31 comments on “How To Pay Off Your Car Fast | Velocity Banking”

  1. Cornelius Askew says:

    Great video, I just have one question. When I subtract 3353 from 3600 I get a cash flow of 247. Is he making extra money or should we add in some room for fluctuations in income?

  2. Andre Robinson says:

    I'm here in CA, where is the best 3-5 Banks or Credit Unions to obtain the Debt Weapons? Current credit is great on all 3 bureaus with good limits on current credit cards minimal balances.

  3. Leo Carter III says:

    Denzel I’m new listening to this concept and it has most certainly piqued my interest. Do I continue to make monthly payments once I make that one huge chunk payment or do rinse and repeat once I make those payments to the LOC. Thanks in advance

  4. DAVID WILLIAMS says:

    Denzel I hear you but I’m having difficulty appreciating the notion of dumping all his income into the LOC and thereafter slowly over the next month withdraw his expenses, which leaves him a balance of about $350.00 will pay off the LOC. How does this balance over 12 or 18 months period returns the LOC to 0. I’m lost there can you please explain? Thx.

  5. Aves Raggiana says:

    Could you explain how the 10% simple interest charge on the LOC does not catch up with you during the period you're paying down the LOC to zero?

  6. Bryan T Barker says:

    DNR baby!!! Teach it brother!

  7. Bryan T Barker says:

    man gotta reply again…sorry….this is ur 3rd video I watched tonight( second time ive watched this one) and now I REALLY want a dollar raise!!

  8. moises maisonet says:

    How about if you can’t get a l.o.c for 10k I only have 1,350 could I still pay velocity banking.

  9. Marcus Smith says:

    Do you help with credit because I have low limit cards 2 x $500 and 2 x $300

  10. R N says:

    On his example I would tell this guy to get a second job to get the debt down. Working at Target or Wal-Mart or delivering pizzas a couple times a week would get this going.

    The problem with a cash flow of 350 is any extra expenses kills him. If he could add 200 to 300 a month would go a long way

  11. Gabriel Q says:

    Where can I get a line of credit? is that what I ask for a line of credit application?

  12. TheDavTrac Channel says:

    Hey Denzel !Been watching your channel for a minute I like your material you got good information here but anyway got a question I just started this velocity banking I got an approval for 25,000 line of credit I used 15,000 my 34,000 car which took me down to 19,000 and half the interest rate I have $10,000 sitting in my savings what should I do should I put it in the line of credit or just save my $10,000 in my savings for a rainy day?

  13. Fake Work says:

    Isn't simple interest divided by 12? So every 30 days you would pay 1% of the remaining balance in interest. So you would need to pay off the LOC in 3 months to break even with just applying your cash flow to the principal on your auto loan.

  14. Nam Hamada says:

    Denzel, I can't get loc cuz I credit card. Could u help please.

  15. hayden mattos says:

    Hey Denzel, quick question would this work for me if I owe $4500 on my car loan and the car is worth $8000. I got the car in 2015 and I pay $300. My average interest paid per month is around $20-25ish.

  16. VGK30 says:

    So I will have the car payment to make plus the same size payment on the line of credit ? Basically a double payment no? Sorry for my ignorance

  17. Leon Flores says:

    El maistro longaniza!!

  18. Joel Villa says:

    Good stuff man.

  19. IMPERIAL D says:

    Will it work with credit card instead of line of credit

  20. Andy Valdez says:

    His cash flow is 243 per month, don't see where though get different set of numbers

  21. Andy Valdez says:

    Sorry, doesn't make sense

  22. Marta Villanueva says:

    How many years has this teacher taught to be making $36,000 a year? And in which state?

  23. Liz Litaea says:

    in your car and mortgage example after chunking, do you still continue to make the monthly payment after a chunk?

  24. WE LOADED says:

    Great motivation my guy!

  25. shenicken snk says:

    If I have a car loan without a mortgage can I just double up on my payments (i.e. $700 every 1st and 15th of the month)?

  26. IGSpeedVision says:

    I don’t agree with the video but I appreciate the content and your time. I’d never take out a personal loan to pay another loan.The real issue here is the teacher is not living with in his/her means. It’s simple they can’t afford the car. The math you provide above the teacher makes about, 45k a year but his car cost about 30k.

  27. Angel M Cosme Vazquez says:

    Denzel I have been watching your videos for about a week. Cant wait to start your tier 3 program "Proud To Pay" Goings to get my numbers together to get this ball rollin. Talk to you soon !!!

  28. Beautiful Light and Love says:

    I was just approved for a heloc and I plan to use this strategy for my car and mortgage. I have watched a few of your videos and I am totally pumped about this. I can see how this works! I'm excited to get started. Thanks Denzel!!

  29. Nancy Boots says:

    [email protected] removed my auto loans 😅

  30. Chelsea Rush says:

    My car’s interest is 18%.. I didn’t have the best credit about two years ago… and It also has negative equity. (About $6,000) I no longer want this car and would like to get a used car with a lower interest rate. Would it be best to Use a PLOC to buy the car out and purchase a used car and then try to use velocity banking to pay the total down?

  31. K S says:

    The only thing I don't get is when he says that your credit score is increasing after you use your PLOC to make your chunk payment against the car or mortgage. How is your credit score increasing when your utilization on the PLOC is at 100%? In fact, your credit score will DROP bc the utilization is so high on the line of credit…no?

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