Case Study Shows Pay Off $30K Car Loan Within 16 Months! Part 1

[@denzelchandler557]

Remember people this is not your situation, this is only an example using real life numbers. She's only trying to help us grab the concept of velocity banking not be our financial advisor. If she error with her math dont be discouraged 🤫 we are all adults just correct it in silence and carry on. We not here to learn math but concepts to financial freedom that your own advisor will not teach you. Great Teaching!!

[@sarita5572]

This works! We've been at it a year and we started with a cash flow of only $50!

[@wv9752]

I wish I would have found you sooner. Ive watched several of your videos and my brain is starting to make sense of it…I’m a little slow at getting this concept. Thank you for sharing these videos ❤

[@uchihaitachi4629]

Make sure y’all are watching her ads !!!! Because she’s helping tremendously

[@VanntasticFinances]

😂 well, that was precious! Thank you for watching

[@yolandabrown9026]

Quick note: Beginning of Month 7 ...start with $300 plus the $10K new car balance...would equal $10,300, etc. Just a quick correction to calculations - but I get the concept and love it. Thank you for taking the time to explain everything - there is hope for anyone with Velocity Banking. Continued Blessings Ms. Vann!

[@vcp93]

Taking financial advice from someone who can't add or "minus" 🙄 seems like a questionable idea. 🤣

[@sidshri6080]

@@vcp93 atleast the lady is trying to help us for free minus your rhetoric. I dont have so much patience to help :(

[@rafytorres4599]

Thank you lol I thought I was going crazy understanding the 13,000 when is 10,300

[@timsatterfield9752]

@@rafytorres4599 my brain exploded at that point.

[@torey4322]

@@rafytorres4599she made a mistake in month 7 by writing $300 when it was supposed to be $3,000 to begin with

[@Trever78]

Your video should definitely be featured in schools around America honestly

[@leeannhibbard2749]

I disagree. I don't want my child to EVER get a credit card. We have taught him that you live below your means and save. You cash flow a car. There is no need for a credit score.

[@melstrashbin]

yes in this system it would be the only way to get ahead

[@pmp2559]

The banks and institutions will not allow that

[@loft27ss]

@@leeannhibbard2749 Dave Ramsey teaches it

[@ninamatthews8747]

No its complete nonsense. It doesn't make any sense. If you want to pay off the 28k loan at 3.5%, moving money to a higher interest loan is ridiculous. Lets say you just make the payment 2175(600+1575) on the loan. Lets round up the interest you could be charged for a year to 28000*.035 = 980. Thats an approximation if you were continually charged interest on the 28k balance. You wouldn't be since you would be paying down the loan, lets round it up to 1k. So the final total is 29k. 29,000/2175 = 13.33. So the loan would be paid off in 13 months and a week, say 14 months. Why on earth would you bother with paying more and doing this stupid roundabout way to pay it off.

[@nancyblessing8411]

I have used a similar method to pay off debt. Am so glad to find out it has a name. I always felt guilty having to use the cedit card again. Now I learn that there is no place for that. Thank you Ma'am.

[@VanntasticFinances]

You’re welcome! And thank you for watching

[@colinkakahi2324]

I only want to point out this matter. I do not mean any disrespect in any way. I respect you for dearly teaching this stuff . Bless you

[@arule2share888]

Can we see an example without all of the income going to the credit card, because there are some expenses that you cannot put on a card, such as a mortgage?

[@joecies]

Maybe she could build an online calculator that compares this method with just paying down debt with excess cash each month( or investing the excess cash somewhere else ).

[@cchamilton1985]

I made one for myself in Sheets, calculated actual daily averages and balances, figured interest cost and extrapolated cash flow over the life of the current debt and the VB Vehicle, the only way this saves you any money is if you have a teaser 0% Interest rate for long enough that you can get out from under the debt before they charge you, otherwise you still end up paying interest. I used my total debt (20k at the time) and by the time I made the final payment using both strategies the difference between the balances was less than five dollars. The only way I was able to get the model to output savings is by using a hypothetical balance transfer into a 0% interest account and you're basically cash flowing paying off your debt. That was the best way I could figure to test the theories and it was the most realistic I could possibly make it. It's actually pretty clear in her video if you ignore the words and just look at the white board. She says there is $1575 cash flow, she uses 6 months in the video, 1,575*6 is 9,450. Just put the $1,575 per month on the car for 6 months and you accomplish the same thing with less interest paid. Maybe I should make a KZbin video breaking it down.

[@HoaTruong-rg2fp]

She and people like her would NEVER do that because its easier to sell "Velocity Banking" without the side by side comparisons. The comparison would show minimal net benefit between "velocity banking" and the other methods.

[@Sugarxspicenails]

The only question I have is how you were able to put the car loan on a credit card! I thought it had to be debit or from a checking account?

[@transformwithvickie]

My credit card allows for cash advances. I assumed that was how she did it. Hopefully she is able to answer for sure.

[@EmilyAllan]

I think Vickie is right. The credit card is used as a cash advance. She doesn't include the fees associated with cash advances, which can be quite expensive.

[@abrgamer6867]

My cash advance are 3-4% , and end up being way less than the interest if I pay amortized interest payments

[@VanntasticFinances]

You could use convenience checks. If you have a PLOC .. you don’t have to worry. You can put any loan into a PLOC. Thank you for watching.

[@Sugarxspicenails]

@@transformwithvickie I do have cash advances available on my cc, but the interest is absolutely ridiculous. But in another one of her videos, unless it was this one, she talks about some checks you can get for pulling $ off your credit card I guess those are convenience checks and maybe I’ll try calling or going inside and asking about them and if they could send me some. Also thinking about doing a my chase loan on one of my 0% interest cards. Chase let’s you borrow $ against your available credit, and they don’t charge you like they do for a cash advance and it’s available immediately in your checking account so I think I’ll try those things and see about paying my car down with that $

[@jpgarc967]

Love these videos, is there one showing how to pay off a car loan without a PLOC or HELOC?

[@Zombiekiller76]

I don’t know if anyone pointed this out , but there was an error in your math at month 5. It appears that you added month expenses, calculated interest then added month 5 expense without subtracting month 5 income. This becomes evident as your LOC balance increases from $962.90 to $1850.40. The balance should have been satisfied with the month 5 income.

[@kevinpaige4177]

Facts!

[@Paulk305]

I caught that as well. Simple mistake, we all make them. She would go back, watch it, and laugh at herself, I'm sure.

[@VanntasticFinances]

@@Paulk305 As I did..also proves velocity works even faster🤷🏻‍♀️

[@trinitybruns]

Yeah my OCD is KILLING ME now that we have made it to EXPMO2...

[@janicebarrett3571]

Error at the beginning. Cash flow should be 575.00 not 1575.00

[@loft27ss]

How can you pay off your mortgage from credit card? It is not what banks allow

[@Flippy_808]

You can apply the same concept using a $10k PLOC, a personal line of credit from a bank.

[@localone1597]

Shouldn't the car loan after the 6 months actually be lower than 18k? Wasn't that getting paid down as part of the expenses? Or did I miss something.

[@anthonyhayes3166]

The car payment only comes off the monthly expenses the times that the $4,000.00 is put in, otherwise it is part off the monthly expenses

[@anthonyhayes3166]

But yes it will be lower than the $18k because you made 6 payments during that time

[@kathsch8966]

@@anthonyhayes3166 You are correct. It goes down to 15,000.00

[@carolynwhitfield5100]

Was thinking the same thing. It should be decreasing as well, if it comes out of the monthly eexpenses

[@christinepenkala3690]

I was wondering about this as well. Thought maybe the car loan was on hold because she pain $10,000 on it, so it's like prepaid possibly?? Just a thought. I was curious so I came to the comments.

[@josephmcquade4879]

This is very complex for someone just trying to pay down a car loan. Why involve high interest credit cards when you have Xtra cash coming in??

[@stanlystanly9964]

Please do someone explain to me the following question: how it really works. One takes $10k from LOC and put them into a mortgage lets say. That LOC is -$10000. One puts $4k and it becomes -6000+ the inferest and basically operates with those $4k. The balance is going to zero with the amount of the cash flow...i just dont get it how it works fast.

[@dougbullis8462]

Don’t forget a few of the basic reasons for doing this (no particular order and I’m sure there are many other valid reasons): (1) building credit, (2) lowering interest on unpaid balances, (3) getting “Cash Back” on those types of credit cards, (4) satisfying the credit card monthly payment without actually making the “normal” payment (free up that amount in cash flow), (5) reserving cash flow within the line of increased credit (for emergencies). Otherwise, using cash leaves you with no cash flow, whereas paying down credit card balance keeps the cash flow that’s otherwise lost in a payment. Reserving cash flow while at the same time paying down debt and building credit is the key here. Smart instructor!

[@VanntasticFinances]

Exactly!

[@MichaelFrancisco973]

What are you both talking about? 1) Your build credit by paying bills on time, getting higher credit limits so debt to utilization rations are lower, multiple types of loans, age of credit, and inquires. So no this does not build credit and will actually lower your credit score as borrowing 10k on credit card will ruin your debt to utilization ratio 2) You are paying more interest with this method 150 dollars interest if you did nothing but pay normally for 6 months, $ 210.50 by her method with 2 missing months of interest as well. Better off just taking extra and paying to car loan directly which is also dumb as 3.5% interest is extremly low. 3 month CDs on fidelity are paying 5.3% so you would be making 2.8% if you invested extra in a CD. Better yet pay the home loan first as it's 6.25% so at least you save .95% 3) You don't get cash back on CC loans if she wanted cash back she would have to buy the car with the CC. 4) You decreased cash flow by tying up your available credit on CC, paying off a car loan doesn't give you access to more money as you don't build equity on a car loan. She could build equity on the home though if she paid that which does have a higher interest rate and makes sense to pay normally with extra cash not CC loan at 21%

[@jv8296]

@@MichaelFrancisco973 Preach it man. They could pay the car off in 14 months by just sending the cash flow in on the principal every month. This makes no sense.

[@Marcus-gi4jb]

@@MichaelFrancisco973 curious to see the replies to this

[@Locomaid]

It seems very complicated. And one emergency that needs cash and the castle crumbles

[@jenniferfehnel3233]

Question: How would I pay off line of credit from bank?

[@johndunston2394]

I just subscribed. Your videos are excellent 👍. Velocity banking works. Keep sharing and helping folks with the paradigm shift.

[@VanntasticFinances]

Thank you so much for your kind words and thank you for watching!

[@TheGood200]

If you have bad credit, how do you get a line of credit

[@byhislove]

Thank you! Man, lucky client with only 1,000 in living expenses. wow

[@lisamarieutley9607]

You would still need go be paying your car payment the month after you made a $10k payment so your monthly expenses would jump back

[@coilymo]

Thank you for taking your time to walk me through this. It makes so much sense to me

[@VanntasticFinances]

Glad it was helpful!

[@chadjordan9683]

How would you use a credit card to make a car payment? Cash Advance? If so the borrowed money is going to be at a higher interest rate.

[@VanntasticFinances]

Then don’t do it. You have to be strategic. Find a LOC without any fees.

[@seangarnham7834]

@@VanntasticFinances Can you elaborate on that comment please? What else constitutes an LOC?

[@dec1slh]

​​@@seangarnham7834 heloc or ploc

[@aaronrayborn]

How do you use a credit card to pay down a car loan?

[@kimsvlog8765]

How do you do it w/ a 2k/mo budget?

[@morrisdavis9231]

My auto drafts, are you saying change them to the credit card. Will Social security that is paid to my checking account will they allow that payment to go to a credit card

[@TheBaron671]

Miss Christy, thanks for all you do. Please look at this Car amortization schedule. What is different between Velocity and this. Auto Loan Calculator Results Loan Amount: $28,000.00 Monthly Principal & Interest: $431.72 Monthly Extra Payment: $1,575.00 Total Monthly Payment: $2,006.72 Total # Of Payments: 15 Start Date: Jun, 2023 Payoff Date: Aug, 2024 Down Payment: $0.00 Trade In Value: $0.00 Sales Tax: $0.00 Other Fee: $0.00 Total Interest Paid: $627.94 Total of All Costs: $28,627.94

[@jayframes4967]

Umm $2006.72x 15 payments equals $30,100.80 so that would be $2100.80 interest!

[@danielmora5632]

What about the interest that would be accumulated over the months on the other 18k that is left on the car loan? You would have to take that interest into account each month as well. Or am I misunderstanding?

[@_HC36]

How do you deal with the credit utilization?

[@atlasfueloilinc.2421]

Am I right that the 4000.00 deposit is done weekly from the persons pay check, not in 1 deposit, beginning of month

[@mrgalikanookis]

Where is part 2?!

[@sheneathahollowell2750]

Didn’t the card have $300 not $3000? There is $300 on the board but when added the total added $3000

[@ilonakim5034]

If a line of credit is 15K, why not to apply it to a car loan all 15K?

[@lolabear3862]

But when were the monthly expenses paid?

[@AndreaUrban-me]

Question about the car loan. Since you can only make partial chunk payments on the loan, is the regular car payment with the remaining balance also still included in the monthly expenses?

[@MsALCrespo]

Actually what I am confused about. The car loan bill will still be due so now you have an additional bill monthly, right?

[@AmandaGatesHome]

@@MsALCrespo that’s what I was thinking. Initial payment satisfies month 1 but in month 2 you have to make the normal car payment right? So how does this pay it off sooner?

[@BrianZiegenfuss]

Easier and faster just to put the additional $1575 in cash flow to car payment. $600 + $1575 is $2175 a month going to car. $28000 divided by $2175 is 12.87 months. You can pay it off faster by just putting the it all to car payment. Not to mention, most car loans do not except credit cards so you would have to use a 3rd party servicer which would charge around 3%. You could get some benefit if card has cash back or points but I doubt it covers the 3% fee. There is also a mistake in beginning. If you pay the car with credit card at the correct time, the first billing statement on credit card would have no interest.

[@crankybastid2197]

That 1575 per month you put down on the car loan is all the cash you have. So, if you need cash to go to a movie, pick up relatives at the airport and have to pay for parking, lunch dates, money for kids school trips, and any other reasons to need cash would come out of? LOC / CC therefore the payment of that would take away from the 1575 you have to put down on the car. The interest on the LOC is different from ammortized interest.

[@jeffreyslater1656]

And by weekly payments reduce principal and time

[@redfo3009]

@@crankybastid2197that stuff should be included in the expenses calculation. But of course so many unexpected things come up

[@ABCD-si7px]

You are missing multiple points.

[@jayallen6862]

The fear is strong in this one.

[@frankthatank2324]

Good info, math is off a couple times but you get the point across

[@aleccriss9162]

Could you do a video about how to obtain a usable line of credit because all the videos I’ve seen getting at least a 10k line of credit first and foremost is the lynch pin for this paying off debt strategy?

[@lisaeccles8036]

Question... how do you get a line of credit that big?

[@amyroberts7990]

Anyone have any ideas on where to get a PLOC? I just checked with my bank and it only offers HELOC. I have a mobile home and HELOC's not an option for me. Thank you.

[@nuggz4424]

None of the financial institutions I use accept credit cards for loan payment. How do you do this with my credit card?

[@iman-klt]

I noticed that you used the balance on the car at month 7 of 18000... when you have been making payments on the car for 6 months prior... so that balance would be lower... but not by much ... still a positive :) Thank you for your teachings

[@davidmaruska1641]

Where did the extra 1K come from. 4k-1k-2425= 575. You have $1575. Did I miss something?

[@christinelugo343]

Yea I got so caught up with this calculation that I lost track

[@colinkakahi2324]

How did you get the cashflow amount S4000 - $1000/2425 = $3425 = $575 ?

[@tasham835]

4,000 -3425=575

[@pt2913]

$1000 is part of the $2425. This is the amount you don't have to pay by direct debit so $4000 - 2425 = $1575

[@charltonexperience]

I was assuming in the $2,425 every month includes the $600 a month payment as well? So when you make a lump sum payment to your vehicle you no longer have to pay a payment for in this case 6 plus month? If no shouldn’t the $18k be lower after doing the $10k again?

[@buckjordan4079]

Is the 600 in the 2425 payment isn’t that coming off the 18000 remaining balance in the car?

[@dezrvnone2483]

This won’t work for me because my loc and my car loan are both with capital 1, they won’t let you pay a car loan with one of their credit cards.😢. Do some math when you have a situation like that. How would that work?

[@sherrybandy322]

I believe you forgot to take the $600 car payment out of the expenses further down.

[@karensee707]

My question is where do I get a home that cheap?? love these videos though😊

[@aironwhite6533]

That is probably not the buy price but current balance. But that just means they have a large amount of equity. As for houses there are houses for that amount of cheaper it just depends on were you live. If you cam move with you it may be better to move to cheaper areas and slowly work your way up getting also the raise in equity tax free.

[@Jaystonishing]

What kind of line of credit will let you use the 10k credit amount into the auto lenders account? .. my auto lender won't let me pay from a credit line.. only my main checking account

[@debbies6192]

In month 7, you added 3,000 but wrote 300 so it temporarily got a bit confusing. I viewed it again and now understand.

[@readumnwep]

It makes a lot of sense. I'm just wondering if it matters how much cost you use your LOC for. Like what if you have a PLOC for $20k? Would you use the whole $20k and go thru this process? Or would you do it in $10k increments so the interest rate is not so high?

[@2119rocky]

Hi, thanks for sharing this information. Is there a Velocity bank sheet I can download somewhere. Thanks

[@Tigerphenx]

I don’t understand how you’re using $4k to pay when you only can use the cash flow amount of $1575.

[@dhspam]

The banks are not going to let you stop car payments even when you reduce the balance for a LOC transfer. So, how do monthly car loan repayments factor into this?

[@vicentesanchez7168]

What happened the Video cut out .. after Month 7 it was Getting Great ..

[@stephenfoster9009]

I missed something. If you pay your paycheck for the LOC, where does the money come to pay expenses ?

[@VanntasticFinances]

The LOC!😁

[@808pera6]

10,000+300 = 10300 NOT 13000 But you have a great idea and explain it fantastically

[@sleepy580]

How many months were on that original car loan? How long would it have taken to pay it off the regular way vs how long did it get paid off in this example?

[@VanntasticFinances]

It was originally 72 months. Thank you for watching.

[@briancroston1684]

using a loan calculator, the original loan amount was $45,000. If you would have paid the loan payment ($600) + free cash flow ($1575) each month, you would have paid it off in 22 months.

[@DL-by8el]

Did the monthly expenses include a car payment, after the 10k. How on month 7 did the expenses go down from 2425 to 1825.?

[@stevelozano9523]

I guess the idea but am stumped. Thr goal to pay the car note is by using LOC/CC and paying with monthly income of 4k, but since she has a 62k home loan on top and cannot pay that with CC (possible LOC depends what is used, she cannot use her entire 4k income to have funds for mortgage. Am I wrong? Also, by paying a large chunk of the car note, you she didn't have to make any car payme ts to the original loan for 6 months (no payments made during the example payment plan)?

[@MountainAirOrganicBeds]

What if I can’t get a LOC? What should I do then?😢

[@dennismoore419]

May God bless you! You are awesome and very brave to share your knowledge, you are enlightening many

[@Thefroggang101]

I have my CC that ive paid down doing velocity banking, however i cant make my car payment with my CC like i want too. I would love to pay my car off with my card, whats the way around this, so i can use my CC

[@simonbeaumont4132]

I just did that with an RBC Mastercard ..you can do it online

[@colinkakahi2324]

cashflow should be $575?

[@cys1964]

​@@interestingfacts4943 I believe the $1000 was just specifying her non-debt expenses. Groceries, gas, etc.

[@jackieboudreaux6339]

Wait so what was the car note balance at month 7 because you paid five additional payments?

[@Youdoneedmyname]

I truly want to understand this but my brain just does not work this way. What about the credit hit you get for going over 20% of your available credit on the card? Where is the interest figure of the car note and the cc interest payment? I’m sure this is simple but honestly it just gives me anxiety because I don’t understand it. 😕😕😕

[@antoniodavila9540]

I am trying to picture this model with 4 credit cards and one HELOC at 7.25%. Your example is with one single credit card.

[@RaRi335]

Would the new car balance at 8000 be lower since you still paid the car note during the first 6 months ?

[@anitaboddington4837]

So can you show us how to pay off all of our credit card debt using this method, step-by-step how it would be done

[@Ann-fn8fp]

She has other videos showing exactly that, one where the person doesn't even have any cash flow!

[@itsallperfectlynormal9805]

Would've been great to see the comparison if she used her CF to pay off the car in 2 years, how much interest would she have paid? How much interest paying it off in the same 2 years with Velocity Banking?

[@db3575]

I have a question, I haven't been able to find any personal lines of credit options. I have an over 800 credit score so qualifying isn't the issue. Every financial institution I've checked only offers business LOCs. Do you have recommendations? And doing this with a credit card, am I doing a cash advance to get the 10k?

[@ASmith-jn7kf]

Hi Vann, I'm confused. If I am using the credit card to pay off exactly what I would pay off without it, what is the benefit of using a line of credit??

[@vonnie3922]

Raise Credit score?

[@ericf.7081]

At month 6 you mentioned the car loan balance was still at 18000. That would be less considering you have paid 5or6 payments would it not?

[@johnfeather-o5x]

How does she have a cask flow of 1575 after all is paid? Shouldn’t it be 575?

[@amyroberts7990]

Hi, I just stumbled upon your channel and saw this video and was introduced to velocity financing. I tried to "do the math" with my own finance and I was just amazed. So I went through all of my accounts to see how I can start implementing this plan. However, my car company doesn't allow any payments via Credit Card. That was disappointing. But I think I can still make this work somehow. Thank you.

[@MrFuture2084]

I’ve been watching these and thinking about doing this also. Now I don’t know much about a home equity loan or personal loans and the rules but I would assume that you could simply add up your expenses that don’t allow credit card use, transfer the money from the heloc or ploc needed for those expenses into a checking and pay them that way. I know it complicates things a bit but it’s worth the extra hassle if you’re eliminating debt this quickly.

[@amyroberts7990]

@@MrFuture2084 I agree! thank you for your reply. I'm trying to work out the numbers this month and will implement Ms. Vann's strategy as quickly as I can.

[@VanntasticFinances]

Welcome aboard!

[@ABCD-si7px]

You can pay with the HELOC.

[@Rr23dd]

The cash flow does not make sense unless this person has a side hustle in conjunction with a regular job. I see only 4k monthly coming in. Please explain.

[@ABCD-si7px]

I still don’t understand why someone would take out a 10% HELOC to pay out a 3% mortgage.

[@kenwheeler1327]

Over the life of that "3%" loan you will pay OVER 50% in interest! Your loan is amortized over 15-30yrs. You are NOT paying 3%. Lines of credit charge you simply interest and you only pay on the average daily balance which will not even be close to what you pay on the mortgage over its lifetime. She mentions this exact question at 18:53 in the video.

[@ABCD-si7px]

@@kenwheeler1327 THANK YOU!!!

[@TheHotSauceGT350]

Wouldn't she also be making car payments as well every month meaning she pays down the car note in the middle of 3 balance cycle?

[@rainh76]

Can someone break this down even further for me, for I am confused at the point of taking $10,000 out of the $15,000 LOC. If you put the $10,000 you took out towards the car loan, then wouldn’t you have only $5,000 LOC left? Then you would pay towards the line of credit with the income money of $4000 and bring it back up to $9,000 LOC right? Then subtract Living expenses right? How did she start at $10,000 when that initially was paid towards the car loan? I’m so confused!

[@GarryCoates-wb1kv]

Where can someone get a LOC that high?

[@sollymaykorn]

I love this video, but had a question. For mortgages and car payment (or certain payments) you can’t use your credit card to pay, so how would you go about paying that with your credit card?

[@BloodySoup74]

HELOC or PLOC

[@sidshri6080]

@@BloodySoup74 whats a PLOC please?

[@BloodySoup74]

@@sidshri6080 Personal line of credit.

[@Omar-Dawood]

@@sidshri6080personal line of credit ploc

[@JackofAllGigs]

@@sidshri6080look it up and quit being lazy they gave you the brick you have to build your own knowledge

[@THEONLYVK]

I don't understand how the monthly interest amount on the line of credit is so low. Can you please explain at the interest rate specified?

[@VanntasticFinances]

@THEONLYVK It's simple interest based on average daily balance.

[@coreyrichards4303]

so wouldnt the initial 10k on the cc drop your credit score?

[@almmason7]

Of course, but as u make payments it goes right back up, not fast, but the goal here is to pay off your debt, not high credit score. You can still maintain a decent score tho.

[@sheril8739]

If you put all of your paycheck towards the CC payment how do you pay your other “total expenses”?

[@patriciasilva-lewis7384]

That's my question too. 🤔

[@VanntasticFinances]

You can’t put all income into cc only cash flow + expenses

[@LuisPelotero]

Is a savings secured line of credit better than a bank line of credit?

[@tonyrodriguez8010]

When it comes to car loans, paying it with velocity banking only saved you about 3k right ?

[@lisaeccles8036]

So with the expense of 600 included for the car payment the balance of the car should be less than 18000

[@swamybale8213]

if you take 10 months to pay off two 10000 LOC using velocity banking, you are ahead of 3 months than simply paying 1575 towards principle for car loan. 1575 times 10 = 15750, vs 20000. Please let me know if this is right. Also I think the person should have 6 months of monthly expenses stored somewhere, if emergency arise.

[@larryjones1168]

Can you really use 4000 for a number what about the -1000 for rent ppplease tell me how to pay my car payment with a CC

[@nancy27c]

When you started new $10,000 in mo. 7 you added a carryover of 3 thousand instead of 3 hundred, which was written on top of the line. $2,700 too much?

[@jill9646]

What about all the other bills? My total income of 4000 is going to pay the cc?

[@timothydavie6215]

When calculating the monthly interest for the LOC. why are you taking the avg monthly balance and dividing it by 365? Wouldn’t it be 21% of the daily avg of the month?

[@timothydavie6215]

Shown in 9:38

[@rigidbeast6447]

what about free cash 1575 + 600 loan payment = 2175 x 6 = 13,050. loan amt 28000 - 13050 = 14,950 new bal after 6 months - 13050 = 1900 new bal after 12 months done in 13 months with final payment. did I miss something here ? 3.5 % on the loan maybe adds a little more on the balance.

[@tyg2058]

You can't pay house payment with credit card so how will you pay house note

[@gina77duc44]

You are drawing money from the Line of Credit

[@knoluv_apparel6887]

My only question is, what about the following 5 months of $600 car payments? Is the entire 6 months of payments satisfied by paying it down by $10k month 1!

[@viviangrasser2465]

I think her cash flow is 575 not 1,575; 4000 - 1000 = 3000 - 2425 = 575 can you check that?

[@Tina-tz2ud]

If someone is paid bi weekly. Wouldn’t that make a difference as far as the interest on the LOC? Because you are making deposits into your LOC bi weekly instead of monthly?