Here's How to Buy a Car for Free!

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So there’s this decentralized app called alchemix, alcchemix is a decentralized app that allows users take out loan that they never have to pay back (don’t know how true) but sounds too good to be true.

Whether it’s possible or not but the alchemix app is a self–paying loan app and how it works is going to be explained as I read it, so let’s calm our nerves and go through it together maybe we will get to buy the car together or end up in debts. LOL

The traditional banking method of giving out loan for a savings account is usually to pay back a certain interest that is usually 10 – 15% annual interest rate depends on the duration and amount. For example, let’s say you get to open a savings account and deposited the sum of $1000 and decide to leave it up to a year with touching it, you are likely to get an interest of $100 as an annual interest. Now that takes a lot of time to wait for an interest and especially when you know you have $1000 lying somewhere when you can just invest in something else and get a bigger profit.

How has Alchemix made that possible?

Depositing money into Alchemix allows you withdraw up to 50% of the amount of money deposited straight up, sounds insane and impossible right? (Well you can try). So the logic is, if you deposit $200,000 into the alchemix system, it gives you interest of up to $100,000 insane right? and it is usually given in form of their own native token which can exchanged for the US dollars and it has exchanged you can then withdraw it to the bank and but the car of your choice.
So the math is if you had a car bought for $100,000 cash then that’s only what you will have, nothing else but let’s say you wait for a period of 19 – 24 months, the $100,000 you borrowed to get the car will be replenished, and then the original amount of $200,000 will be yours alongside the car. It’s so good to be true right?

Now here is the big question, how does alchemix get to pay the loan collected?

How it works is the application moves the funds deposited into different DeFi Vaults to capture the highest interest that is possible at all given time. Confused? Okay let me break it down, look at it as a bank moving your money into different accounts that has high amount of money that is possible to yield high interest every day to earn interest on it as quickly as it can be.

So with alchemix you can or can’t buy a car for free until you try it. Thanks to DeFi

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