All Forum Posts by: Hardeep Singh

@Gagan Chawla

If we can meet over the weekend, then San Francisco will work for me because I work in Milpitas during week. Let me know thank you.

@William Hochstedler

Definitely makes sense. Thank you.

@Don Spafford I believe the 0% can work for cars, not on mortgages as some institutions give you 0% for first 12 months. I came across one or 2 names but definitely  I can share if i came across again. 

@Don Spafford

In math, the reason I say 1k down because the original LOC account is 3k. When you have 4k and you take 2k out from it, then you have 2k left in the LOC account and you pay interest on 1k only (3k-2k is 1k). Is that right?

Make totally sense to let it grow first and then use small portion from your LOC account to pay off the mortgage or car payment.

Great thanks for the time. I will give it a try and if I get some success I will share it.

I heard some places give Personal LOC for 12 months on 0 interest.

You can use 3 of them, taking out 2k from each for a year. you have 6k now Assuming you are saving $500/month. It will take 4 months to pay off 1st, and a year to pay off all 3 without paying any interest. Someone told me that. Is that make sense.

@Don Spafford 

Great Information Don

I definitely have the mindset and have the ability to save, just want to be sure on the process. 

So from the example you gave above, when you are 1k down to pay interest on your LOC account. Then, you can add another 2.5k in your account bringing your account to 4.5k. Use $500 for expenses then use another 2k towards your car principal and you back 1k down. So, you are using 1k every month to paying your car principal down (assuming you can deposit 2.5k every month). Can you check if my math is right?

Do you know if you can pay towards your car loan principal every month an extra payment?

I tried to apply this concept a while ago and i could not able to save, however, I am going to try it again with better understanding of how much I need to save and deposit. 

Thank you for your time to help on this concept.

@Don Spafford 

Great. I appreciate for your response. I have another rookie question about the process.

So, I guess my first step is to go to a local bank and get a LOC account. For example, if my line of credit is $3000 then pay that towards the principal payment for the car and start depositing money into that LOC account. Isn't the interest for using that LOC will close to the Interest the car dealership charging me on the loan?

I already bought my car and want to pay off the loan fast. I have about $14,000 loan on it. Do I have to refinance the car first to pay the money from my LOC account towards principal. How should I go about it?

@Renee Bridwell

I am trying to pay off my car fast. How I can use this strategy to payoff my car fast?

Hi everyone, 

Can you count me in too? I am interested in sharing thoughts and ideas on REI too.