How To Pay Off 5 year $20,000 Auto Loan In 5 MONTHS... OR LESS!

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22 күн бұрын

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🚀 Are you ready to turbocharge your financial freedom journey? In this video, we'll uncover How To Pay Off 5 year $20,000 Auto Loan In 5 MONTHS... OR LESS!💥
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Пікірлер: 37

@arthurmiles5629 19 күн бұрын

Cj, I love your scenario on all types of loans, and how to attack them.

@elquillaoable 17 күн бұрын

Loving that snapped-finger screen switch. 🎉

@kimberlysanchez2610 20 күн бұрын

Makes so much sense. I need to do this!

@Nana-vx6mt 8 күн бұрын

Don't wait any longer you will be so proud of yourself.

@lorrettajordan4509 6 күн бұрын

Could you list banks that give equity loans and lines and of credit OK

@runwalkerrranch9336 20 күн бұрын

I just found your channel and subscribed.

@Nana-vx6mt 8 күн бұрын

Smart move this guy is a great teacher.

@bryantarthur4156 20 күн бұрын

Soooooooo you can use that same method to get out of all your debt. One at a time 😮😮😮. Thank you!!!!

@joshroberts5661 20 күн бұрын

Yes! Absolutely! Love this system.

@narbelitolloren5689 19 күн бұрын

@@bryantarthur4156 Yes! I’ve done it. I paid all my debts using this method. I used my credit card as my line of credit and was able to pay off all my debts besides my mortgage which should be paid off next year. I’m putting big chunks using my credit card because they give me convenience checks with no transaction fees at 5.99% APR. That’s Discover Card.

@Nana-vx6mt 8 күн бұрын

For sure 😊 My husband and I have been doing it since COVID.

@Nana-vx6mt 8 күн бұрын

This system really does works!!! But you have to be disaplined

@deidrawilliams7122 7 күн бұрын

What are some good companies or credit cards to have?

@holypunk12 19 күн бұрын

How we can build wealth instead using PLOC ? Is there any relaible daily interest calculator available online ?

@66hmr 3 күн бұрын

Sorry, the difference on your first example is $389, if that matters.

@franciscovelez2714 20 күн бұрын

ITS EASIER SAID THAN DONE! EVERYONE CAN'T GET A LINE OF CREDIT.

@narbelitolloren5689 19 күн бұрын

A credit card is a line of credit. That’s what I used to pay off all my debts besides my mortgage which should be paid off next year.

@aliltussin3509 19 күн бұрын

A lot of things in life aren't easy. Make a goal. Start small and work your way up. Build your credit and increase your lines and apply for a personal line of credit. You can also start with a secured line of credit to start off if you can't get unsecured credit. You have options. Get into the right mindset. Anything is possible.

@Nana-vx6mt 8 күн бұрын

@aliltussin3509 Absolutely. Starting off with a manageable plan and stay consistent and don't give up. It really does work.

@Ra-vi7eu 6 күн бұрын

So why not just pay $2000 per month directly on the principal of the car loan? Each payment would automatically advance the amortization table by the equivalent of the number of payments. There is no magic bullet here. You a just using your excess cash flow to pay down a loan, whether it paying the HELOC or car loan directly? There is not enough difference here in interest saved to offset the complication or nuisance of moving money around.

@ZedGirl 19 күн бұрын

It's 10 months, not 5 months. 10k for the first half of the car in 5 months, then the next 10k of the total 20k for the car equals 10 months.

@aliltussin3509 19 күн бұрын

The actual car loan was paid off in 5 months like he said. Then the monthly payment is added to the cashflow to paid off the remaining 10k line of credit. That will actually be less than 5 months since the cashflow went up to $2396. So yes the actual car loan was paid off in 5 months. That was his point.

@user-vc8jg1dg6n 3 күн бұрын

How to become a member ?

@JonnyBGood-mb5mg 19 күн бұрын

Won’t this actually take 10 months since it’s 2 rounds of 10k LOC’s?

@ascencio_77 20 күн бұрын

How much interest did you pay for will you pay for your personal line of credit though?

@aliltussin3509 19 күн бұрын

I'm just going to pretend that the line remains at 10k for 5 months at 21%. That would be $860. You will pay no where near that since your dumping the entire income into the line with 2k cashflow. Remember 21% is annual. You multiply 10000*21% or 0.21=2100 Then divide 2100 by 12=175 per month. But we know doing velocity banking, the balance is not going to be 10k at any time so the interest cost is going to be lower. I would chuck at the loan the day I get paid. Line of credit balance: End of month 1...8k 2nd month....6k 3rd month....4k 4th month....2k 5th month....0 Keep it simple and calculate the interest for the balance each month just as I did for the 10k. I hope this makes sense.

@onthedl1969 19 күн бұрын

What do I need to do to have you answer a specific question around velocity banking? I can’t seem to find answer anywhere?

@Moving2Win 19 күн бұрын

What's your question? Maybe someone in the community can help.

@onthedl1969 19 күн бұрын

I have a loan with a $750 monthly payment. I attempted to use Plastiq but it won’t work for this loan. I am trying to get that cash flow back. I have a credit card that I can use as a loc so my checking is at $0. However that LOC is not enough to cover that loan. My current cash flow is close to $0. Even if I paid part of the loan with loc, I wouldn’t gain any cash flow. Any thoughts?

@Nana-vx6mt 8 күн бұрын

@@onthedl1969 You are in a rock in a hard place. 1. Do you have any collateral? 2. Is your credit good? 3. Do you have steady income from a job to replenish your checking or savings. If you have all or any of these things you are half way there. You just need to start cutting back wherever possible to build your resources, which will build your leverage with the bank to open a line of credit. I started by borrowing in small amounts from my 401k every 3 months I'd pay it back to the 401k and do it again over and over until I got caught up with the bill or paid it off. Hope this helps 😊

@NorEEzta 20 күн бұрын

Are there transfer fees?

@aliltussin3509 19 күн бұрын

There are no transfer fees on personal lines of credit. If you are using a credit then yes.

@tron5087 14 күн бұрын

My credit union doesn’t allow auto payments with credit cards. Now what do I do??

@Nana-vx6mt 8 күн бұрын

If you have good credit apply for a line of credit. But you have to be disaplined.

@Joce123 5 күн бұрын

I have a different bank with the agreement for them on a bill pay service to send automatically my credit card the minimum due or whatever per month that I want to pay every month.