How to Get a Car Loan (The Right Way)

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100 thoughts on “How to Get a Car Loan (The Right Way)

  1. Capital One keeps sending me ads for auto financing with a 16% interest rate. Not biting….I want my interest Rate to be single digit.

  2. Negotiate price, shun the fees that are illegitimate, and then pay cash. If you can't pay cash, you aren't buying.

  3. This stuff needs to be taught in high school. Cause algebra, geometry, and trigonometry are useless as fuck. If I were to learn this in high school, I would’ve been had my first car by now

  4. I don’t know why I watch this video, I pay cash for everything. You all borrowers are slaves to these big companies, and I laugh every time.

  5. I got a 6883$ loan from capital one for 11.30% for 36 months for 226$ but im gonna pay 290$ and pay my car off in 26 months and only pay 350$ in interest per year for those 2 years interest rate is kinda high but a shorter term i can control myself by paying way more than than the minimum.good thing i came to my senses and avoided another dealership that wanted me to do 23% on on a 10k car for 72 months over the course of the loan this car would of cost me 19k. The car i got was just 4 years older than the other car the dealership tried to screw me over on but the reliability is still there the car being a toyota

  6. Super video, and I have not even viewed the entire thing yet!!
    But I can ALREADY say something about what the video is going to talk about!
    IF that were not so, then videos like this would be completely useless! But because of the greediness we need these videos, BIGTIME!!!
    Put another way, it all boils down to the almighty dollar!!!
    OK, I'm beginning to rant!

  7. Question:
    We are thinking of getting a new car,
    Since we can afford it we are thinking of getting the best loan, but then once we get the loan, we are going to make elevated payments to pay it off much sooner thereby avoiding much of the interest!
    Your thoughts please ?

  8. I just bought a car the car was worth 12k and they wanted me to pay 300 a month for 60!! Months and 14% apr a total of 1800 they didn't budge so I left knowing this was bad choice they end up calling me back with an offer of 270 a month for 48 months with 8% apr for my first car paying 13000 with 1000 down was wild

  9. Best thing to do is ride a bike for 2 years get ur credit score up with 2 secured credit cards =unsecured then go get a car

  10. I feel like I got screwed please tell if I did! I got a 2012 bmw my interest rate is 24.35% my car payment is 337.04 for 5 years.

  11. Is it fine to finance a car in dealership or via personal loan then kust buy on Craigslist. Im young and want to bump my credit score

  12. One thing I have noticed is if a dealership is offering a huge discount (dealership discount not manufacture rebate) they usually offset it by add ons (extended warranty, service contract, GPS or protection pkg). Dodge dealerships in SoCal are the worst at this. Most wont sell you car unless you agree to keep the add ons. At the very least they will make you keep the GPS/alarm at $1000.

  13. First time buyer and lowest offer I've gotten is 16%! have a car rn but hitting the 200K miles and not looking to spend more money on it. Just gonna build my credit up some more and bigger down payment. Thanks for the video!

  14. You're not likely to get interest rates that low unless it's a new car and those are all bought down from private agreements between the manufacturer and the lenders, so you're technically paying a higher interest rate anyway

  15. I was 18 years old when I financed my first car with 4 months of credit history and a 630 score. Car was $9,200 at 14% interest.

  16. The right way is to buy a car with cash. If you cant afford it, buy a cheaper car. It will save you tons of money over your lifetime

  17. Great video! I did my research for a few weeks before buying and just purchased my car yesterday! Though I'm just seeing this video, I used these exact steps and was quite pleased with the outcome. Great price on the car, decent down payment and low interest rate. Take his advice, as this is solid!

  18. I went to 3 different dealerships this year but didn't purchase a car. I got that "being ripped off feeling" from them all. Its like the MSRP is $22,000 + taxes and fees is $36000 but with our special discount its 34,999.

  19. if you cant pay %100 down payment or %0 apr dont buy a car because you are not ready to afford it. which is fine just few more months or years untill you saved then buy it

  20. 30 + yrs in the car business. All great advice here. Here's where all most all goes wrong for a buyer. I'm sorry to say and it's disappointing to know this but 95% of all buyers lie the second they arrive at a dealership. There's so much here to share and I'll likely be a bit all over the place but worth the read I promise. First off stop lying to your what was once called a car salesman. Those greeting you at the dealership and showing you what the dealership has to offer is nothing more then a offer transporter with hopefully answers to your questions about the vehicles you're looking at. There far more open to getting you a great deal in minutes and delivered within a couple of hours. The profit margin on vehicles today is so slim that once $500 has been up by a dealership the sales representative is left with what's called a mini deal. Greed lives strong in all sales jobs. No one wants to spend a extra minute when there objective is to move vehicles. A mini deal on a average is $175 per deal including any dealership bonuses. Now when it comes to financing your credit is beyond important to know before shopping. The truth is most leanders charge dealer's a fee for buying deals depending on the customer's credit. If you have not just a great fica score but a great fica score with great car loan history then your going to fly right threw the process. If there's some questions in your credit history for example school loans, present car ( loans ) more then 50% debt for income to financial monthly obligations. If you fall in the debt being higher then a lenders guidelines then the lenders may offer a loan still but a buying fee will be added. Those fees have to be packeged into the sales price before any and all other fees. For example if you don't come forth with the truth of your credit before any negotiating you will work a deal on a vehicle you want and when credit is pulled and it's clear that the credit is bad the dealer wants to deliver the vehicle if at all possible. A dealership will forward your credit and worked out deal on a pacific vehicle. The lender will then offer the dealer it's conditions. Those conditions on a average are 26% of the amount requested to be packeged into the sales price. If the dealership hasn't the profit to cover the fees then the dealer has to let the customer they can't take delivery after all the time spent working a deal. If your forth coming to start then a sales rep will help you pick a vehicle out that the dealer can structure a deal to start with that a lender will buy and the dealer can sell. Now the 26% isn't your interest rate it's a fee to buy and your rate will be at state cap in your state max. So here's your true visual example. Sales price $10,000 + plus all fees and taxes come to $13,000. The fee would be $3,250 making the sale price having to be $13,250 plus all fees and that's now $17,000 and a 60month loan would be a estimated $425 a month for 5yrs. $425 a month on a $10,000 valued vehicle that with good credit would cost $200 a month. It's not the dealer screwing up its customer's with bad credit and lenders funded by hedge fund groups that lend there money out at high abusive rates and conditions. Be honest with the dealership upfront ask for help and you'll get it. They're neighbors with employees of dealerships and you won't know because they don't to hear stories or be labeled as one of those as be there neighbors and I don't blame them. Need a car and have bad credit don't tell your neighbors your business. Go to the dealership be honest get the help you need and drive home in a better working vehicle for yourself or family and keep your business your business

  21. Nice and and I’m so impressed markoffice. Org that your administration can get my late debts cleared and also help me update my credit score.

  22. Never pay a down payment. It's not worth it. For example, if you pay 10k down you will expect to save $30-$50 off the monthly payment. You're better off keeping that 10k in your pocket.

  23. I’m 27 and I need a car. My credit is at 558 my only credit card is at 2500 out of 3500. I’m not trying to go over 20000 for the car. This is such a stressful process. Where do I start?

  24. 26 years old with a 415 credit score. It sucks , but I’m not ashamed. Planning on getting a car loan from my credit union

  25. Thats great BUT i have paid my house off and paid cash for everything lthe last 12 yrs. i litterally have no debt and have low credit.

  26. This guy killed it! I just bought a car at 22, still in college (last car was totaled), and after watching this video I feel a lot better about the money I’m paying. One thing I might add is, if you can wait, wait until the end of the year when car companies are trying to boost their sales numbers to investors. They’ll offer some crazy deals and interest rates. For example, I got a 60 mo, 0.9% APR loan after getting $4000 off MSRP from the dealer—all because they need those year-end numbers.

  27. I’m sooo lost still. I don’t have credit at all. I bearly make 1600 in two weeks… I’m afraid going to the dealership cuz I don’t understand none of this shit. Can y’all please helppppppp

  28. Can I get a loan through the dealer? Like when you mentioned their interest rates, or does it have to be strictly through a bank?

  29. I found a 2013 Chevy with about 70,000 miles which is much better than my 2005 with 120,000+ miles. I have enough money to buy the car with cash, but I am in college and need that for tuition. So, I am getting a loan from my credit union but I really have no idea how this works. Do they have to go check out the car and if it is decent will they then buy the car? Or do they check the car and then credit your account?

  30. the best way to finance a car is not to finance it. just pay cash for car. if you cant afford the car dont buy it. Banks robbing people blind. why give banks and car dealership money . that Apr/intrest money can stay in your pocket.

  31. it's so confusing when your buying a car off the dealerships I appreciate your help man I got a better understanding

  32. How are you supposed to find out if the dealership takes a cut of the interest? Like if you ask them they’re probably just gonna lie to you lol.

  33. i always choose the longest to pay off car 72 months at 4.24 % but i always pay it off 2 or 3 yrs early. i just like the flexibility…. if something come up, i can just not pay the note since im months ahead on it or jus pay a partial payment

  34. Thank you Jason, you've reaffirmed what I already knew about auto loans, my problem is that I have less than a thousand for a down payment before I sell my older vehicle. I'll let you know how it goes.

  35. What would be better,
    Me apply for 17k making 45k a year with a 730 credit score or
    Me and my wife applying but she has a high 600s credit score and a ton of student loans. But we make 147k together

  36. I’m pre approved with a credit union. I decided to check out a car at a dealer. I showed them my pre approval letter. They said it’s not good enough and it should show my interest rate and monthly payment. They wanted me to fill out a credit check, even though I’m pre approved by C.U. Is this typical procedure? Thanks for any replies.

  37. Question. I’m in the market for a $37,500 vehicle (Ford F-250). I have a credit score of 800+. How should I go negotiating price? Although I make really good money I want to know how to save my money. Thanks.

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