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5 Tips to Paying Off A Car Loan Early - How I Paid $40K in 34 Months
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Күн бұрынLearn what worked and what didn't. Paying off a car loan early is no small fest. I'm not telling what to do! I'm showing you what I did!
Time Stamps:
0:00 What not to do!
2:54 Tip 1 - Selling it may be an option
3:53 Tip 2 - Pick a debt pay off method
5:48 Tip 3 - How to find some extra money
8:08 Tip 4 - Use the Principal Method
10:10 Tip 5 - Staying on track
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Related Video: Should you pay off your car early?
• Should I Pay Off My Ca...
When I bought my brand new truck I paid over $40,000 dollars and was happy as could be but the honeymoon was over quick and the $500 plus car payment got old quick. When I first starting thinking about paying off a car loan fast, It because my number one priority. You see I started thanking about life before those car payments and life after. To honest buying a new car inspired me to to get completely out of debt. So for that it was a good thing. Some of you may be thinking do paying off a car loan early help credit score? Honestly, it dropped my a few points but not enough to cause any damage but I'll take a minor drop over car payments any day.
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This video is for entertainment purposes only. Always seek professional assistant for financial and legal matters.
@DiamondEdwards 4 жыл бұрын
Here is the link to the video I mentioned. kzfaq.info/get/bejne/j792nZNq0t_Zn5c.html "TO PAY OFF DEBT Avoid these 8 mistakes to GET out of DEBT FAST" I realized I changed the thumbnail after creating this one.
@mqmoreno2368 4 жыл бұрын
bro i have a 24,000 auto loan debt do u think is a good idea to pay 10,000 to the principal and stay with no savings
@DiamondEdwards 3 жыл бұрын
Always keep something in savings. When I was getting out of debt I keep $2k in savings which is paper thin but that was my motivation to get it done as fast as I could. Plus that was enough to cover the things that was most probable. It worked like a champ and get out debt fast. Now I can save more than ever. Do it!
@vavavogue4070 3 жыл бұрын
Great tip. I was making double payments per month versus paying the principal down
@user-lc7zt8sk6i 3 жыл бұрын
@@vavavogue4070 In retrospect shouldn't you been paying more to your principal?
@vavavogue4070 3 жыл бұрын
@@user-lc7zt8sk6i from what I learned from the video yes
@cockpuncher555 3 жыл бұрын
The Chris Rock of Financial Literacy. I'm sold, man.
@ea6390 3 жыл бұрын
😂 oh shooo he really sounds like Chris Rock...the voice is distracting me from listening to the actual information...I'm waiting to hear a joke!
@cockpuncher555 3 жыл бұрын
@@ea6390 Exactly! Hahaha.
@casinopremotv 3 жыл бұрын
😂😂😂
@aking4974 3 жыл бұрын
😂
@kingdomthinker9794 3 жыл бұрын
Outstanding analysis bro! 😂😂😂
@tcyaddboy 3 жыл бұрын
Bro I did this with my car then my student loan finally I paid my first house off. My job Give us 44 hrs a week in OT with over night extra pay and every Sunday a paid holiday. I took a 3 year oath to pay my first house off in 3 year with every December I paid 30k towards principal. Meaning I paid off a 140k house off in 3 years. Now I’m working towards my 2nd house with the first house as a rent house going for 1800 a month.
@DiamondEdwards 3 жыл бұрын
WoW!!! I love it! The grind is real and rewarding! Thanks for sharing your story, you never know who may read this and it changes their life!
@tcyaddboy 3 жыл бұрын
@@DiamondEdwards thanks for replying but u said the most important word FOCUS
@906lane 3 жыл бұрын
Where do you work at?
@tcyaddboy 3 жыл бұрын
@@906lane I work at a plant in Texas
@Winteel 3 жыл бұрын
Details please. You took the overtime and saved 30 k and then paid in December? If so how did you skip mortgage payments each month? Please explain I want to do similar within 5 tears for student loan. Thanks
@kerrieguinn1842 Жыл бұрын
I'm 50 years old. I had to buy a car after many years with no car payment. My new car loan scared me to death!!!! I was literally depressed over my decision. HOWEVER, the information in this video just changed my life substantially!!!! THANK YOU FOR YOUR TIME SHARING THIS!!!!
@DiamondEdwards Жыл бұрын
I am honored this video helped!
@anthonyfowler5389 Жыл бұрын
You just saved my life. I was just getting ready to pay my car off because its up side down.
@anthonyfowler5389 Жыл бұрын
Now i see how to improve my credit and save money.
@darwingarcia6810 Жыл бұрын
that’s literally me right now. I’m depressed af about the purchase I just made. I haven’t even enjoy the car I purchased because of the payments. Time to see how diamond can save me 💴! O
@rachaeljackson3759 Жыл бұрын
Sometimes how this world works really frustrates me. The fact that we all have similar situations like this is so sad. And it sucks that all these big companies just want to make money and don’t care about who they’re screwing over. They just try to pull a fast one on you and get their money. I literally bought a car yesterday. MY FIRST CAR! I saved and saved. I was tired of having to ask people for rides, and using other peoples cars. After about 2 weeks of looking at cars, trying to find something within my budget, I was tired. I just wanted a car. So I bought the last one I saw. Technically it’s within my budget but it’s at the top of my budget and the interest is high. I feel like I can’t really enjoy the car because I’m thinking about that interest and the amount of time I have the car for. But knowing that there are people like me out there, with the same situation, who have come out on the other side is such a good feeling. It gives me a peace of mind and makes me feel less scared. I know I’m not alone in this. We got this this guys. Thank you diamond for your helpful and inspiring video!
@trailermechanic8242 3 жыл бұрын
Debt is emotional. Paid my truck off last year 40 months. That's my first and last car payment. Paid my house off in 2016. Building a emergency cash fund of 20k to 24k by end of year. Household income is less than 50k.
@DiamondEdwards 2 жыл бұрын
You are killing it! Congrats and thanks for the inspiration💪
@ubaok24 2 жыл бұрын
This is my longer term goal.
@Unknownn858 2 жыл бұрын
💪🏽
@nogamblinge2671 Жыл бұрын
Nice
@seven1productions819 3 жыл бұрын
They’ll give you a quick car loan for 40k but won’t give you a home loan as quick for 40k
@DiamondEdwards 3 жыл бұрын
Exactly! Same thing with student loans so what's really the message!
@jayc4715 3 жыл бұрын
Yup
@realtalkjanedoe 3 жыл бұрын
Now this is an eye opener frfr Seven
@seven1productions819 3 жыл бұрын
@@DiamondEdwards the message is things that don’t hold no value. They give a loan quicker for something that holds no value. than things that gain value. You wanna buy a car no problem. You wanna buy land more red tape. Another part of slavery you probably won’t understand.
@Thinkeroutsidethebox 3 жыл бұрын
We accept loans faster for stuff that doesn't appreciate because it's easy.
@chickenfixn4439 2 жыл бұрын
I watched this video a ways back while in the gym after financing my 2010 Mazda 3 for $7900. This video helped me knock out a 3 year payment in about a year and a half. The numbers seem small but Im now 21 years old and this was my first vehicle Ive ever financed. Thanks so much for the inspiration!
@DiamondEdwards 2 жыл бұрын
That is awesome! Congratulations!!!
@ghw1985 Жыл бұрын
mazda 3's are fun to drive too i got 150000 kms on mine she runs like a top!
@mrluistito2529 Жыл бұрын
Me with financing my first Mazda 3 too :D
@williammartinez840 6 ай бұрын
You're light years ahead of where I was at 21, congratulations, continue your financial education.🌝
@JF-rz3rh 3 жыл бұрын
I just paid off my car last year, and it is prolly one of the biggest steps of financial freedom I have ever had in my life. It is such a relief.. Freedom, less stress💜
@DiamondEdwards 3 жыл бұрын
Congratulations I know your feeling great! It feels good to work towards your future instead of paying for your past, right !?!
@eleanormassaro5195 3 жыл бұрын
Same here! Up until the last five months I’ve always had car payments and new cars every four years. I decided to keep my current car and pay it off! I’m definitely enjoying not having any car payments!
@zoobrizz 3 жыл бұрын
It’s amazing that so many people have never had no car payments.
@realtalkjanedoe 3 жыл бұрын
I also enjoy no payments but it drove my credit score down 25 points once I paid off my car off 🤦🏾♀️
@eleanormassaro5195 3 жыл бұрын
@@realtalkjanedoe I remember that happened to me after I paid my car off too, although I didn’t drop that much. It will come back up though
@brocksamson7164 3 жыл бұрын
Just focus, if you have a 9 to 5, get a part time job as well and just start knocking out that debt. Don't buy stuff you don't need and invest your money!
@angelguttierrez6500 3 жыл бұрын
That’s what I been doing so I could save for a better new Car or truck just got my into a trade school & after that & get a good Job I will buy be able to buy a good car or truck
@DMM8389 2 жыл бұрын
Work 730-430. Work afterward and get up and five and have no life. lol
@javviii Жыл бұрын
@@DMM8389 those are the current hours I work but for construction and I’m usually pretty tired after wards I’ve been thinking about a part time after
@patreaselewis273 23 күн бұрын
🤔
@MellyP1 3 жыл бұрын
I was not expecting bros voice😭😭😭
@MrDjmurdock 3 жыл бұрын
Sound like Chris Rock
@dnelson8380 3 жыл бұрын
Man the Chris Rock voice.
@nicholascrispin4689 3 жыл бұрын
Right was too shocked 😂😂😂
@King_Marzz 3 жыл бұрын
Fact 😂😂😂😂
@ayricaLC Ай бұрын
lol me either but it’s cool Chris rock voice double
@lzh3131 Жыл бұрын
This video just popped up on my feed. My daughter had to buy a car hers just gave out. She was’t smart and bought what she wanted, instead of what she could afford. I’ll be sharing this video when I visit her next week. I think your honesty in showing your personal payment information was what I found so impactful. I’m retired (59), own my home (on an island community), and car, with only $1600 in bills monthly. I know that reading some of the comments, that your honesty has helped a lot of younger people see the “light”. I’m just getting tired of the , “Hey mom, can I borrow 5k, to fix a problem that they should’ve have or need to. They don’t want to listen to me, I hope they’ll listen to you. Have a wonderful day.
@precilla4661 3 жыл бұрын
I really appreciate that you're so honest, you made mistakes and you own it. I grew up really poor so getting into ANY debt is terrifying and my family looks down on me. your advice was really great
@DiamondEdwards 3 жыл бұрын
Thank you. It bothers me when people talk down to other people, trying to make themselves look better. When you look at the data, it's clear that people are lying and most are not doing as well as they want to you believe. Thanks for being part of the community. This is a place to learn and grew together!
@MrPump 4 жыл бұрын
Never undermine the information you’re putting out for everyone! You’re literally out here changing lives thank you so much !!
@DiamondEdwards 4 жыл бұрын
I appreciate that Henry! I just keep on pushin and posting.
@MrPump 4 жыл бұрын
Diamond Edwards I can respect that! I had a horrible APR on my first vehicle. Looking to refinance and get it paid off in a year or so.
@DiamondEdwards 4 жыл бұрын
Henry Martinez We live and learn! Glad you can get out of the deal and move forward. I think this video may help you out too Paying Off Car Loan Early | Principal vs Extra Payment Explained kzfaq.info/get/bejne/gLJxhap6rNKziYE.html Thanks for supporting my channel.
@gurubhaikhalsa9337 3 жыл бұрын
Hey kiddo, I'm 69 years old and you just taught me something new!!!!!!! I owe you one!!!!!!👍😊😍
@thomasburnspa 3 жыл бұрын
My wife and I did the same thing! It was hard and lots of arguments but well worth it!! Kudos to you. May God continue to bless your sweet family.
@DiamondEdwards 3 жыл бұрын
I glad your made it to he other side! Thank you!
@WWambition 3 жыл бұрын
Nuggets! Thank you! “The new car smell was gone. They’re already talking about changing the body style”
@Destinyraquel Жыл бұрын
Yes I just got my car yesterday and I’m already trying to figure out how to pay it off early and you made it easy thank you ☺️
@terrellgaines88 4 жыл бұрын
If you and your spouse on the same page you'll be unstoppable
@user-lc7zt8sk6i 3 жыл бұрын
What if I'm single with my mind right and a good game plan?
@terrellgaines88 3 жыл бұрын
@@user-lc7zt8sk6i stack your paper and to me being single its easier. If you mess up you can't blame anybody
@user-lc7zt8sk6i 3 жыл бұрын
@@terrellgaines88 Paper has been stacking brother. I honestly dont know the next best move to make. I feel like I've stacked and dont have anything to show for it. When you dont have paper you want to buy all these things you dont really need. When you have the paper...you dont want to buy much of anything because you cant come to your sense about forking all that paper over.
@AB-oi7ov 3 жыл бұрын
You’re absolutely correct!! I’m a go getter and my spouse isn’t and it’s harder TRUST ME.!! He’s a I’ll use everyone else and don’t wanna go get his own smh
@user-lc7zt8sk6i 3 жыл бұрын
@@AB-oi7ov I'll believe you
@dii-N-sd 3 жыл бұрын
I paid mine off quick too. I hate owing ppl money, and my car was the only debt I hate. So, I doubled or tripled my payments every month. I avoid paying all that extra interest like you said. I've basically been riding for free ever since. It feels great knowing I have ZERO debt.
@DiamondEdwards 3 жыл бұрын
Debt free is the way! Better than being debt free is the mindset shift that occurred during my journey. My truck is now 5 years old and I have no plans to replace it anything soon and when I do, I will pay cash which I can only do because of properly planning.
@dii-N-sd 3 жыл бұрын
@@DiamondEdwards Exactly! My car is 13 yrs old. It still looks & rides good. I chuckle at my coworkers that are constantly leasing cars for 1200+ a month. It's such a waste of money imo.
@moneyboy15883atyahoo 3 жыл бұрын
I hate the word DESERVE. if you worked that hard, use the word EARNED.
@DiamondEdwards 3 жыл бұрын
I agree! But because I was already in debt, not saving enough for retirement, and blind broke, I neither deserved nor earned that vehicle. I was thinking short term not long term and setting myself up to be old, broke and struggling. Not good but I turned it around. FYI, Blind broke is someone who is broke but can't see it because they are blinded by good cash flow. I just make that up! lol
@MRiGOin23 3 жыл бұрын
@@DiamondEdwards so at what point do you deserve something that you work hard for?? I’m putting money into 401k, savings, & staying on a budget I don’t have any real debt other than student loans. Which is no more than $10,000...
@DiamondEdwards 3 жыл бұрын
@@MRiGOin23 for me the answer is when I have enough cash that I can either spent it, give it or burn it without much thought. If I deserve something it means I’ve been planning for it and can write a check.
@DanielGarcia-zz9eg 3 жыл бұрын
Right!!!!!! Then you find yourself in a web of troubles.
@AndyinMTL 3 жыл бұрын
Amen to that!
@robertodyea6187 3 жыл бұрын
I recently had bad anxiety just thinking about the car I own. I'm glad I watched this. I'll keep you updated! 😄
@DiamondEdwards 3 жыл бұрын
Please do! It's a journey but it's the journey that will prevent you from signing up for this. "bad anxiety" next time. What kept me going was thinking about what I was going to do with that money once I had no payments.
@mmmmkay4773 3 жыл бұрын
Same here!!
@N3THof209 3 жыл бұрын
Me too. I jus recently got myself my dream car & man i couldnt sleep. Had bad buyer's anxiety. Im getting over it slowly, but knowing what to do will put the mind & heart at ease. Plus knowing that payments are only temporary tells me that feeling is temporary as well. Im currently $26k , 72 months, 2.99 APR. After watching this, it helped me clear my concerns & parts of my buyer's remorse anxiety. I got a paper calendar for 2021 scribbling plans to keep myself focus on paying off debt.
@ubaok24 2 жыл бұрын
I decided to pay $74 more on my car note starting in October 2021. By January 2024, it'll be paid off.
@ilcho6926 3 жыл бұрын
YES SIR! Debt really sucks. Seeing that interest charges on statements really killed me. Really made me think why I was so into purchasing things for instant gratification. Costs me so much more than it's worth. I also used debt snowball method. Felt so good not having to worry about paying somebody but myself. Making things short. I was able to close on a house. Building assets in stocks. That's a different subject. Anyways, very happy for you guys to get rid of debt. Freedom feels so good! Great video~
@CurtisDJunior 3 жыл бұрын
happy for you 🙌🏾
@DiamondEdwards 3 жыл бұрын
CONGRATULATIONS on all level! The other side of debt is so freeing. It's hard to put into word the feeling. Having money giving options. Options reduces stress and that lead to a happier life. Next month will make two years since becoming debt free and I've been invest all that money plus some and I could not be happier with the growth. "Off the Charts"! Makes me think what was I thinking back then. Investing is where want to take the channel but felt I needed to start with the foundation! To often we try and skip a step only to fall on our face! Stay focus and keep up the good work!
@miketucker326 4 жыл бұрын
So wish we would have had KZfaq when I was young. I made so many mistakes. Thanks for the information. God bless!
@DiamondEdwards 4 жыл бұрын
Me too but I'm not sure if I would have listened though. I made a lot mistakes myself but now I realize it was due to a flawed view of success. This view was developed in my youth and encouraged by my environment, teachers and associates. Once I decided that the message I received was wrong and I needed to redefine success, EVERYTHING CHANGED!
@jay_gabriel144 3 жыл бұрын
Great video especially like the part about principal payments because I definitely had to learn the hard way how the bank doesn’t explicitly show that the extra payment will just be added to the next month. One thing I noticed about becoming an adult is that you really have to read the fine print and ask the right questions about things because businesses will try to get over on you 🤦🏿♂️
@vale_rawrrrx3593 2 жыл бұрын
Yesssss, I work in auto finance and trust that these dealerships DONT care about people 👏🏼 it’s crazy seeing these loans on a daily basis
@mazroeinc.5329 3 жыл бұрын
Sounds like a great plan. In order for this plan to really work, you have to basically NOT buy anything else until the current debts are payed off. That is the true grind. This is where most people fail to get out of debt.
@DiamondEdwards 3 жыл бұрын
Indeed, scaling back lifestyle is a hard feat, but everything scales up once your debt free💯!
@LifeWithKryssy 3 жыл бұрын
This came right in time! Needed to hear this! I got 2 yrs left. Trying to do it in less! 🙏🏾✨🙌🏾
@DiamondEdwards 3 жыл бұрын
💪
@roslyncaskey3396 3 жыл бұрын
My Brother, you broke this subject down so well, I am walking around with a blessing of knowledge that I will definitely applying to my debt. Thank you, thank you and thank you again for sharing. Informative and funny.
@DiamondEdwards 3 жыл бұрын
Thank you for the kind words! Sending positive vibes your way!
@piefacemd Жыл бұрын
I thank you so much for this video. I have been trying to pay off my car for the longest. No one told me to put extra money towards the principle. I have just been paying an extra car payment. Thank you. Thank you from the bottom of my heart. I need it to hear all this.
@levels4964 3 жыл бұрын
I'm new here, but this came right on time!!! 🙏🏼 Took notes, and will be definitely paying my SUV off in a quick, fast, and hurry! 📝
@DiamondEdwards 3 жыл бұрын
Welcome aboard!
@randyr77323 3 жыл бұрын
This is the first video I’ve watched where the scenario ends with keeping that nice car you bought. I feel like having a partner that was committed to the financial freedom of both parties was a tremendous advantage.
@DiamondEdwards 3 жыл бұрын
Getting our thoughts aligned on how to reach our goals was a true game changer! I am glad we worked through it and kept the car!
@chinnym.1992 3 жыл бұрын
Everyone who has an Auto Loan should watch this!! 👏🏼👏🏼👏🏼
@DiamondEdwards 3 жыл бұрын
Thank you!
@adrianresendis4727 3 жыл бұрын
I honestly made that same mistake and felt so dumb afterwards. On only paying the payment and thinking it was paying it off faster. Now I understand how the principle payments work and it’s such a relief. Thank you for this insight.
@barbarablount4272 3 жыл бұрын
I was just researching today what to do with my car note. Even phoned the the finance agency. Then I saw this video. My answer is here. Thanks guy. I'm going to hit principal only.
@arnettabosby5100 3 жыл бұрын
You’re right. We needed extra money coming in so we went in with friends and flipped a house. Took the money from our credit cards invested it. Made minimum payments for four months. Sold the house and put it back on the cards. First payoff.... the truck!! Man it felt good. Second, the credit card. Now we are looking to do it again and pay student loans. Unless they just cancel them first 😂😂
@DiamondEdwards 3 жыл бұрын
CONGRATULATIONS ON A SUCCESSFUL FLIP! The grind is real! I tried a bunch of stuff over the years to get out of debt some worked, some didn't but one thing was constant. No matter how much I paid off, the debt always came back and bigger each time. Then I realized it was not a math problem, it was ME! Money is a mindset and you sound like you are focused. You got this!
@arnettabosby5100 3 жыл бұрын
@@DiamondEdwards we figured that same thing out too. So we have decided to turn the table. Thanks for all of the advice. Great stuff!
@arnettabosby5100 3 жыл бұрын
@David Bryant yeah.... you are two months late on this post. Student loans paid 😂😂
@DiamondEdwards 3 жыл бұрын
@@arnettabosby5100 😂😂😂 like I said the grind is REAL🚫 🧢💯
@arnettabosby5100 3 жыл бұрын
@@DiamondEdwards very real. I usually don’t respond to trolls but sometimes.....
@nostalgicnow6001 2 жыл бұрын
I did the debt snow ball. Same scenario. Car is the last thing and after lifestyle cuts 2400 extra a month thanks for the letting me know it’s just principle
@almarosa154 3 жыл бұрын
Got it.. Make extra income and apply only to the principal!!! Going to pull out the paperwork and review these numbers... Im tired of seeing our numbers move like a sloth!!! Definitely going to apply this method to out debt free journey. Thank you 😊.
@briannap14 3 жыл бұрын
I felt trapped in my agreement. Thank you for making this video and giving me motivation. It CAN be done 😅 Just have to stay focused. Thank you again!
@DiamondEdwards 3 жыл бұрын
Without Tip 5 anyone chances of success is significantly impacted! Stay focused and don't listen to people who are broker than you! You CAN DO THIS!!!
@Nicole-hi2me 3 жыл бұрын
I just bought a new new because I had to convince myself I deserved it too after keeping my other car for 10 years. I am going to use this method. I actually used this method in my early twenties when I bought my first car. I actually had a great salesmen back then that told me about interest vs principal and it made a lot of sense.. It does work and necessary to pay off debt. Thank you. Great video.
@DiamondEdwards 3 жыл бұрын
That's what's up! Best luck I hope you get this one knocked out quick too.
@sophiagonzalez1173 2 жыл бұрын
I ABSOLUTELY LOVED this video! You are an inspiration to many that feel their options are few!!
@SandraMarie413 3 жыл бұрын
I absolutely love that this was achieved as a couple. You & your wife working together as a team!! Listening to each other & having the same goal ❤️ God Bless the union🙏🏽
@DiamondEdwards 3 жыл бұрын
Thank you so much! We had paid down debt many times before but the journey to becoming 100% debt-free and committed to living debt-free has CHANGED EVERYTHING. I may have to bring her on one day to do a deep dive into our journey. Thanks for being a part of this community😃
@YoungBohemith Жыл бұрын
Thank you for this my car broke down a year ago and I had bad credit so I got a car with 17% interest rate over the last year since I got sober I've payed off all my debt which was about 17k alone so now I have no debt besides my car I'm gonna start doing the principal only payment like you said I still owe 19k on the car but I can happily say I've raised my credit score from 480-680 and it all started with going sober 😃
@88rollins 3 жыл бұрын
I sure hope everyone watching this that has debt is listening to what this guy is saying. This is valuable info!
@DiamondEdwards 2 жыл бұрын
Thank you!
@sailon8832 Жыл бұрын
Recently got a car. First payment coming up. Wanna pay it off asap. I've heard of paying on principal before, such as on homes. Will ABSOLUTELY be applying this toward my car payments! Now THIS I understand! So glad I watched this!! A million thank yous, Diamond!!
@shellagladney528 3 жыл бұрын
Thank you so much for giving this free advice. A lot of people keep or charge money for info like this. BTW, I paid mine off early by doing this very tip so I encourage everyone to listen to what your saying. GOD bless you!
@DiamondEdwards 3 жыл бұрын
Fantastic!
@Mustangmom2k 3 жыл бұрын
When we were raising our now-grown kids, we had a lot of debt. I decided to make extra payments to the item that had the lowest balance because, to me, I knew that would lift my spirits with faster progress. However, the "experts" at the time said this was stupid and I should be paying off what had the highest interest rate. Well, even though they made me feel stupid, I did it anyway, and I'm so thankful I stuck to my guns! There's nothing more encouraging than seeing your hard work get results. To this day, I have total disdain for any kind of so-called expert. Congrats to you and your wife--good job!
@debtfreeforcanadians9386 3 жыл бұрын
Good stuff. We put our vehicles in our debt snowball and payed them off early. No more car payments for us.
@martinocochran843 3 жыл бұрын
Paid off my camaro 2-5 years early as well. It feels good to not have that car payment. #followed #subscribed
@DiamondEdwards 3 жыл бұрын
Thanks for the sub and congrats! #nopayments
@tofupower64 3 жыл бұрын
Good job, man! I think your wife had the right idea - now you are out of debt and you still have an awesome truck. Every high school senior should be required to watch this video before graduating! :))
@DiamondEdwards 3 жыл бұрын
Yes, I definitely learned to listen from the beginning. If any HS students are reading this DO NOT BUY A BRAND NEW CAR or an expensive car for that matter with expensive being relative. It would be new for long, you can't keep up with body style changes and that money will do more for you invested but the truth is you mostly need that money to survive at that age!
@melianadalai9423 3 жыл бұрын
I really appreciate these videos. I just bought a new car and I saw this one and the one about principal 🆚 extra payments and it gave me a clear plan going forward. Thank you 🙏🏽
@DiamondEdwards 3 жыл бұрын
That is awesome! After I paid off my truck I said never again. I said that once before in my life but this time I mean it!
@progers86 3 жыл бұрын
Principal only. I never would have thought about that. Thanks for dropping gems! ✊🏾
@DiamondEdwards 3 жыл бұрын
Happy to help!
@LessThanHandy 3 жыл бұрын
How on God's earth can you only have less than eight thousand subs Brother???? How??? This is life-saving advice!!!!
@DiamondEdwards 3 жыл бұрын
On my 2021 vision board is a quote by Dwayne Johnson "Success isn't always about greatness. It's about consistency. Consistent hard work leads to success. Greatness will come." I have to keep providing value and if people watch my videos end, hit the like button and share with a friend the subs will come! Thanks for supporting the channel. Check out my vision board for 2021 kzfaq.info/get/bejne/pMlgmdlex6yziqs.html
@mistaohobson 3 жыл бұрын
I’m pickin’ up what you’re puttin’ down. Good stuff appreciate it man ✊🏾
@DiamondEdwards 3 жыл бұрын
Appreciate that
@chad.k.barnett 4 жыл бұрын
Awesome video. You made it interesting to watch with your ability to “tell a story” in a sense and made it simple to understand. Well done keep up with the positive motivation. Always amazing to see people happy.
@DiamondEdwards 4 жыл бұрын
I appreciate that! Thank you🙌
@heavihandzthearch1322 3 жыл бұрын
Thank you so much for the JEWELRY brother!!! I've just bought my car in full with no payments!
@DiamondEdwards 3 жыл бұрын
Enjoy it, no payments is great filling and it allows you to save up for the next one.
@creditkingtv4115 4 жыл бұрын
Great video 🙌🏾. Im actually about to make my first principle payment now.
@DiamondEdwards 4 жыл бұрын
It’s the secret sauce!
@hammerridecycling7630 4 жыл бұрын
how do you pay just the principle only?do i need to call the bank to tell them im paying principle only?thanks in advance🤗
@creditkingtv4115 4 жыл бұрын
lethalbowtie yup thats all it is. You call them and say hey i want to make a principal payment only to my car. They send you a receipt and your good. The good thing when you do this you dont get charged interest so def look into it.
@hammerridecycling7630 4 жыл бұрын
@@creditkingtv4115 thanks bunch
@jonathonperkins1845 3 жыл бұрын
If Richard Pryor and Chris Rock had a kid 😂 love the video bud keep up the good work 🙏🏼
@DiamondEdwards 3 жыл бұрын
😂😂😂
@Ladytazm 3 жыл бұрын
You make car buying sound so fun 🎈🎈🎈
@DiamondEdwards 3 жыл бұрын
Oh it was fun and I felt so good driving home in my 1st BRAND NEW car! That feeling lasted about two months 😂 then I was like I have to get this thing paid off😤 To be honest, I can't wait to buy another new car but this time I'll have at least a million dollar net worth and the money will come from my assets not my income💯
@Ladytazm 3 жыл бұрын
@@DiamondEdwards I know that's right. Congratulations, I know personally that's a big accomplishment. I enjoy and love the content you post.
@WanzaLeftwich 3 жыл бұрын
this is excellent!!! I started making principal only payments and I see the difference.
@DiamondEdwards 3 жыл бұрын
👍
@neecnee9703 3 жыл бұрын
Hey, how exactly do you do that?
@WanzaLeftwich 3 жыл бұрын
@@neecnee9703 You can call in the payment and ask for it to go to the principal. If you pay through their app (this is what I do) you may see the regular payment and another option for principal. Pay you regular payment and then pay whatever you want on the principal. You’ll see your balance go down faster.
@Ezster69 4 жыл бұрын
This just happened to us. We paid the principle payment. But, the daily interest rate is still incurring. So, I got make phones calls on Monday to get rid of it once and for all!
@gregoireansari6651 3 жыл бұрын
Just paid off the Camry I bought brand new last year after financing through Toyota for 60 months with 1.9% apr. 15 months to pay off my car after I came across some extra cash and now I’m debt free and can keep saving even more than ever now.
@DiamondEdwards 3 жыл бұрын
It's amazing how it works out. Welcome to the otherside!
@ibishop5769 3 жыл бұрын
I’m listening at 1.5 speed and it’s like Kevin Hart giving me advice.
@DiamondEdwards 3 жыл бұрын
😂😂😂
@royboy1984 3 жыл бұрын
Financial stand up. CDeez savings in my Certified Deposit accounts.
@boriazone57 3 жыл бұрын
More like Chris Rock. 😂 I really like this channel. 💪🏽💸
@DiamondEdwards 3 жыл бұрын
Yeah I definitely get Chris Rock more than Kevin Hart 😅
@markvelasco4011 3 жыл бұрын
1.25x is the sweet spot 😂
@joellong3446 3 жыл бұрын
Thank you sir for the great advice. I was making double payments a month but didn’t know about the principal only payment options.
@DiamondEdwards 3 жыл бұрын
Glad it helped😀
@TheIronChainMaster 4 жыл бұрын
I like what I'm hearing. Although after my 1st new car buy ima stick to "semi-new" used car but only couple years old and very low milage that's practically a new car without paying a new car price and not getting hit with that 20% depreciation
@DiamondEdwards 3 жыл бұрын
Smart!
@DMM8389 2 жыл бұрын
And you have no warranties like a new car.
@richardholloway97 Жыл бұрын
I watched this video several times. I was even inspired by the video for my pickup truck. I'm grateful for the advice indeed
@Murda_ma 23 күн бұрын
The advice about making principal only payments was absolute game for me. I made a decision in panic after totaling my previous car and am regretting it so bad! I planned on paying 500 more per month but didn’t realize that I should put it toward the principal. THANKS SO MUCH!
@stephendibari5010 3 жыл бұрын
Debt snowball is same as Dave Ramsey’s money makeover plan. I started mine in January 2021 I’m sticking to it. Plan is to be debt free in June 2023 (excluding my mortgage )
@DiamondEdwards 3 жыл бұрын
Good stuff, stay focused, DR plan work! Becoming debt-free has changed my family future in more ways than I originally imagined.
@stephendibari5010 3 жыл бұрын
@@DiamondEdwards thanks ! Retiring in 5 years and I need to be debt free except my mortgage at least 2-3 years before I retire.
@LynetCEshun 3 жыл бұрын
"Had to put a new alternator in and I could drive a lil bit..." We call them the "hooptie" or "get out and push." I'm old skool so this made me belly roll laugh because I've been there. The boss just tries to give you extra hours to get things paid for. 😂💯🤣💯
@DiamondEdwards 3 жыл бұрын
I can relate!
@BelleOmbreGrey 3 ай бұрын
Excellent job. You and your wife should be proud. You worked together to achieve something significant
@Mona-mr1cd 3 жыл бұрын
Great info and I’m on track for 2021 with my new 2020 car.... I’m staying focused like you said. # grinding because I love my car and keeping it.
@djjbsmuve346 3 жыл бұрын
Thx for the info. I've been making extra payments on my car but I wasn't applying them as principal payments....until now!
@DiamondEdwards 3 жыл бұрын
Any time!
@mattsmith3842 3 жыл бұрын
I just paid my car off. I did it in 3 years by putting extra money to the principle.
@DiamondEdwards 3 жыл бұрын
Congratulations Matt! Time to celebrate by paying yourself a car note so you pay cash next time. But seriously, congrats on knocking out your debt!!!
@natashac5861 3 жыл бұрын
What if you have 0 % on your car loan ?
@DiamondEdwards 3 жыл бұрын
@@natashac5861 same rules apply. Put it in line with any other debt and get it paid off! 0% is not free. That payment invested would have made you 17% last year instead it lost you money. Cars suck because they are so expensive and drop in value. We should think how much we want to lose instead of how much can we afford!
@bella1200c 3 жыл бұрын
@@DiamondEdwards -- Where can you get 17%. Ill pay my car off tomorrow and invest!
@DiamondEdwards 3 жыл бұрын
@@bella1200c The S&P 500 returned 17% in 2020 with dividends reinvested. Despite the craziness that was 2020, it produced some good returns for many investors. Many reported earning over 25%, small cap did exceptionally well. My portfolio was up over 30% in 2020. So yes, I paid off my car because I've learned that interest is to be earned not paid! More investment related videos are on the way!
@traviswhitmore1835 Жыл бұрын
Amazing video, was afraid there was going to be a gimmick but you laid out the truth and motivated me to pour into this debt
@dawnwilson6800 3 жыл бұрын
Thank you! I’m even more inspired to continuing getting debt paid!
@DiamondEdwards 3 жыл бұрын
Best of luck!
@brittanypaul17 4 жыл бұрын
I’m almost done paying off my car loan I have about $2,100 left to pay off and I’m going to finish paying it before my birthday in September. I just paid an extra principal payment today of $820.46! I’m so sick of paying for it.
@DiamondEdwards 4 жыл бұрын
For the win you are doing awesome! Life without payments simplifies your world in ways most can't understand. What type of car and are you going to keep it awhile?
@brittanypaul17 4 жыл бұрын
Diamond Edwards it’s a 2006 Nissan Maxima. I am going to keep it. This was my first and last time financing a car. Never again.
@DiamondEdwards 4 жыл бұрын
That is how I felt the first time I financed a car and it was several years before I financed another car. My I suggest you open a High Yield savings account after it is paid off and start a car replacement fund where you add a little each month. This way when it is time to buy another car the money is sitting there.
@davidbown2707 4 жыл бұрын
We say never again till it’s time to buy another. My wife keeps her cars longer than me though
@DiamondEdwards 4 жыл бұрын
@@davidbown2707 LOL! Just seriously, I've been using my old car payment to invest and watching my portfolio go up in value is too much fun. I will never again and I have a car that is getting long in the tooth. When the time comes, I will sale it and put cash with it to buy something. NO PAYMENTS for this guy!
@sarimarijime8257 3 жыл бұрын
I bought a new car after 11 years. It was time. I will keep it for another 10 or 12 but the next car I will get used.
@DiamondEdwards 3 жыл бұрын
Once it's paid off start putting that payment in a brokerage account invested in good index fund in a few years you have enough to pay cash for the next one. Interest is to earned not paid!
@Thejonthomas 6 ай бұрын
Bro, I just discovered your channel. Please make more videos! Your content is explained so well and is invaluable.
@mxxre33 3 жыл бұрын
I didn’t know about that principal only payment thing. Good info, I appreciate it my guy.
@jonkrispeterson6678 3 жыл бұрын
Great job! Now just save up and pay cash for your next car. I haven’t had a car loan for over 20 years. Go by the motto, “If you can’t pay cash, you can’t afford it”.
@DiamondEdwards 3 жыл бұрын
My old car payment has turned in to nearly $20,000 in less than two years so yea, NO MORE CAR PAYMENTS FOR ME! Earning interest is too much fun to go back!
@xxon3godxx584 3 жыл бұрын
How is paying it cash a great thing to me it’s unwise your going to dump a lump sum of money into something that depreciates instead of using the money in other aspects of life that could bring you more returns? And you don’t know if your even going to keep the vehicle most Americans never pay there car off they just trade it in or in most cases it gets wrecked and totaled out so that motto “if you can’t pay cash you can’t afford it” is irrelevant in this case but then again there is always 2 ways of looking at things......no offense.
@jonkrispeterson6678 3 жыл бұрын
@@xxon3godxx584 no offense taken. A couple of things that were left unsaid. First is buying used, let someone else pay the depreciation. By paying cash, you can bank those payments and use it later. When you say most people trade in a car before it is paid off is the problem. Then you trade in negative equity, and increase your loan size. I am guilty of buying new cars when I shouldn’t of, even though I paid cash. Dave Ramsey says that you shouldn’t buy a new car unless you have net worth over a million dollars. I look back and wish I would have followed this rule. Instead of paying $36k for a new Highlander 6 years ago, I wish I would have found a 4 year old Lexus 350rx for about $20k. When I say, “If you can’t pay cash, you can’t afford it”, is to stay out of debt. Way to many people will buy something based on the “payment”. Then something happens and you aren’t working, cutbacks, illness, or maybe a global pandemic. Bank still wants to get paid. When you have no payments, no worries, just cruise on thru. We live in Iowa, in August we had what was the equivalent of a category 4 hurricane. Tons of damage to homes, trees and cars. So many of my wife’s co workers had their car destroyed by trees. Most had a car loan, and they owed more than it totaled for. So, not only did they owe money on a car that was totaled, some up to $5000, but they found themselves with no cash, and had to buy another car, and start the cycle all over again. I took no offense, but is any of that helps you in the long run, it is worth it.
@DiamondEdwards 3 жыл бұрын
I made a video talking about paying cash vs financing Pro's and Cons. kzfaq.info/get/bejne/mpdyiLt_yJe1e5s.html The main problem with the theory that it is better to finance and invest your cash is that the people I know (me included) who financed their car didn't actually have the money up front to pay cash nor invest so theory failed to launch. I've had my truck for 4 years and I can tell you that I'll be driving it until the turbo's blow and I may rebuild them and keep driving it. The next car I buy, I'll be asking myself how much money am I willing to lose! Not how much can I afford to pay. That don't mean I'll buy junk. In fact, the wife car is next to be replaced and we're looking at the new Blazer, used of course, but we'll spend about 20k. Some things make you money and others cost money. It's just life! What I'm doing on this channel is taking people inside the journey of broke and in debt to financial free and wealthy. I'm investing and working towards a point where a car, new or used will not and should not impact my long term plan. Buy a car really shouldn't be a big deal in our life. You need/want a car, go buy it. How to pay for it shouldn't be part of the discussion because the money is there. That is what I'm working towards! Who's coming on the journey with me.
@jonkrispeterson6678 3 жыл бұрын
@@DiamondEdwards I am with you man. What are you willing to lose. If you do, will it destroy your life. Honestly, at our point in life, we are saying the same thing regarding a second home. Questions we ask are, “will it appreciate? What % of our net worth is it? And if it burned down or blew away, would it change our lives dramatically”?
@billguenette7281 3 жыл бұрын
Good work Diamond, we all need a kick in the pants when making payments
@quanisharoberts4094 3 жыл бұрын
I wish I’ve known this two years ago! Better late than never though. Thank you for the info brother. New sub!
@DiamondEdwards 3 жыл бұрын
Thanks for the sub! We get to start fresh every morning.
@Deplomaplugin 3 жыл бұрын
I am paying weekly on my car payment. I am about five months ahead but I am not paying principle only. thanks for the tip 🤫
@DiamondEdwards 3 жыл бұрын
I wish they did this automatically, they know people want to pay the loan off and not pay ahead💯
@chodkowski01 3 жыл бұрын
The car payment is set up to pay the interest in the first 10 months. The secret is once the car is paid off setup a special car account and being you have no car payments keep paying a monthly payment to that special account. When you go for that car you have the cash already saved in that special account.
@MissEnglish123 3 жыл бұрын
I bought a 2016 highlander 34,000miles in 2019 for $38,000 after taxes, payments are $580 month for 6years, my 1st payment was $1180 & Ive continued paying this amount for a year now, my balance is $19,560, i have $20,000 emergency fund, I’ve decided to use $10,000 towards the truck & continue paying $1080 car payment, a week be4 Xmas I get $1200 bonus from work, I will be done paying for this car February 2021, it’s an unbelievable feeling 😊😊😊
@DiamondEdwards 3 жыл бұрын
Fantastic Job! Driving with no payments is the best and just think about what you are going to do with all that money once its paid off. Instant pay raise!👏
@nolimitslim4701 3 жыл бұрын
brother you could have got a new car for that
@johnjordan6838 8 ай бұрын
Thank you for being so upfront and honest! We are on track to pay off one of our cars in 1 year from now!
@jeretso 3 жыл бұрын
Clicking Principal is great advice. Or if you can write Principal on the description box then call them and make sure they actually did take it off Principal. I prefer Avalanche method over snowball. Also Buy Ford and Toyota trucks for resale value. Reliability also means less repair cost.
@DiamondEdwards 3 жыл бұрын
That's a good idea!
@ExceptionalLex 3 жыл бұрын
I'm shocked the average payment is over 500. Mine is 385 and I feel like that's wayyy too much! Yes, I'm a cheap skate! 🤣
@DiamondEdwards 3 жыл бұрын
Naw, your smarter than the average! Better to be cheap than broke😂
@toddprater14 3 жыл бұрын
That’s not bad a bit less than 100@ week,,with the new trucks buying one loaded will run you 935 a month for 84months!!! 7 long ass years that’s insanity.🤦♂️
@KishBish 3 жыл бұрын
$935 a month?! for something to drive??? omg I'd be living in that muggg 😏🥴😅
@toddprater14 3 жыл бұрын
@@KishBish yeah, 50,000 truck loan @60 months would be a bit over 1000a month... that’s why people are doing 6 years and even 7 year loans...Crazy...
@slowninja14 3 жыл бұрын
I ordered a new truck the other day. The lady in the office next to me was signing a note for $997/month for 6 years! Ouch! I'm buying a more expensive one than her and gonna be paying several hundred a month less. Mostly because I have been paying a ton extra on the truck I traded in and they gave me within $1500 less than I paid 3 years and 50,000 miles ago!
@jamesc.4262 4 жыл бұрын
You just got a new subscriber!! With the game you giving away, I don’t know why you don’t have 10k+ followers. I just got a 2nd car and I’m trying to pay if off by next year. I would love to use this blueprint, I can definitely use your help, you made it sound simple
@DiamondEdwards 4 жыл бұрын
Wow, thank you! That's aggressive goal but where would we be without goals. You got this! My primary goal for this channel is to talk about about personal finance but come from a real place. When we know better we do better. I come from humble beginnings and made a lot of upward progress. I don't want to wait until I've "made it" to start giving the game. I want to help as many people as I can along the way. Share any video on my channel with someone who you think it will help. Thanks for the support!
@mattgmattg83 3 жыл бұрын
This is the kind of stuff they need to be teaching kids in school
@mikegrant8490 3 жыл бұрын
Over 50 years ago in high school, I needed a math credit and chose something called "consumer math". This is the exact kind of stuff that was taught. Demand that your local school board has this as an elective in the curriculum. It's essential.
@diosgarcia1233 3 жыл бұрын
Congratulations on your tenacity and focus!
@DiamondEdwards 3 жыл бұрын
Thank you!! I just hope my story inspires someone else. The journey is difficult but reward is worth it🙌
@vernonpaigejr.1517 3 жыл бұрын
I've been paying like 100 to 200 extra every month and then when tax time comes, knock off a huge chunk. Pay off last 3 cars 2 years early.
@laj4186 3 жыл бұрын
Thank you so much! I've been searching for the answers to how to pay it off appropriately and win. You explained it perfectly. Thank you.
@DiamondEdwards 3 жыл бұрын
You are so welcome!
@thylordshorty9200 3 жыл бұрын
I'm 21 and buying my first car and this gave me a big boost of confidence that I can actually pay off my car early and not worry about paying it off for 6 years
@DirtNastyy 3 жыл бұрын
Be VERY smart about it dude...DO NOT GET EMOTIONAL. I got my dream truck 2015 LTZ Chevy Silverado(when I was 24) 37k out the door, $500 payment(make 120k a year) had no issue until I traded it for no reason for a Type R and now I’m paying $920 a month, upside down 11k on my car and working 7 days a week to get out of being upside down so I can get out of my loan. Be smart, don’t get a car over 10k dude. It’s not worth impressing people that don’t care about you...
@HardcoreGangsta8 3 жыл бұрын
Fuck the car doggie , get a used cheap car, you dont need to look hard with a clean whip
@Mcsuply 3 жыл бұрын
My first car out of high school a 90 honda still wouldve had it if someone didnt steal that shit, shouldve put a kill switch. In January I got a new civic just cause It has an alarm and new features to keep my daughter safe ^^^
@ebonyjackson5609 Жыл бұрын
Wow this video helped out soo much. Just got into a 28k car loan at 22 years old. Looking for ways to pay it down and will definitely use this strategy. This video was sooo easy to understand unlike other ones on youtube. Will be subscribing!!!
@aquileggleston84 3 жыл бұрын
FUNNY... ENTERTAINING... MOTIVATING... GOOD VIDEO!😆👍🏽
@traumegaz 3 жыл бұрын
Good stuff, I wanna pay mine off in one year and keep it moving.
@DiamondEdwards 3 жыл бұрын
Go for it!
@lunalinda9906 Жыл бұрын
That’s so awesome! I know the feeling! I’m doing this with our mortgage and I’m super focused on this goal. Thank you for sharing your story 😃💜🙏🏼
@MsGlenn210 3 жыл бұрын
Just subscribe. Seems we have similar mindsets. Trying to pay my brand New car in 12m. I'm 7months in. Paying principle is definitely 🔑
@DiamondEdwards 3 жыл бұрын
That is a great goal. Thanks for subbing! It's amazing what we can do when we slow down and focus. Come back so we can celebrate together😀
@Blitz3O2 4 жыл бұрын
Just found your channel brother keep up the great work!
@Loso0523 3 жыл бұрын
My tips from work goes towards my principal😆
@whyguitarguy1 2 жыл бұрын
Man...1 minute and 16 seconds into this video and I'm loving your energy bro! You DO deserve it! I feel the same way too! I'm also driving a beat up fix and drive. 😂 But I certainly make good money to get a new and nice car. I just like not have a car note, but I'm going to get one sometime in the near future to help further build credit.
@msrenata80 2 жыл бұрын
Awesome video, my husband and I just bought a Jeep Grand Cherokee. This was very helpful. 👏🏾👏🏾
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