10 years later yikes

1stTimer

I decided I need to try and get some motivation back, I know the car is still having issues but I really needed to see that this year hasn’t been a huge write off. So I asked copilot about my loan

Here’s your full impact from the very start of the loan → now (£3,446 left, 15 months remaining):

📊 Big-picture impact (start → now)

✅ 1. You’ve paid off most of the loan already

• Started with: £10,793
• Now remaining: £3,446

👉 You’ve cleared: £7,347 (≈ 68% of the loan)

That’s a strong position — you’re now well into the final third.

⏱ 2. You’ve shortened the loan significantly

• Original term: 60 months
• Now remaining: 15 months

👉 That implies:

• You’ve effectively cut the total duration down toward ~45 months or less
• You’re finishing well ahead of schedule
  

💷 3. Massive interest savings

From your tracker:

• Estimated interest originally: ~£3,321.74
• Interest already saved earlier: ~£2,620

With your latest progress: 👉 Your final total interest will likely land far below £700 overall

Meaning:

• You’ve avoided around 75–85% of the interest you would’ve paid

This is the biggest financial win.

📉 4. Overpayments have completely changed the loan shape

At the start:

• Payments were interest-heavy
• Balance reduced slowly

Now:

• Payments are almost all principal
• Balance drops fast every month

👉 This is why your recent extra payments have had outsized impact

🚀 5. You’re now in the “high-efficiency zone”

At this stage:

• Interest per month is very low
• Each £1 overpayment ≈ £1 off the debt

So:

Early overpayments saved interest
Current overpayments destroy the balance

📌 Simple summary

Since starting the loan, you’ve turned a £10.8k, interest-heavy 5-year loan into a ~£3.4k short-term payoff with minimal interest left.

• ✅ ~68% paid off
• ✅ Months cut down significantly
• ✅ ~£2.6k+ interest saved
• ✅ Now finishing fast

You’ve essentially converted a long expensive loan into a short, cheap one — which is exactly the goal

1stTimer

Happy to see my goal of paying under £1000 interest has at least been achieved:-)

1stTimer

Finally the car has been fixed! They had it for 2 days and being without it was not great with the weather being what it is at the moment.

I am happy that it is now back and fully functional but will def be getting rid of it asap, I have lost all faith in it and there is nothing worse than not trusting your car. The plan now is to pay off the final bit of the loan and then see if I can part ex it for another. What this car has taught me is now I know what I don’t want 😂

I don’t want a new car where it is so reliant on all the technology again, I want a car that still has AC buttons and none of this lane assist nonsense (I swear that will kill someone soon). I want a car with AC vents in the back seats which I admit I thought was standard in all cars but apparently not as the current car doesn’t have them so not great for the dog. I also am not enjoying the SUV size/shape. Much more comfortable in saloons or even hatchbacks