How To Pay Off $50,000 Car Loan With $1,000
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- Опубликовано: 1 июл 2024
- Need To Talk - calendly.com/creditwiz
Need To Know - bit.ly/VelBan2
🚀 Are you ready to turbocharge your financial freedom journey? In this video, we'll uncover How To Pay Off $50,000 Car Loan With $1,000💥
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Im working to get my credit score up to 670 and then will make a Heloc against my house. Then will implement to make my truck loan vanish. I cant wait.
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I under stand that the LoC is 10K and you're paying 1000/mo, but that is gonna be longer than 10 months with a 21% interest rate. THat math ain't mathing.....
Absolutely. If you can afford to pay $1K p/month to pay down the LOC in 10 months, why not pay that $10k every 10 months saved towards the auto loan without a 21% charge on money you already have in 10 months!!!
Also what happens to the $8300 you're paying between the 10 month $10k payments?? The principle should be much lower. This math definitely isn't mathing.😂
Do you put money towards the princple on the HELOC?
Yeah I dont get it. In the example you continue to pay $830 to the car payment. You also have to pay $1,000 a month to the line of credit (that is at a higher interest rate) So you have more cash going out each month with interest on both sides. How could this possible save $? Now, if the line of credit was at a lesser interest rate. I'm sure there would be some savings.... Can anyone clarify this???
Makes no sense
How do I get 10,000 line of credit ?
"It doesnt matter what the interest is" (switches off video)
I need a one on one class
Amen
Which bank or institutions are you using for velocity banking?
U use your heloc loan or ploc as your bank.
I’m trying to understand, so you take out a HELOC and then pay 10k towards your loan and continue to make your car payments, & you pay $1,000 a month to your HELOC too? That’s still a lot because you’re paying car note and 1k back a month. Am I understanding this correctly or am I missing something here? It sounds very interesting, I subscribed to your channel. I’m sure there is valuable information I can learn from you. Thank you for sharing.
Ok so basically what he is saying is that you need to have at least a $1000 surplus every month after your bills are paid. For example if you get paid 6000 a month, you "pay" $6000 a month into the heloc, leave at least $1000 from the original $6000 (monthly). The $830 a month should already have been budgeted to be subtracted from the money that you put into the heloc monthly after leaving the $1000 to repay the heloc ($5000). After 10 months of leaving the extra $1000 in the heloc you can redeploy the 10k into the auto loan. Rinse and repeat. He is making it a lil more confusing than it has to be lol.
I agree with that comment. I want to learn how to kill my $14,657.80 car loan 💯
My payment came out to 51😢
Do u do Credit repair?
I sure do. Let me know if you need help
@@velocityc
Yes.... Could you please send more info, currently in Bankruptcy.. I hit rock bottom, I've been watching the channel since The Joseph days.... R.I.P Joe...
Or you can just pay $1830/month and pay it off in 2 years and 8 months…
You’re asking people to pay an additional $1000 cash every month on top of their $830 payment.
Your salary is what's making the payment on the HELOC. The K he's talking about is the cash flow after all expenses have been taken out of said salary.
But how do you get a $10,000 line of credit ??
You have to build your credit to get a heloc again your equity on your house or a ploc.
@@ducphong9334 What is a ploc ?
This is the Dumbest advice ever! Cause your still paying interest on Both sides🤦🏽♂️ instead of paying the line of credit you could use that money to pay on top of your 830$ per month.
But again can you explain the LOC... it's has a higher interest rate... I'm not understanding.