How To Use Whole Life Insurance For Tax-Free Financing When Buying A Car

Jul 29, 2023

I Own My Bank understands that it can often be challenging to get the money together for a large item, like a car. But with the Infinite Banking Concept, you have all the flexibility you need for a smooth purchase!

You may not have heard about the Infinite Banking Concept, but when you read this report from I Own My Bank, you'll wish you knew about it all along. Quite simply, it's a strategy that makes your life insurance policy work for you - and can help you to save big on large purchases like a new car!

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I Own My Bank covers the most important reasons that Infinite Banking should be utilized as a savings strategy if you're considering a new car purchase.

The report comes at a time when data shows Americans are spending over $120 billion annually in banking fees and interest payments alone. With rising prices across sectors, you face challenges when financing major expenses like vehicles. Loans or leases often involve high interest rates, limiting ownership, or burial in debt.

As explained in the report, the Infinite Banking Concept provides an alternative solution by using the cash value within whole life insurance policies as a lending system. Since this grows tax-deferred, no taxes apply to the interest and dividends accrued as long as the policy stays active. Funds can then be borrowed against the cash value as needed.

While the Infinite Banking Concept is highlighted in the report as an innovative approach for large asset purchases, it has applications for overall financial management. The method can assist with tax planning objectives and building up funds for retirement. The concept is similar to strategies famously used by the Rockefellers and other elite families to grow multi-generational wealth.

A spokesperson states: "The Infinite Banking Concept is the process by which one becomes their own banker, as taught by the late R. Nelson Nash. In his definitive book on the subject, 'Becoming Your Own Banker', Nash explains how whole life insurance policies uniquely function as dividend-paying assets through accrued equity, and the many creative ways one can utilize this liquid cash value."

If this sounds like a tactic you'd like to use, you need to read the full report now!

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