Accelerate Equity & Shorten Loan Term
EquityDriver will deduct the FULL amount of your car payment from your checking or savings account approximately 3 weeks prior to the first regularly scheduled car payment that EquityDriver is to make on your behalf. This debit will be sent to your lienholder
Then, continuing every two weeks from the first debit, EquityDriver electronically debits just HALF of your regularly scheduled car payment from your checking or savings account
Next, once both HALF payments have been collected, EquityDriver will forward the full monthly payment to your lienholder.
Now, twice per year we are able to ask your Lienholder to apply half of your car payment towards the principal balance of your loan.
Here is the Secret!
Since your lender only expects 12 payments per year we can collect 2 extra half payments using EquityDriver. There are 52 weeks every year and collecting half your payment every two weeks means that a total of 26 half payments are collected each year… 2 of which are EXTRA!
Why does this matter?
By paying extra payments towards the principal balance of your loan, you are able to build equity quicker than you would pay your loan back in a traditional way.