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Thanks for all your advice. I have a question though. Wouldn’t you pay it off sooner because you still have to pay the 951 for the 20 months?

Bought a new car for 33k, sold old car for 19k and used as down payment, balance 14k paid off loan at 8% before first payment due. Interest paid $2.55 hows that for velocity?

what if you dont have that line of credit ?

#debtreduction

Or you can just pay $1830/month and pay it off in 2 years and 8 months…

There are some missing details like line of credit type.

"It doesnt matter what the interest is" (switches off video)

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.....

You’re asking people to pay an additional $1000 cash every month on top of their $830 payment.

I agree with that comment. I want to learn how to kill my $14,657.80 car loan 💯

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.

How do I get 10,000 line of credit ?

My payment came out to 51😢

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???

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.

Do u do Credit repair?

Do you put money towards the princple on the HELOC?

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.

But how do you get a $10,000 line of credit ??

Email address please

I need a one on one class

Velocity banking 🥂🍾🔥🔥

Deploy those soldiers 😂 CJ you are the man.

Which bank or institutions are you using for velocity banking?

how can I connect with you

Buy with cash? 🕶

I love this guy

There are so many missing parts to this.

Hi what about interest on the LOC ?

I have a question: If my credit card and car loan is from the same credit union, can I use my credit card to pay of my car loan?

"Give a Man a Fish, and You Feed Him for a Day. Teach a Man To Fish, and You Feed Him for a Lifetime". The problem with these kinds of videos is they are giving out fish, not teaching people to fish. You don't need a line of credit to accelerate the car loan if you have $2000/month in positive cashflow after your current 540/month car payment and other expenses. Just instead pay $2,540 per month toward your car loan. The loan will be paid off in 14 months, and without incurring any LOC interest charges @21%. It's not mathematically possible to get ahead by shifting 10% debt to 21% debt.

He is entertaining

Lovin' your work CJ✨ 🤩 I listen to your videos over and over again. I've started my Velocity journey and it's already paying off. 💶 Sending thanks and good vibes from England, UK 🏴󠁧󠁢󠁥󠁮󠁧󠁿🇬🇧

This is good

Wish I was This should be taught this in my twenties

Wish I was taught this in my twenties when I was a rent payer

If you get a loan at 21% interest lol 🤣 you shouldn’t be buying a car.

How is velocity banking better than just paying your bills that cant be paid with cc then taking the left over money paying min on ccs then whats left over paying that on your smallest cc balance till pif then move to the next card

You have a few flaws and things you omit or did not take into account.

This requires a 100 thousand yearly income to accommodate only one car payment, not including mortgage. This implies that you would not be buying food in this economy, only gas mortgage, water, light. Not taking in consideration kids, and or home maintenance. For people that have an income of 30,000 this does not work, not even for an income of 60,000 a year. Unless you have paid off your house. Where only people that do not pay mortgage are sons or daughters that still live under parents home

Mom: what did you learn today in school son??? Me: 6 is greater than 21😂

Wouldn't just paying the 2k per directly on the car loan every month by better.... verses waiting 5 months be better? If not explain how wouldn't it.

But the line of credit is gaining interest 🤷🏽‍♂️

Who has a 7 year loan for $37k for a car

Adding this one to my Auto loan payoff play list Thank you Sir.

You LAID THIS OUT!!! This should be taught in EVERY HIGH SCHOOL!!! My 2nd video of yours watching to make sure I had it down. Got it!!! Starting this NOW!!! And if this is done with discipline it should enhance your CREDIT. EXCELLENT WORK!!!

The supposition of this “plan” is you have $2000 of leftover income that you have no need of, so you can apply it all towards your car loan. Not many people are going to forgo having a life, nor not have any unexpected expenses. Who can really live on $3000 months? Maybe somewhere in the middle of the country, in a small town. So you probably need to work remotely. This is not reasonable plan for most people.

So...... what happened to the 21% INTEREST on the line of credit? Because the math ain't mathing. It will take LONGER than 5 months to replenish the 10k at 2k a month if you include the INTEREST. 😮