MFN Network
Car Loans and What We Really Pay!
Total Payback: $41,088
Original Balance: $35,000
Interest Costs: $6,088
Unfortunately, many pay anywhere from 12-28% on car debt. Those calculations would be much worse than above!
The truth is, cars lose value the day you drive them off the car lot, and they go down faster, much faster than the loan does. How many are upside down in their car balance v.s. value? If the value goes down $5,000 due to instant appreciation, and your payback is $41,088 as in the example above, you are already $11,088 upside down in debt in this car.
We need a way to retire car loans for good! Imagine trading in a paid off car, adding some cash, and driving out of the lot with no car payment. People do this all the time. Why not let it be you? All you need to do is re-establish your thinking. Just align yourself to the wholesome concept of no debt. It will take time, but if you see it for yourself, envision it, walk towards it like a dream, you can do it. You can do this. A galloping horse cannot be stopped on a dime. It must first be slowed down. Once you change your thinking about debt, it might take a little time to implement changes in reality.
You do not do wrong if you borrow. Sometimes it is highly necessary. But just like using sugar, or fatty foods, alcohol, or any other habitual stuff, - you need to own them, and not let them own you! Excess with anything will do us in. In the back office of products, I have an article of necessary and unnecessary debt. Breaking through debt barriers can set you up for better car scenarios next time you buy one. All debt must go, even car debts.
We do have an income system at MFN! If you get a cash flow of payments through this system, imagine the dent you can put in your car debt.
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