Infinite Banking For Car Buyers: How To Leverage Insurance Cash Value

Hey there car enthusiasts! Looking to purchase a car in 2023?

I Own My Bank (IOMB) has got you covered with their latest guide on how to acquire a car. In this article, we’ll take a closer look at the guide’s most exciting points.

✔ First up, we have the classic method - buying a car outright. You can go ahead and pay for the car in full at the dealership, and you’ll be the proud owner of your new ride.

This means no monthly payments, and complete ownership - but be ready to shell out a considerable amount of cash upfront. On the bright side, you’ll be driving your new car home without any strings attached.

✔ Leasing a car is another option that’s been popular for some time. Though declining in popularity after the pandemic, leasing remains attractive for many.

This option requires a smaller financial commitment compared to buying outright and allows you to switch to a newer model every few years.

However, be aware that there are mileage restrictions, and the car must be maintained in good condition to avoid extra fees at the end of the lease term. Leasing is ideal for those who prefer to drive a new car every few years without the hassle of selling or trading in their old car.

✔ Next up, we have financing a car through a loan from a financial institution. This option allows you to spread out the cost of the car over a few years and make monthly payments that fit your budget.

This means you don’t have to pay the full price of the car upfront, making it more affordable for most people.

However, keep in mind that you will pay more in interest and fees over time.

This method can be a good option if you want to own a car but do not have the full amount of money upfront.

✔ Now, here’s the most interesting option - leveraging the cash value of your owner’s insurance policy towards your car purchase. Yes, you heard that right. This creative method helps you avoid the usual auto financing fees and high interest rates. For more on how to do this, go to https://www.iownmybank.com/blog/b/car

Purchasing a car requires careful consideration and thought. Each of the options we've discussed has its pros and cons, and it's up to you to decide which one best fits your needs and budget. Remember to factor in the cost of insurance, maintenance, and gas when making your decision. Don't rush into a purchase, and be sure to shop around for the best deal.

If you want to read the full guide, you can find it at https://www.iownmybank.com/blog/b/car.

Happy car shopping, and may the road ahead be smooth and enjoyable!