50 over my bill. On the day the first automatic payment was supposed to go through I saw that they’d withdrawn only $199 from my account, and proceeded to freak out. “Why only $199?!! If they charge me a fee for late/insufficient payment I’m going to be really mad.” But they sent me a notice saying they received my payment as scheduled and everything was fine. So it looks like they credited that extra $30.50 towards the following month. NOT what I wanted. Now I’m going to have to call, ask how I can pay without affecting the next month’s due amount, and in all likelyhood will have to send a check with a note or something like that. Ugh. What a hassle. (Totally spoiled by online conveniences, as you can see.)

Lastly, something strange has been happening to me lately. I usually feel fine at the thought of having loans. My student loans are at 2.37% and totally worth the money. My car loan is $12,000 at 4.8%. I got the car at a good price, and I like that I have a low interest enabling me to feel ok about taking my time to pay it back. I know that’s not the best attitude towards debt (its quite a slippery slope), but I’ve been at peace with it.

Lately I’ve started to get impatient. I want to get this sucker paid down. I want no car payments. But….I just can’t seem to muster up the discipline and say that “all” of my extra money will go to this loan. I just enjoy my dance classes to much, am looking forward to a little bit of travel, and I can always find worthwhile places for my money to go. I even thought about cleaning out my former ‘downpayment” fund to do so, but I really like knowing I have that money waiting for me in case anything happens.

I’m just a little conflicted.

We’ll see how this first month of apartment living goes, and see if I can find any places where I’ve overbudgeted, or could stand to slim down a bit. Once I’m settled I can also start re-evaluating the possibilities of earning more money….either through taking more mystery shopping opportunities, or starting up that business that’s been in the back of my mind.

Either way, the bug has hit me: I want to get rid of that car loan.