How To Pay Off Multiple Auto Loans Over $40,000 With $2,000

Hello everyone and welcome back to the velocity channel where this is your bridge to financial freedom We have a multi bagger. We're gonna be getting rid of multiple loans here We want to make sure that your cash flow is flowing and flowing efficiently But before we get into that I want you to like share and subscribe so that everyone around the world knows the power of Velocity banking. Are you ready? Well, so am I listen we are going to be using our credit cards all right, we are going to be using our lines of credit if You are afraid of credit cards if you're afraid of using line of credits Just know that I do these videos just for you because I can't have you always Being afraid of what you should be full of. Okay. Listen, you should be full of leverage That's why I do them. That's why I use the lines of credit to pay off our loans because we've been fed Haven't we on a continual basis? You're supposed to cut up your credit cards cut up your credit cards cut up your credit card But why should I cut up my leverage? when we have an understanding that instead of cutting up our credit cards instead of cutting up our lines of credit if We can use them to actually give us out of debt faster I believe that that is the way to go and To be honest, is that the way to go about life in general to continue to just ward off? What you're afraid of or should you just learn more about it? Especially when it comes to your finances, so look we got the loans and as is our custom We're gonna go over every single one of them. All right loan To and the reason why I said moment you is we're gonna put these in groups So this is one group and this is another group and we have the loans $33,571 at the 23% for $150 a month We have one thousand three hundred and ninety four dollars at twenty seven percent and forty three Dollars a month and here if we go over to group one Thirty-five thousand right thirty four thousand one hundred and seven dollars at twenty two percent. That's a nine hundred and sixty six dollars Each and every month just flowing to the bank. Okay, fourteen thousand nine hundred and seventy two dollars at Twenty-five percent and the monthly payment on that is four hundred and sixty nine dollars. We are going to be working with a Fifteen-thousand dollar line of credit. It's gonna be at twenty eight percent now We have a zero balance folks. This is an unsecured line of credit. We've been given that money All right, because of the credit score, right and Why it jumped up to 28% I don't know but that's none of my business All I want you to do is you to make sure that all of this goes away very quickly now Before we hop into these loans, okay, and it doesn't matter what they are personal loans auto loans Student loans, okay, whatever they are. These are real percentage rates and real minimum monthly payments We want to figure out which loan to take out first We're going to continue to pay those amortization payments those regular payments of whatever they are each and every month But we want to do something different and we're going to get rid of at least one of these loans very quickly See we're getting rid of them we're eliminating them in order, but how do we do that? We come across the cash flow index That's how we're going to be getting rid of them very quickly So if you look and calculate the cash flow index, which is the loan balance divided by the minimum monthly payment You're going to find out that this one has a cash flow index number of 23 So we're going to go ahead and doesn't make that with a circle And you'll find out that this loan actually has a cash flow indicator number of 32 Now if we hop on over here, we'll see that this cash flow sucking loan has an indicator of 35 They were going to circle that and then of course last but not least this one has an indicator of 31 So what does that mean well the lowest number right which means the most cash flow sucking loan the most inefficient or least Efficient loan has to go first that way you can capture that cash flow to pay off the other loans So this one has got to go all right, so that's what we're gonna Do we're gonna go ahead and take a portion of our fifteen thousand dollars And we're going to get rid of this loan now. You're only taking a portion of it and remember $5,000 right is bringing in and Then $3,000 is exiting so if you have a cash flow of $2,000 how long is it going to take you to pay off? $3,571 let's go ahead What is that month? Month and a half Let's just say it takes you two months to pay that off And remember you're not writing a check per se for the minimum monthly payment to your line of credit When you are paying your loans like this no no You're simply making sure that you do a balance transfer right and now you have a balance This is the same balance now now you have a balance just on your line of credit But you've gotten rid of this loan now that $150 that was going to the bank is not going to you All right, and then we do the same thing right let's go ahead and do the same thing with this one all right or or we can go over here and do a $15,000 right after we're done paying that off in about a month or two We can say you know what I want to take $14,972 from my line of credit, and I want to do another transfer right of balance so now I Want this $469? That's what's happening You see when you do the transfer like that all you're doing is now you're in control of this cash flow You have control of it. It belongs to you now instead of to the bank So now you have a balance of 14,000 $972 and We're gonna have that cash flow work for us finally right we're gonna make sure that we're using our line of credit as our new Checking account yes, this is gone So let's replace it with the fourteen thousand nine hundred and seventy two dollars When are you gonna get out of that maybe seven eight nine months all right, that's good Listen you didn't have trouble paying all this before you just want to get out of it way sooner And you're getting out of it all right, so now that we're done We're paying all this off Now what do we do? Well, let's continue shall we let's go ahead and take $1,394 let's capture this little $43 each and every month okay, and you're gonna do the same thing so now that when you've replenished that lickety split Maybe in a month now. What are you gonna do? Now you got the big kahuna That's the last one you got the thirty four thousand one hundred and seven dollars at the 22 percent now now You're gonna be able to really Hammer that loan off they want you in this for years Okay, but I'm gonna show you how to take less than what they want you to be on watch this It's simply time To make sure that we're using our lines of credit to the best of our ability And this is what we need to remember when we're paying our loans that it's always getting divided up $629 on the first month goes to the bank. That's an interest and only $337 is going towards the principal. Do you see why it's so important that we ensure That we pay this principal down in a fashion that helps us instead of hurts us All right, so we're going to use the line of credit as we've shown to Put a dent in this principal So we're gonna go ahead and deploy the whole 15,000 if you feel uncomfortable with deploying the 15,000 you can go ahead and do less 12,000 10,000 it doesn't matter as long as you are eating this principal because as you eat the principal you're canceling out That interest you'll cancel the principal you'll cancel the interest So if we do that, we do need to let you know that you're going to be in the line of credit You're gonna hold them. However, right you're paying it with your cash flow and you're gonna be out in approximately Eight months, right? That's the approximate symbol right here in approximately eight months You'll be out of that $15,000 and what can you do is you're continuing to pay that? $966 each month is you Then you've replenished it and now you're going to be able to deploy it. So now you'll be at like four thousand one hundred and Seven dollars, right? So you've paid them all off and you do the calculation Did it take you five years? To pay off all of those loans those cash flow sucking loans Did it take you ten years twenty years like they wanted you or did it take you in a matter of months, right? I know this one was what about 16 months right Folks I want you to get in contact with our team Because they're gonna show you how you don't have to live according to the bank's plan because if you live according to the bank's plan You're gonna die according to the bank's plan. As a matter of fact for those of you who own houses rent mortgages You know after you pay your mortgage, did you know that you still have property tax so it's not really yours If you don't pay your taxes on that guess what's gonna happen. They're gonna drop you like a hot pocket All right, you're gonna be out of the house. And so just want to let you know Mortgage it stands for debt plan But you don't have to have just a mortgage you can turn that mortgage and yes You can turn that mortgage into a line of credit you sure can if you have any questions on that Just let me know I can show you how to Turn that mortgage and replace it with a line of credit so that your whole house Actually becomes a bank right and that you can bank on Folks, I just want you to know that strategies like these they're Absolutely everywhere we can help you out with that. Go ahead and click on the description below if you need help and Remember what I say Let not the odds that are against you Convince you that the odds are against you God bless and have a good night