How To Pay Your Car Off Early

there's about like six years ago I just paid off my first car and there's nothing like owning having the keys in your hand and knowing that you own this car I'm gonna give you some tips on how you can pay off your car and I'm gonna tell you how I paid off my car earlier keep it locked right here so let me go ahead and just jump the gun right now I totally disagree with you financing a car and I totally disagree with you even having payments on the car but I get it we all have been there Hey I have several times I finance a car and I had to make payments on the car but then when I switched my mindset and say you know it I'm tired of debt I started attacking some stuff and here's one of the things that I considered the very first thing was can I sell this car not have anything left on the car as far as in what I have - oh but can I really sell it and pay off the loan and be good and possibly have some money to where I can use that money to go buy a cash car when I analyze that for myself I couldn't I was negative and equity so this means I could not sell it and walk away from the car without so only something so I jumped on to the next thing which I'm going to suggest for a lot of you all watching if you have a thousand dollars in your emergency fund and you're using the Dave Ramsey debt snowball lining up your debt from smallest to largest and let's say you get to your car here is a method that I want you to use to pay off your car earlier let's say for an example your car payment is $300 a year I want you to take that same $300 and divide that into twelve I want you to add that on top of the $300 that's gonna be extra principle payment it's very small right it is so this way you're guaranteed that every single year you're at least making one extra principle payment on your on top of your loan but I want you to double up that payment okay once you go from 300 to 600 and whatever that is I want you to double up every single month here's the bare minimum you can make at least one payment extra a year or two bare minimum at least for payments which is once a quarter but I want to attack you like the debt snowball anything extra that you have coming in I want you to put it on top of that and start paying it off paying it off hang it off hang it off and some of you may be saying you know what Anthony I'm doing a debt snowball but you know what I really want to go after this car loan no way if you have a smaller debt than your car loan I still want you to do the debt snowball because I want you to get the momentum and I want you to get excited attack the smallest thing first then will you get to this baby right here I want you to dump everything that you can on getting rid of this loan remember your car is not an asset it is a liability it is an asset to get you to your job and to other things but financially it is a liability it is losing its value every single day and on top of losing the value you are accruing interest every single day get out of it listen if you guys don't even have a car right now you need to get one I do not want you to buy one as far as in finance it I want you to buy it out with cash want you to click the link below I'm going to put one of my previous videos there to show you how you can buy a high-end quality used car all right I'll see you the next video peace

Channel: The Table With AO

Views: 60,945

Keywords: How To Pay Your Car Off Early, car payments, car loan, auto loan, debt snowball, money, debt free, debt, finance, budgeting, budget, paying off car loan early, anthony oneal

Id: XXj9AFscNEw

Length: 3min 33sec (213 seconds)

Published: Wed May 15 2019