5 Tips to Paying Off A Car Loan Early - How I Paid $40K in 34 Months

Learn what worked and what didn't. Paying off a car loan early is no small fest. I'm not telling what to do! I'm showing you what I did!
Time Stamps:
0:00 What not to do!
2:54 Tip 1 - Selling it may be an option
3:53 Tip 2 - Pick a debt pay off method
5:48 Tip 3 - How to find some extra money
8:08 Tip 4 - Use the Principal Method
10:10 Tip 5 - Staying on track

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Related Video: Should you pay off your car early?

When I bought my brand new truck I paid over $40,000 dollars and was happy as could be but the honeymoon was over quick and the $500 plus car payment got old quick. When I first starting thinking about paying off a car loan fast, It because my number one priority. You see I started thanking about life before those car payments and life after. To honest buying a new car inspired me to to get completely out of debt. So for that it was a good thing. Some of you may be thinking do paying off a car loan early help credit score? Honestly, it dropped my a few points but not enough to cause any damage but I'll take a minor drop over car payments any day.

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This video is for entertainment purposes only. Always seek professional assistant for financial and legal matters.

[cockpuncher]

The Chris Rock of Financial Literacy. I'm sold, man.

[tcyaddboy]

Bro I did this with my car then my student loan finally I paid my first house off. My job Give us 44 hrs a week in OT with over night extra pay and every Sunday a paid holiday. I took a 3 year oath to pay my first house off in 3 year with every December I paid 30k towards principal. Meaning I paid off a 140k house off in 3 years. Now I’m working towards my 2nd house with the first house as a rent house going for 1800 a month.

[trailermechanic]

Debt is emotional. Paid my truck off last year 40 months. That's my first and last car payment. Paid my house off in 2016. Building a emergency cash fund of 20k to 24k by end of year. Household income is less than 50k.

[kerrieguinn]

I'm 50 years old. I had to buy a car after many years with no car payment. My new car loan scared me to death!!!! I was literally depressed over my decision. HOWEVER, the information in this video just changed my life substantially!!!! THANK YOU FOR YOUR TIME SHARING THIS!!!!

[sevenproductions]

They’ll give you a quick car loan for 40k but won’t give you a home loan as quick for 40k

[chickenfixn]

I watched this video a ways back while in the gym after financing my 2010 Mazda 3 for $7900. This video helped me knock out a 3 year payment in about a year and a half. The numbers seem small but Im now 21 years old and this was my first vehicle Ive ever financed. Thanks so much for the inspiration!

[WWambition]

Nuggets! Thank you!

“The new car smell was gone. They’re already talking about changing the body style”

[brocksamson]

Just focus, if you have a 9 to 5, get a part time job as well and just start knocking out that debt. Don't buy stuff you don't need and invest your money!

[JF-rzrh]

I just paid off my car last year, and it is prolly one of the biggest steps of financial freedom I have ever had in my life. It is such a relief.. Freedom, less stress💜

[precilla]

I really appreciate that you're so honest, you made mistakes and you own it. I grew up really poor so getting into ANY debt is terrifying and my family looks down on me. your advice was really great

[terrellgaines]

If you and your spouse on the same page you'll be unstoppable

[lzh]

This video just popped up on my feed. My daughter had to buy a car hers just gave out. She was’t smart and bought what she wanted, instead of what she could afford. I’ll be sharing this video when I visit her next week. I think your honesty in showing your personal payment information was what I found so impactful. I’m retired (59), own my home (on an island community), and car, with only $1600 in bills monthly. I know that reading some of the comments, that your honesty has helped a lot of younger people see the “light”. I’m just getting tired of the, “Hey mom, can I borrow 5k, to fix a problem that they should’ve have or need to. They don’t want to listen to me, I hope they’ll listen to you. Have a wonderful day.

[MrPump]

Never undermine the information you’re putting out for everyone! You’re literally out here changing lives thank you so much !!

[Destinyraquel]

Yes I just got my car yesterday and I’m already trying to figure out how to pay it off early and you made it easy thank you ☺️

[gurubhaikhalsa]

Hey kiddo, I'm 69 years old and you just taught me something I owe you

[thomasburnspa]

My wife and I did the same thing! It was hard and lots of arguments but well worth it!! Kudos to you. May God continue to bless your sweet family.

[moneyboyatyahoo]

I hate the word DESERVE. if you worked that hard, use the word EARNED.

[Mona-mrcd]

Great info and I’m on track for 2021 with my new 2020 car.... I’m staying focused like you said.
# grinding because I love my car and keeping it.

[dii-N-sd]

I paid mine off quick too. I hate owing ppl money, and my car was the only debt I hate. So, I doubled or tripled my payments every month. I avoid paying all that extra interest like you said. I've basically been riding for free ever since. It feels great knowing I have ZERO debt.

[roslyncaskey]

My Brother, you broke this subject down so well, I am walking around with a blessing of knowledge that I will definitely applying to my debt. Thank you, thank you and thank you again for sharing. Informative and funny.