How to PAY OFF your CAR LOAN FASTER | HOW I PAID £20000 CAR LOAN in 18 MONTHS! | PAY OFF DEBT FAST

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  • Опубликовано: 7 сен 2024
  • Want to know how to pay off you car loan faster? Or how to pay off debt faster?
    This video share tips on how to pay off debt fast and shows you the advantages of hitting that debt hard and fast which dramatically reduces the amount of interest you pay, which snowballs your debt down allowing you to pay that debt early. Regular over payments are also shown and how even small over payments drastically reduce both the interest you pay and the term of your loan. The best tips for paying off your loan early are presented.
    I paid my £20K car loan in just 18 months and ONLY paid £394 in interest!
    Where possible, double down on your debt and pay off your loan fast.
    Also, throw as much money as possible at your loan and the more you overpay in the early stage of your loan term, the bigger the benefit you will see in reduced interest.
    Work out how you spend your money each month and see what you can go without and divert that money to paying off your debt fast.
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    Keywords:
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Комментарии • 18

  • @fireblade8905
    @fireblade8905 2 месяца назад

    I’m in the same position

  • @mikeroyce8926
    @mikeroyce8926 3 года назад +1

    Inspirational video. Thank you Helena.

  • @Slugworth88
    @Slugworth88 2 года назад +1

    Thanks for inspiration advice. I will be paying my 20k car off in the same fashion

    • @BouncingBack
      @BouncingBack  2 года назад

      You're welcome, thanks for watching

  • @robbloom272
    @robbloom272 4 года назад +1

    Terrific advice as always! Thanks

  • @misfit2022
    @misfit2022 3 года назад +3

    Interesting but I am a cash buyer when it comes to cars as limits my spend on a depreciating asset

    • @BouncingBack
      @BouncingBack  3 года назад

      Good approach. I always only ever bought a car with cash until this purchase, which I intend to keep long-term so I considered that to be more cost-effective than paying around £5-7K every 3-5 years or so. The loan interest I paid was next to nothing due to my loan payback strategy. In my earlier days of buying cars, I could get a really good car for less than £2k, if that was still the case, it is all I would spend.

    • @misfit2022
      @misfit2022 3 года назад +1

      @@BouncingBack Thanks. I have a 5K cut off usually and my current car is a 55 plate and amazingly passed its MOT. Yes I noticed the loan interest was very low so I agree with your approach but I personally just could not spend 20K on a car but please note that is just a personal choice. I have good friends who spend much more on BM’s and Volvo so no judgement. I have been looking, given my car is 16 this year, and even increased my limit to 8K but then a family member needed home Improvement help so my limit is now down to 7K but I may increase it to 8K. For me I think that is about the right limit for a 4 year old car but while old faithful is still going I will keep it in the bank for another year. No interest but you never know when family members need new fences etc 😁

  • @BouncingBack
    @BouncingBack  4 года назад +3

    Learn how to pay your loan off faster and minimise the amount of interest you pay on your loan. Get out of debt faster

  • @eunicef1
    @eunicef1 8 месяцев назад

    Well done.
    Are there any restrictions to paying off your loan early? I'd like to pay mine off in a few days.

  • @egyptiandeity1862
    @egyptiandeity1862 3 месяца назад

  • @antoniodajti5841
    @antoniodajti5841 2 года назад +1

    Stupid idea, car loan is bad debt and depreciation is high, £20.000 should be invested in property and recive income.You need to go in maths courses darling 😉

    • @BouncingBack
      @BouncingBack  2 года назад +5

      I only paid a small amount in interest and the car will last me many many years. Also, even 5 years on my car retails at the same price I paid for it so no depreciation has occurred.

    • @Slugworth88
      @Slugworth88 2 года назад +8

      What a Mug 🍺 some people have nothing nice to say! keeps your fork tongue behind your teeth

    • @kynanerrington8145
      @kynanerrington8145 Год назад

      what a misogynistic cnt

    • @antoniodajti5841
      @antoniodajti5841 Год назад

      @@Slugworth88 I'm the guy who puts mugs in people's mouth like you.

    • @harrygamer4190
      @harrygamer4190 10 месяцев назад +1

      Life ain’t about money mate.