Want more tips of how to get out of your car or How to buy a car and not hate life? Watch this Car Buying/Selling Series...kzbin.info/aero/PLdKOWk-Vo99x2A-yIp4I17utR-MwLAykF
@maricela36613 жыл бұрын
Wow this was so clear and straight to the point. Thank you for this amazing video!
@renren5953 жыл бұрын
You are a godsend for sharing this information...im in my mid 20s and only starting my road to financial freedom and you made it so easy to digest! God bless and stay safe during this pandemic
@DiamondEdwards3 жыл бұрын
You got this!
@hoops1333 жыл бұрын
your videos are incredibly helpful, thank you 🙏
@allwhowander783 жыл бұрын
I just created the amortization schedule for the car I’m focused on paying off now and I am TRULY amazed! I can actually see how much money I’m saving as well as the number of years cut off of a 60 month loan. THANK YOU!!
@aaronrambo19966 ай бұрын
You alive man? No videos in 2 years?
@journeywithmeladyt87872 жыл бұрын
Loved the video. I’m going to apply this principle to my car loan. Thanks Diamond. ❤️👍🏽
@DiamondEdwards2 жыл бұрын
Glad it was helpful!
@gabriellarodriguez32942 жыл бұрын
Is it smarter to do this in increments? Or if I have 10K to spare, can I put it all towards the principal without worry? Also, my loan says I have a daily interest amount of $2 if i pay off my loan early. Can you explain that? Thank you!
@Vanessa-mk7oe4 жыл бұрын
Loved this video !! I’m in the car loan work area at my job and the verbiage you used will help explain better to my customers to help them out thank you !!
@DiamondEdwards4 жыл бұрын
That means a lot to me! Thank you🙌
@tripletsgirl4 жыл бұрын
My husband and I are trying to pay off our cars In 2-3 years.
@tripletsgirl4 жыл бұрын
By doing principle payments every month
@DiamondEdwards4 жыл бұрын
That's smart! I bet you get it done even faster. Thanks for supporting a small YT'er.
@jamalallicock41144 жыл бұрын
Very well explained. This content is gold!
@karenflowers97113 жыл бұрын
I am 2 months from paying off my car. I'm shocked to discover that over the life of the loan, I paid an additional $900 by paying more per month. I cannot figure out how nothing has been shaved off of my last 2 months. only $10, It's taken me many hours trying to figure out what they did with that money. I was late some months but not by more than 30 days so that accounts for some of it -- interest compounded daily over every day late- added all of that up to $300, still, there is $600 unaccounted for. It's so stressful to try and figure this out now, in the end, when I should be celebrating. Why is daily interest compounded from day paid to the day paid, so that when I pay early, it seems I am penalized ? I'm just not good with this stuff. not enough advil.
@DiamondEdwards3 жыл бұрын
I would suggest anyone thinking about financing a vehicle run the number through a calculator to see how much in interest they will pay over the life of the loan. The trick is to convert the APR in a daily rate and watchout for fees. What you described is why I made the video about principal payments and suggested any extra money is send a principal payment. It's easier to track and they can't hide. Two months and your free, Great job!
@baseddre14 жыл бұрын
Your videos are gold brother. Keep up the good work.
@beauty__talk76244 жыл бұрын
Thank you for opening my eyes on saving money! I am financing a Toyota and the only way to make principal only payments is to mail them a check. Do you think they would actually receive that check if I mail it? Im worried about sending extra money through the mail like that. Who knows if it would get lost.
@DiamondEdwards4 жыл бұрын
Yes a check in the mail is fine. Old school for sure but it still works. If it is lost you can simply cancel the check plus once it deposited you will have digital record of the payment with your bank. Just be sure to write you loan account number on the check and put principal payment on the memo line. It do show their true colors that they are making a payment so difficult. It could easily be a checkbox on their website.
@queensun6059 Жыл бұрын
👸dealers are (legally) ripping naive/financially ignorant people off with these car loans🤬. thank God for u 🙏helping to level the playing field!!!
@tiffanyjones97414 жыл бұрын
Could you do a video on how to do this with a printed off amortization chart where you highlight what you save in interest when you put extra towards principal only
@DiamondEdwards4 жыл бұрын
I did just that in this video kzbin.info/www/bejne/qJnOlGimq7aSn6c Check it out and comment to let me know what you think. Thanks for watching.
@Bib779 Жыл бұрын
God bless you brother , all success in your life thank you for the video
@infinityfinancial61754 жыл бұрын
What about the companies that don’t do principal only payment? Every time I’ve tried to make principal only, I’ve been told they don’t do those and I will still pay interest on the payment 🧐
@DiamondEdwards4 жыл бұрын
B.S. They just don't want to do it because they don't make as much money. Check your loan documents to see if there is anything preventing principal payments. if not, demand they accept your principal payment. OR JUST refinance with a different lender. A good lender will make this process as simple as checking box when making a online payment. When it comes to banks we sometimes forget that we are the customer and there job is to provide us a service.
@Monce083 жыл бұрын
I don’t understand her question can someone dumb it down plz ?!
@donnam3053 Жыл бұрын
Excellent teaching thanks helped me alot
@brownsuga9294 жыл бұрын
So so so informative!!! I have a question, if you come into a lump sum of money can you just make one large payment to principal? For example 7,000 paid to principal and the rest just paying my car note or should you keep applying money to principal?
@DiamondEdwards4 жыл бұрын
Yes you can and lump sum payments save you the most money. Check with your lender for their process before sending a principal payment and always double check that it was applied correctly.
@Monce083 жыл бұрын
I’m so lost isn’t the principal mean your car note ? And interest rate is another thing
@pacs0508 Жыл бұрын
@@DiamondEdwards What if you are told that the system will not allow it to be done? I am with Navy Federal.
@cspteja2 жыл бұрын
Really well explained, thanks!
@DiamondEdwards2 жыл бұрын
Thanks for watching!
@brownsuga9293 жыл бұрын
Hey Diamond for some reason my schedule is not adding up to my loan schedule on the app. It shows a lot less in the amortization for this month and that's not where I'm at. Not sure what I'm doing wrong... I think I'm way off on my payoff date which means I'm no where near paying off
@DiamondEdwards3 жыл бұрын
Make sure you start the correct start date as that will affect your schedule. Also, it may not be exact down to the penny because if where they round your daily interest rate but it should be close enough to give you an idea. Also if you've made any extra or principal payments you will have to manually find your place on the schedule by looking at the close amount to your current balance. Let me know if you need any other help. Thanks for supporting the channel.
@brownsuga9293 жыл бұрын
@@DiamondEdwards thank you. I honestly think I'm so behind on schedule because of payments that got pushed back in the past and it was repossessed but I literally got it right back. I still find it strange because they make you pay whatever pushed in the rear. Im caught up on the car and I just started making principal payments in addition. At this point it looks I'm going to need to pay a extra 1000 a month to get out the loan as quickly as possible. I hope I'm wrong.
@DiamondEdwards3 жыл бұрын
Just focus on putting as much as you can on that thing a month and get it paid off so you can move forward in your wealth building journey.
@brownsuga9293 жыл бұрын
@@DiamondEdwards ok. Thank you so much for all your videos! They're so informative. The way you explain it is by far the best!!
@mariafernandatarazon Жыл бұрын
Your videos are pure gold!!! most valuable information on car loans on the internet!!! Please don’t stop making videos👏🏻❤
@DiamondEdwards Жыл бұрын
I appreciate that!
@JoeyBatz23 Жыл бұрын
So we still make the scheduled payment but anything extra make it principal payment right?
@DiamondEdwards Жыл бұрын
EXACTLY! Always make your scheduled payment.
@robertodyea61874 жыл бұрын
If I understood this correctly, I'm allowed do pay only principal payments instead of monthly payments? Depending on the lender?
@FreddieFraticelli3 жыл бұрын
No. Once you pay your monthly payment, any excess you can put towards your principal.
@sheilasimpson70924 жыл бұрын
Well done!
@DiamondEdwards4 жыл бұрын
Thank you Sheila and I have not forgot about your mortgage video! It is in the queue 👍.
@fromthedirt75513 жыл бұрын
The breakdown is dope
@DiamondEdwards3 жыл бұрын
Thank you!
@iNd5ky3 жыл бұрын
Man, woke bruh.
@NWforager Жыл бұрын
great explainer .
@mahmoudshaheed2783 Жыл бұрын
Awesome bro
@dinkyboy68714 жыл бұрын
Nice video bro👍🏾
@philfitial10904 жыл бұрын
Nice video Diamond
@DiamondEdwards4 жыл бұрын
🙌
@eseforever329gmail3 жыл бұрын
would the numbers be different if I financed with the dealership?