What Is One Of The FASTEST Way To Pay Off A Car Loan? 

😕 Debt is discouraging, but you can flip the switch!

Yes Indeed!👊🏽🛐

🙏🏾👼🏾🕊️📖

True

🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽

WF sent out a letter that they would be closing LOCs also. People revolted and they decided to not close it.

I agree, if you have high need hair, find a style that works for a lower cost or learn to do it yourself. That $380 is $4560 a year!

Exactly, I bought a pair of clippers to do my own. No one should have to pay that much for hair.

It really depends on what she does for income. She might have lowered it to that.

$380 on hair ? Unthinkable for me.

Where are the clippers

Did filing for bankruptcy make it so you couldn’t have a bank account or rent without a co-signer?

@@jacobcaeliBankruptcy isn’t a death sentence. I bought a house two years out of bankruptcy. Bought a car, two months after. Three credit cards within six months, to start rebuilding again. No problems keeping a checking, or savings, with my credit union. Six years later, FICO scores sitting at 750- 780, depending on bureau. Only debt is a mortgage, even with 12 credit cards. Emergency fund covered with 12 months of expenses saved. Retirement savings are on track again. Never going down that debt road again.

It really seems to me like most people talk about credit cards like you HAVE TO max them out or use the full balance, so people end up doing that because that's what they associate with credit cards. Credit Cards should be seen as a buffer between your purchases and your pay. Use the credit card to save yourself from fraud. Your bank won't do much for you in event of fraud but a credit card WILL do a lot. Use the credit card to get cash back, reducing monthly expenses. If you know your monthly recurring bills are $500 and you're already paying them out of your checking account, pay them with a rewards card and then pay the credit card out of the checking account. Check with your credit card because there are things that can get free warranties and other protections when bought with a CC. I'm glad you learned your lesson and do it right now, but I wish you didn't have to learn through bankruptcy... but it's better to learn the lesson and change the bad behavior than to get bailed out, never to learn to change your behavior (like with the student loan crisis)

@@JBrown-go8ru Your income is the biggest factor in this situation.

What type of bankruptcy did you file for ?

@xKillerRx_ttv You’re very welcome!

Nah so true lol I just got done hitting my books hard trying to figure a way out of this bs I put on myself and God sent this video to me 👏🏾🤌🏾🎉

@@VanntasticFinanceswould you like to make a video breakdown of my Finacial situation? I feel illiterate in these things when I see how you make it look so simple.

Excited for you!

​@@VanntasticFinanceshaving a hard time wrapping my mind around all this....going to slow down your videos and watch again.

Wonderful!!!

Ahem. It’s VANNTASTIC !

Not for BW

Women be scamming each other even skin care products “😂🤦‍♂️

🙏🏽

Dave Ramsey? 😂 love it 👏🏻

Dave Ramsey's method works, but it is not the best way.

No it's HER credit not the banks ..she just needs to discharge it

thanks Dave

Not true: she needs to keep the credit cards and use this strategy. What you are trying to say is “She needs discipline”, which is 100% true. But once she finds discipline, this strategy works. If she doesn’t find discipline, this strategy still works at lowering her net cost by lowering the interest charges. This allows her to pay off the debt sooner…so that she can use it again. Either way, this is the solution to her problem.

@vikramsekhon1436 no I do not need assistance with money. Glad you are trying to get your forever house. I bought a brand new house Dec 2022 and 80 wooded acres Feb 2023. If you work hard, don’t finance everything or get a new car every 3 years you can do well

Or do what rich people do: bury yourself in debt, and then "decide not to pay it". Then when they come for it, dispute it in court, settle for half and deletion from your history, and then hire someone to dispute the credit reports.

I am too, I’m considering a secured money market LOC

I can guide you to debt free

Excellent!!

🙏🏽

I saw that as well.

There is no new payment because she’s putting her whole check into the line of credit every month. She’s using the $15,000 line of credit to pay off the credit cards. Hope this helps

Not true. I have clients getting new lines every day.

May I ask what does liquidity have to do with the ability for a bank to lend?

I had the same question : where can we get a PLOC?

if you have an asset like a home with equity or a newish car etc the bank sees that as collateral for a heloc/ploc

Keep studying the videos. The simple interest is calculated on average daily balance…and not front loaded, such as with amortized loans.

I would say I don’t know how I find you on RU-vid, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.

This has easily become one of my favourite & the realest credit repair source major level of mature grown conversations amongst legends intellectual mindsets. Different level of transparency.It’s authentic. Dope to see! Salute to the team look them up

You can also need to look their name up to see their website

Because getting a loan with a higher interest rate than your car loan is stupid, as you indicate.

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What do you mean? I can get a line of credit from my credit union at any time and follow this strategy 100% if need be. This has nothing to do with mortgage or home equity line of credit

They still exist, just stop being lazy and actually go to the local banks

It is not a higher interest, she is using the higher interest card's grace period to cycle money through. There is no interest when you do that, which frees up cash flow and satisfies minimum payments at the same time and so the balance gets cut down

I know, I had a laugh. But I suppose if it is a professional situation, those offices can be very...judgey??

Angela Landsbury did her own hair and she was in a highly visible industry.

No hair money, should be, no hair, money. Better than I deserve.

BW

What if you don’t have a line of credit

You do want to keep your checking account at 0 as often as possible. You want to keep it in your debt tool/weapon/line of credit so the ADB is push down, lowering the amount of interest you pay every month. I hope this helps, have a great day.

It should be simple interest and as long as contract says you can pay it off early and get refund...the payoff quote will include this reduced amount.

I thought that too but then I realized it’s so much more that we end up paying than the payoff amount if we were to pay the life of the car loan. When I looked on my contract it showed the total amount paid if I pay it out and it was much more!😮

Most car loans are amortized, but do not have a pre-payment penalty. So you'll owed the interest through your payoff date. But the real thing you're doing is giving yourself an open-ended cash flow tool. If you continue on with your car loan, you have no equity building, and you pay them the SCHEDULED monthly interest. You cannot cash flow it (Lowering the average daily balance to reduce the interest and accelerate the payoff period). If you go to the bank, having made all of you payments timely, with this strategy, letting them know that your goal is to reduce debt so that you can keep a good relationship with them, they will give you this LOC. Then, this will work. Note: you still have a "debt" of $8066 at the end of this scenario, as you have to pay your bills. But it's not a debt, it's now just the "expense" that comes out of your line of credit. Now that you've paid off the car and credit cards, you have a positive cash flow that builds. About 9 months further you have this LOC AND $9k in the bank. Giving you the option to break even without the LOC.

Ask for a payoff month. Then compare this amount: number of remaining monthly payments by the monthly payment. The payoff amount should be less if you don’t have a prepayment penalty.

!! MAKE THEM EAT CROW !! What usually happens is your action triggered the algorithm in their system.

Unfortunately, this woman is only giving part of the story. Not helpful to people with more complicated situations.

How can her income be $9005 on the first month if you’re applying the $630 to CC #1 and $1540 income to the CCs in the 1st month? You wouldn’t have the same total income to apply to the $15000 line of credit!

@@leslietownsend6167 All do respect, every time she uploads she is putting herself in the shoes of the person and showing how she would approach the situation. You seem to irritated at the fact that this scenario doesn't fit yours. Have a great day.

@@Jesus-kt5dcdue respect

I’ve heard her say to reinvest in yourself. 😊

She does infinite banking. You focus your cashflow towards a life insurance policy that you can borrow from. You make yourself your own bank. Have a great day.

@@Jesus-kt5dc Thank you for the info! I will have to look into the infinite banking. I don’t know much about that.

I would say I don’t know how I find you on RU-vid, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.

You can also need to look their name up to see their website

Exactly. This video is not accurate. She doesn't make any payments on the Credit Cards until Month 4.

Please go back and watch again as I did. You'll understand better❤

1:31 See if that helps.

@@Jesus-kt5dc yes. I did, over and over. She says the chargeable expenses determine how much of the income is going on the credit cards. @1.50 she says "card #1 gets $630 applied to it". Then go to 2.20 she puts $1540 on that card. So to me that $2170 has to come off the income.

@@sharonfurey4019 yes I did. She called it income transfers. But I think she still has to lower the income the amount she put on the credits cards. She can't put the entire $9005 on the LOC unless the credits cards were one example and the LOC is a different example.

I would say I don’t know how I find you on RU-vid, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.

You can also need to look their name up to see their website

Why no reply for this question? I am confused as well. If you pay $2150 monthly into CC1 and CC2 how can you have $9005 for credit line?

Nevermind. I understand it now. 😏

She is still applying the $630 to credit card #1 and $1540 to credit card #2 after the money pays down the line of credit first. The $630 and $1540 are coming out of the $8006 in expenses that are taken out of the line of credit each month. Does that help?

I called my credit union and my bank (B of A) and neither offer a PLOC. So I have a related question: what bank or credit union is giving PLOC ?

Maybe youre SOL

You can do a credit card as your PLOC if it's through your bank it's better you can transfer funds in and out easily, if not get the Plastiq card to pay your car payment and mortgage if you have one. She talk about it in length in almost every video.

@@lovelysoul2772 I never heard her talk about how to get a PLOC.

The credit card should be connected to your bank account. Get a credit card from your bank. But ask if it is connected to your account. They charge around 4%. Then you just do transfers. My bank only allows 6 transfers a month after that they charge. Plan accordingly.

If you make a payment directly to your cards or car, it is money gone you will not ever see again (in the case of car, you cannot ever reborrow. In the case of cards, the interest is worse and also never see that again - you will understand by the end of this most likely). Your payment is satisfied, but all your money is “totally” gone on each payment. If you transfer/pay off those with a PLOC or zero interest card, even with a borrowing cost on card (like 3 or 4 percent convenience checks aka cash advances), you make payments to that “debt weapon” instead, which means every time you pay into it, now you are unlocking the access back to that line of credit. When it is a 2.9% consolidation line of credit (PSECU offers one, looking into theirs will help you search out ones for you if not available to you in your area), it is great. 0% interest cards is even better, in terms of interest/borrowing cost. The idea is instead of spending all your cash flow into payments you cannot ever use again, you are transferring the debt into lines of credit - be they cards or LOCs - so that every time you pay into it, the funds become available to you again & your goal is to always be spending less than you are putting in at that point. It can save you money depending on the interest rates of what you transfer to it, or you can break even, but you can now access money you could not before when you need to. When you pay 350 to the car for the month, it is gone. When you pay 350 to “yourself” for the car that was transferred into your credit, you have now unlocked that 350. The goal is not to now spend that 350 again, but it is there if you “NEED” to. By paying the car directly instead of transferring it, you lose access to it entirely, in the event you “NEED” that 350, it is gone. It can be free depending on how you do it, or it can cost a small amount in low interest to do it (worth it to many - a 10 or 20 dollars per month “convenience” fee in the form of interest that gets smaller and smaller each month anyway is worth still having access to money that would have otherwise just been gone forever by paying it to the loans instead of into the credit where you moved the loans to. It is very smart. AFTER you are out of debt, that is when you have all your expenses (payments) cut and now have real cash flow. That is when you save/spend on investments - be it tools, machines, business startups, realty, whatever will make more money, not just consume your money. IE, when you are out of debt, you now make your money make real money, not spend it on purchases until those investments are now the source of your purchasing cash. I hope it helps - it is hard to wrap your head around. It is presented by most people as some magic weapon - it isn’t. In MOST cases you are going to break even or be within a few dollars difference, be it a few dollars more or a few dollars less per month you spend or don’t spend - the massive value of handling your debts this way comes into the fact that now you have more & more access to your funds, instead of just sending them off to the loans and not ever seeing them again. When it comes to credit cards, it cuts the interest down massively, and again, you are now paying it off much faster because the interest is lower & getting smaller and smaller, month after month. KEY POINTS: 1: Move anything high interest into lower/no interest places EVEN IF IT COSTS A SMALL FEE TO DO IT - a 3% fee to transfer a balance of 10k from a high interest card to a 0% interest card is only 300 dollars. Now you can make payments on that & the interest you would have been losing for months is negated & it only cost you 300 dollars to save more than that every month. See? 2: AVOID moving things into higher interest BUT, in some cases - the kind that Christy lays out - it COULD end up saving you more. EVEN in the event just paying the car is better, paying the car does NOT unlock more credit for you in the car, it just disappears forever. SO even in the event the interest on where you put it in a LOC of some kind is like 9, 10, or 12%, it MIGHT still be better for any given person to take the higher interest, because you can pay it off then access what you paid off in emergency or for fun later, instead of paying the car at a lower rate & it is just gone (you cannot re-borrow from your car payment - you CAN re-borrow from your LOC).

What's a ploc?🤔

@@dianechapman9887 personal line of credit 😊

@@dianechapman9887 Personal Line of Credit

Personal Line of Credit@@dianechapman9887

Exactly

She’s having her put her entire paycheck into the cards and then using them through the month for expenses instead of letting it sit in her bank account. This satisfies the minimum payment due and slightly lowers her min for the next month. You do have to wait until your payment is processed and credited though

Hi you need assistance?

I would say I don’t know how I find you on RU-vid, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.

You can also need to look their name up to see their website

Hi you need assistance?

I would say I don’t know how I find you on RU-vid, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.

You can also need to look their name up to see their website

Leasing only makes sense if you want a new car every 3-4 years. It is better financially to own a reliable car for 8-10 years.

Jessica Ramirez I was in the same situation needing a car as my is old and ticking. Prayed about started looking for want I wanted through Car Fax. Blessed and got me 2020 Honda Saturday. Totally agree with dustinaldridge6200 Financial is Better. ❤

I’m from Canada - but all they can say is no. It’s worth a shot. We have a HELOC and the interest rate in very good

@@thomasxxxxxx2345 I don't intend to pay it off with a higher interest loan, for sure. I went through the trouble of doing the math on it using my credit card with 4% interest rate to pay it off. I'd end up paying just about the same if I did use my credit card than if I simply made larger payments- It was down to a few dollars difference. Either way, I don't plan to do any transfer for that loan.