Noob's Guide About Car Financing.
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- Опубликовано: 2 окт 2024
- I facepalm at all the financial idiots I've met in Atlanta. Have these guys even watched a Dave Ramsey video, or read a book from Robert Kiyosaki? Even if they haven’t, it doesn’t take a genius to realize how awful their loan terms are, or really how awful most loans in general are. Don't take a loan unless it can MAKE money for you. If you can't make Money make money for you, then go for assets.
Summary
1. Don't Do it if possible and just pay in full on a cheaper car or work harder until you CAN buy the car you originally wanted in full.
2. Alright Mr. or Ms. Impatient, if you want to finance go for Down Payment: 20%-33%
3. APR 2%-4.7%
4. Loan Term 48-72 Months
5. BARGAIN ALL THE NUMBERS!
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If you like this style of video, make sure to check out my Guide to Modding! It's Hilarious, I promise! ruclips.net/video/hi9ma_l46sI/видео.html
Make more of these "storytime animations" like this with the car
Bladed Angel are you going to make a video on need for speed heat on your gaming channel
Bladed Angel when I get a job when I grow up I want a Sentra like you waifu
@@Xrex-li1yb yes yes yes yes...
*YES!*
Do you not like credit cards or any form of debt
The 84 month loan is frightening, considering some modern cars don't even have a lifespan of 6 years.
Oz?????? WHAT??????
this being he’s a car guy. He’s mentioned it before.
My car’s 6 years old and still going strong. No mechanical failure. No issues.
Well this sure is a surprise but a welcomed surprise
That’s true af
Me: god I just love the 1970 challengers, so sleek
My insurance rate: I’m gonna stop you right there
Too true lmfao
Shawn James life hurts
My dream car is the 1969 Charger R/T. I really wanna get one one day.
SF1NX my dream („luxury“) car is a bmw i8,perfect cruiser.
But my fav import car is a rx7.
The 69 rt is beautiful!
@@fenn_fren mine is a 69 mustang boss 302
I want to buy a McLaren just to have a license plate that says “HI DEBT”
Hear me out...
How about don't. 😂
I saw a photo of a tuned GT86 with a "Debt" plate and "financial mistake" sticker
Claudio Bizama it doesn’t cost a Lamborghini for that car so why would it be so hard to pay back a gt86?
pleasse do...
Pie yield _ what is that mean? english is my second language 🥺
You are my long lost brother
🤣🤣🤣🤣🤣
XD
😂 looool
😂😂😂😂😂
The eyebrows make it for me.
I thought they were short stubby arms
Biggest misdirection/ lie in car buying dealership: Salesman says "I have to leave to talk to my manager about that" Truth: All they do is go to the bathroom and stare at the ceiling for 15 or 20 minutes
I like the new way he’s doing his “noobs guide to...” videos
ye, is all good
Next stop "noob's guide to.....petrolhead weeaboos" ?
@@masashiiino6914 *_Initial D fans playing Eurobeat from the distance_*
Short answer: No
Long answer:
Noooooooooooooooooooooooooooo
Full answer: nooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo
Fuller answer: noooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo
@@cheekyballs3496 even fuller answer:
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
I just financed a E63 AMG this is the greatest 4 days of my life lmao.
camdog124 just wait ten years and let the 20k extra spent on repairs start coming in 😂
Say hello to electrical, steering, hub, I can keep going on.... PROBLEMS
I’m in the market for a CLS63 AMG, Audi RS7, or BMW M6 and I’m worried when I buy one of those that they’ll cost me a fuck ton more for all the future bills for maintenance
and shit :/
Marc Lloyd that’s why I just wanna lease for enjoyment and for deductions
You financed an E63 and lost $63,000 in value over those 4 days
The best car buying experience I ever had was when I was able to write a check for the full amount. Once you do it, there is no going back to car loans.
Before I bought my car, I saved enough to pay it up front (around 30k). I financed a car at .9% and I down paid 50%. The rest was all credit building and it really help me get a good mortgage
.9% apr?
Ezequiel Renovato yes sir. I got it on one of those offers they do. I didn’t mention I was going to pay half down until they brought out the .9% just in case. They tried to put me on those long term finance plans that are BS (I guess that’s how they get you to believe it’s low APR).
Putting down 50% was stupid unless that bought down your Interest, which sounds like it didnt. 0.9% Interest rate sounds like a promo the dealer was offering, and you could've gotten that with putting 0% down. You could've put that whole 50% in a 2% savings account every bank has nowadays and come out ahead
HidetoraToujou ok, go do it then...
HidetoraToujou just to answer a bit, no it wasn’t a promo. That wouldn’t make any sense since it was my first big purchase. I had no credit (well nothing built up) as I’ve never bought anything using credit. They came back asking for 6-7% apr. I didn’t get the 0.9% until I told them I’d be putting half down
Here's the best tip you'll ever get about car financing :
-"Don't"
i wouldnt say so, for example lets say i have 30k saved and i want to buy a car which costs 24k, but i also wanna buy a house, id much rather put a down payment on the house.
get a car that isnt brand new so it will not lose too much of its value just because its not the newest anymore. get APR that is under 2%. i'd be losing alot more money buying the car straight up and living at rented apparent while i save the money to get the down payment.
Not really true, you need to build and maintain credit with various types of credit lines. And to a certain extent if you've negotiated the best deal that you can for APR vs the down payment, the rest of the money will serve you better in investments or even a savings account at times depending on the cost of the car and inflation. And that's in a hypothetical scenario where someone saved up 10k minimum for a somewhat reliable car, when you need a reliable car to get to your job to make said money in the first place.
I’m okay with financing my ride, my down payment was like 30% and I’m paying extra on my monthly payments so I can pay it off sooner! I’ll be payed off in 2 years 🤘🏼
Dayton Pomeroy Yeah same mine was 30% roughly as well. $8k down on a $25k Infiniti Q50. Payments are $302 a month for like 6 years but I’m going to do around $800 a month once I start making more money.
I don’t have to pay financing on my rc gtr
@@jakepokemonman1227 oh you got a q50? Nice man hey can i ask you this hope you respond but im thinking of getting a Q50S or red sport as my first car im young ik I just want to know if they are reliable and do they have a lot of problems since someone said they have transmission problems dont know if thats true and are they expensive to fix if something breaks? Hope you respond
Thank you a smart person debt is good as long as you keep up with the payments
how nothing happen to you.... or repo man will come fast...
I have 10-12 years to live... I am okay with going in debt to get my dream car before I die
A soul for a soul
whats wrong?
Carson Dss I am
Jacka The Cracka I have aHUS so by the time I build my credit since I am 18 I will probably have 4 years to enjoy a car. That’s my plan and when I die the bank can take the car back
@@jointaimbot55 Sorry to hear man. Good luck in the future with getting that car.
I love how bladed accepts his mistakes and learns from them.
Because bladed is smart unlike mopar owners with their 28% APR havin ahh
1980s: Cocaine
2019: Clout
Jeberted cloutcane
I mean he has butterfly doors on a corvette
Why would he be wrong if he did that and did it good
REEEEE SCISSOR, NOT BUTTERFLY.
I'VE GOT A GUIDE FOR YOUUUUUUUU ruclips.net/video/-IaiJNF9q6U/видео.html
Bladed Angel dang Thas cold
Lol get it right
Bladed Angel Reeeee butterflys are better im sorry
Scissor
Thought this was hilarious. Is there really 144 month loans ? Lmao
Depends on what you're financing I guess lol my camper is financed for 10 years
If I'm able to drive safely, I want a Crown Vic first.
YEAH BOI. CROWN VIC 4 LYFEEEEEEEEE
$500 NEVER HAS BEEN BETTER SPENT!
Bladed Angel too bad they’re always over $1,500
Bladed Angel thats my first car a 1991 crown vic i paid a 1000 for it and i love it
@@thefirebirdflock3440 Never pay that for a crown vic, vics are cool but they are not worth anything. On my street there is the mercury version for sale for only 900$.
Yeah, Crown Vics and Town Cars rule!
“Become somebody successful first then buy a dream car” bro I’ve been saying that for a while.
Should be the same with reproduction but this is a car channel lol
Bladed is the type of guy to Rice a car than is already cool and does it well.
Next step: Transform your Corvette into a Countach.
NTY
How about Aventador instead?
Bladed Angel
oH mA gAd bLaDed sEmpAï cOMMenTed mE
Yeah an Aventador would be pretty
But does the Aventador have Pop-up Headlights?
@@penelopeboivin3191 popup up and down headlights, intensifies in the distance
Sees new car that I really like
Dealer and banks: I’m about to end this whole mans career
"yeah yeah yeah wanna listen to my mixtape"-Aventador
Why would you drop such a large down payment on something that depreciates in value?
Your money is best left in your pocket for as long as possible.
I agree, finance it so you can keep the money in your bank and use that to make more money. Either in investments or a home.
If you are going to keep the car for the entirety of its life does it really matter?
Listening to Dave Ramsey about finances is like listening to an alcoholic about what to drink.
2% APR in 2024 looool
love the eyebrows on your corvette lol
This came at the perfect time for me.. I was literally googling "explain APR for car financing for an idiot" yesterday, because I'm thinking about buying my first new car. You answered my biggest question, which is "is this a stupid idea, self?" Lol
What car did you save up for after this commment
1:32 he put my boi Dave Ramsey 😭
Don't finance that Lambo by any means.
Or else it's beans and rice and rice and beans!
Fr I see him everyday in my financial fitness class💀💀
@@NeededGR13F Dave Ramsey's an old fool
Rice and beans
Shinobi Shade lmao I notice that too
Why am I watching this I’m 13
Now youre 17 what car did you get
That's good, the earlier you learn about this, the more time you have to understand it.
Could have bought a Mustang gt for my first car but insurance said “Ight imma go up”
Did you expect otherwise lmao
Don't buy a gt as a first car that sounds like a dumb idea
so basically...
grind cash and buy a used toyota yaris
or used citroen c1
You got it bro. Everyone is in debt these days trying to look rich instead of trying to become rich. Good luck 👍
@@jond8013 you can get a nicely used Miata or Celica for a good price. Will you win any car shows? No, but you look good for a poor guy.
Don’t forget to tell everybody NOT to let the dealer run you’re credit 5+ times it will kill your score for at least a year
Finance through your credit union or bank, just 1 hit.
Anything with the same type of hit only hits once if you do it with 30 days. I was in sales and ran credit daily
A typical hard inquiry will take 2 points off your credit score and will stay on there for a max of 2 years. It wont "kill it", it will just affect it a little. If you have a 750+ beacon, this will not affect you near as hard as a less than 600 beacon. YOU KNOW WHICH ONE YOU ARE.
Typically most dealers will only take a single hit (which drops your credit 1-2 points and goes away USUALLY very quickly) until all the financing terms are hammered out. Then they'll submit you to a few banks they know will work with you to get the best rate. And by the time you finish your credit goes up anyways after making your first payment. Unless your credit is already 750+, then it would take a while to really raise.
Credit is for poor people lol
MBA in financial economics:
Don’t ever buy a car in cash. You’ll love 25% of your money that same day. Use the banks money so you don’t tie up a large amount of money. When hard times fall it’s better to have the cash than a depreciating asset.
Buy a used CPO and finance what you can. That’s the best way to save money.
You are 100 percent correct
When you have a low apr, buy the car financed, put the balance in an index fund
You come out ahead over the long term if you do nothing, have a nest of cash for potential emergency, and you can pay the loan off at any time if you need to.
Bro oh hell naw that Lamborghini just stupid that corvette got sense
No, it got dollars
Not cents
Finance if you get a 0% apr because then you can put that money in a high yield savings and that will reduce the cost by that much.
2:45 y’all just going to ignore the Bentley license plate on the SLS?
Swagnation345 I actually saw it
Its the dealership. I went to a bentley dealer and I seen Ferrari's and a Rolls Royce with Bentley plates
Bruuuuuh!!! I was really about to make a stupid decision. I was about to buy my “dream” car because i wanted it now and the APR was through the roof but i told myself it doesn’t matter, it my “passion”.🤦🏾♂️ THANK YOU FOR UPLOADING IN TIME TO SAVE ME!!!!!
I’m part of the paid off squad
Yes I realize this after purchasing a car for 2600$ last week and I only had 1000. I used it as down payment and barely able to pay it off by tomorrow. Notice I’m in high school and only work weekends tho.
I took a loan through my dad so no interest when I bought my 350z, I did a down of 5k and pay 400 a month till it's payed for
@Vapr Kng Lol same my dad is like sorta poor...
@@guyontheinternet8891 bruh at least you have a dad...
@@louisharleyaguilar4003 Yeah I'm glad I have one I'm not meaning to complain or anything and hes loving and non abusive so that in my opinion is better then having lots of money...
@@guyontheinternet8891 i know bud, good to hear didnt mean it a bad way, a joke as you will
Hr?
Hey look, all my cars have been cash cars. I don't recommend getting into a huge car loan on a brand new car at all. But just recently I financed my first car at 25y/o. Here's what I learned:
After saving up money for the down payment, building my credit with various credit cards, I decided I wanted something nice. Now, its only a $10k and my credit score was at 760! I put down $3k and they still needed to check 4 different banks before one of them offered 9% (lowest offer)...Why? Because even tho my credit score was good and down payment over 20%, my credit portfolio is short. I told them I wasn't paying more than $200 a month w/ a 1year extended warranty. The car was actually priced at $12k. The trick is to go shopping for the car a few days before the end of the month. Thats where sales people are rushing to sell anything to anyone to meet their quota! We went from $275 to $212. Guy was like "this is the best I can do" thank god I had the balls to start walking away, accepting defeat because that's when he stopped me and said "ok we'll do it at $201" that's when I noticed he has knocked off $2k off the sticker price!
Moral of the story is you NEED to build credit. Best way todo it is a car note. Not saying go for that brand new $20-30k car. Get something cheaper but still nice. Now I'm whipping my 2012 GTI and I couldn't be happier. Because I can easily afford $300 note. But now my note is 200 and I'm guna pay 300 anyways to help pay it off quicker and save money on the interest in the long run.
I financed my 2014 mustang gt because i loved the car and couldnt pay 21k at one time. I put 1/4 down and my apr is 6% has 35k miles and i have no regrets i make decent money and can easily afford it for the term.
Yeah, that's because that's a really average thing for people to do lmao
The "advice" in this video is honestly awful, unless it's strictly aimed at people who for some reason think they can afford to finance a high end luxury car.
Otherwise, financing cars is completely fucking common and probably the most normal route to go when buying a car in general unless you're buying very old and very used.
@@SUPERxNOVA17 paying 8000 for a car that will be worth 3000 when u have paid it off doesn't seem worth it
Sameer Ishaque you’re literally going to get the same depreciation if you finance for 3 years or pay up front and own the car for 3 years. Financing is dumb for exotic and luxury cars, but for cheaper cars, like a Mustang, it’s not bad.
@@danielvisintainer3352 or you could buy a 1980s BMW or merc and use that
@@sameerishaque7635 try finding parts for that fossil of a bmw 😩
I saved and bought a luxury sedan cash but Dave Ramsey senpai still hasn’t noticed me 😭
I started off with a '07 civic. Didn't pay it off fully, rolled 8k onto a '12 wrx and had a 30k loan. Just recently traded that in for a new '19 civic si. Rolled over 11k. 33k loan. It just adds up man. I was smart enough to get the warranty to last the full term this time, so I'm just gonna wait this one out to avoid digging myself into a deeper hole.
A rule of thumb is to never buy something with someone else's money.
I was in the rough position of having to buy my current car with no down payment. Long story, but I actually needed it. I got lucky on my car loan (2% APR) but I wish I had the time to get something other, and cheaper, than my Camry. Lessons learned.
I hate being a car guy because I own 5 cars and I like to drive them like I stole them, and I always break them because of... But at least I had fun
I’m looking to finance a car and I got recommended this. Thanks FBI man
I always bought all my cars paid in full. G35 coupe, e90 335i coupe, and now this audi s3. Hate owing anyone money.
“You on the other hand buy a car once every 10 years”.
>looks at the 9 cars I have chilling outside.
Hmmm yeah so I’m probably gonna die soon?
weird flex but ok
Which do you prefer ? Laying on your death bed knowing you got savings you didn’t spend or laying on your death bed knowing you don’t gotta pay for shit .
Mixing passion with obsession was my mistake. I was keep saying to myself self "if I do this I should be able to afford a Vw Touareg V10 and E36 M3 at my mid 40's " and always kept dreaming and doing calculations instead of studying for my lessons exams etc. Glad I have changed.
This video was a good reminder though. Thanks.
You should make a video "Driving X car doesn't make me a car guy". I drive an FRS and people think I am a car guy and ask me questions about what mods I want to do to it or I've done something to it. I just like the car and read about cars every now and then, but I am still a normie when it comes to it.
As someone who got an MBA in finance, paying in cash is the dumbest thing you could possibly do. Unless your APR is higher than 9%.
I love this video; having a better car would be amazing, but if I can’t afford it I can wait ❤️
I fucking love this art style, everybodys a car, thats hilarious lmao
One car paid in full. The other halfway paid off within a year
make a video about all the stories you have about "insane financial idiots." That would be entertaining.
Bladed actually seems to understand the financial side of cars. Thank lambo car door Corvette man, very cool!
“Listen to me guys. I’m a super well off financial advisor that knows everything there is to know about car loans, oh but I bought my car cash so all of this is just info I gathered from the internet”
Ok I'm just 21. Why is paying full cash worse than getting into a finance system? I understand it can help you build up your credit score but that's as far as my knowledge goes.
Huh I remember when my parents went to ask about a used 2015 Honda Civic at our local Honda dealer...and the price they advertised was the price you'd pay if you got a loan from them. Shady advertising if you ask me. They ended up paying $14000 something dollars for a used 2016 Corolla LE at Billingsley Ford.
Welp
Good advice dude
Also not all cheap cars not meaning it not fun
Ex: a *FREAKING* miata
Same. Fun drive to work honestly
@@Apetry143 years huh
So fast lol
I take the 97 stepwagon lol
Student in Canada i guess i dont have the luxury to choose higher
It's fine at least i wont f up
I'm glad you made this video, makes me feel better about selling my truck I still own 4 years on and buying a cheep escalade
Never thought eyebrows on cars would make me smile
Luckily most of the people in my family know about things like this so I should be good when I get one
When you love the car so much you misspelled the word "finance" to fiancé in the thumbnail
60 people have a loan with an APR of 10% and a loan term of 84 months
Hey bladed, how about a house that is 10 years to pay?
I didn't put anything down on my car, but it also doesn't cost me that much compared to what I make a month. One factor that isn't covered here is ratio. What you make to what it would cost you to pay off the car. Month to month. Also my APR is only 2.99% through my credit union.
I love the new editing with your corvette and the eyebrows xddd it's great
Bladed angel ur the best at advice
Dope Quote 👀 "Passion is build with love, Obsession is build with desire"
Why pay in whole when you can use your money to make more money? When you pay in whole you’re actually going to lose more money in depreciation than what you would pay in interest rates. Besides that, great video. I would add that people need to be realistic about what payment they can ask for. I’ve had people with bad credit come in and expect a $500 monthly payment in an $80k car.
Lmao I got a loan when I was 17 for my 350z and I’m 19 now and still have another year left on it and I hate myself for it still to this day
They said never pay all cash for car. Dealer wouldn’t offer you deep discount if you pay cash.
Bladed, I find it so hilarious that right before I go to finance, you make a video for a noob just like me to finance. You’re awesome 😂
The dealer doesnt set your apr. The bank does.
Dave Ramsey's always watching I'M DEAD 😂😂😭😭
I bought my 1990 Celica GT with cash in hand because for my needs (a sporty and versatile car that can be cheaply modified and repaired at home). I actually took the Dave Ramsey classes and I now have the car I can beat up and repair at home to save money for the future that I would use to pay for my vehicle.
The car eyebrows animation is funny as hell =))
Was that Dave Ramsey at 1:59? 😂
Yes
The thing with financing is it gives you more money left over to invest in other ventures. For example, I've got ~$70,000 worth of liquid savings. Could I go out and just buy a $50,000 car cash and call it a day? Yup. But then I've only got $20,000 left for other investments/emergencies. Or I can put $10,000 down and have $60,000 left to invest elsewhere/cover the payments if something were to happen to my main source of income. On another note you could always go in and bargain a lower price and then just pay the whole damn thing off in the first month as long as there is no penalty. Doing this might get you a lower price on the car than if you went in and let them know you're going to pay in full.
You should get your own financing dealers will almost always have higher interest than if you do it yourself
I’m watching your channel so I can understand what my “car loving” bf says and hearing you say your first car was a Nissan Sentra (same, what I have atm) made me feel so much better. Thank you 😭
I plan to buy a mid 2000's V-6 extended cab Toyota Tacoma with a manual when I turn 19 and I plan to pay for it in full if I save enough money and it's a viable option were I can still afford gas,maintenance,insurance,and registration and my dad is a car salesman for a Toyota dealership and can confirm that not all salesman drive a Lexus and instead my dad drives a lightly used 2017 RAV-4 platinum and it's used because he bought it earlier this year and he shares the car with my mom
Just get a rotary powered car if you wan't to be broke instantly.
So 96 months is absolutely not happening? Just asking before I commit the biggest mistake of my life
I love the intro
I feel like your corvette is gonna be turned into a drift missile real soon
I love the rcf in the thumbnail
As someone who sells cars I can say a lot of this is true but also but also untrue the car market especially used cars changes a lot month to month 2% is at least at the time of writing this not realistic unless there is special financing but that will change and go up and down.
7:06 “Dont tolk me, im angy”
Here is where I differ from financial gurus. Financing is a tool, and like any too it can be misused. My opinion on financing is this: If and only if you plan on owning the car until it's paid off or till the wheels fall off, then term doesn't really matter, hell deprecation doesn't matter at that point. I bought my first financed car back in 2012 needed a car and had no choice but to finance. Found a 1993 Frod Probe GT with only 54000 miles for $4900. Got absolutely murdered on the intrest rate no joke 21% 24 months. Paid it off 9 months early still driving it, and loving it. Didn't give me any problems till 2019. This whole idea of trading in every 3 years or so is the problem with long term loans. Long terms loans are ONLY for long term ownership. If short term ownership is you goal then I agree with everything in this video.
I swear this channel is so underrated 😡
I've seen this video at least 10 times and if I hadn't seen it so much I would've done a lot worse on my car loan. Thanks Bladed, I obsessed instead of had pure passion but I'm still in the green. I regret my choice yes but I've learned a ton since getting it.
A car salesman cares more about making the sale and getting his commission than he does about how much the car sells for. He gets paid either way, so making the sale matters more to him so he actually gets that money
Not totally true. I have a friend who is a car dealer, he works on strictly commission, and if he sells no cars in a week he made $0.
@@njoythedrive That's just proving my point. They care more about making the sale so they can get their commission, even if it is small
@@filmandfirearms Yeah I see. Problem is many car enthusiasts will be going after very desirable or possibly even limited production cars that are easier to sell. A dealer will have a number in their head for almost every car in the lot based on their knowledge of the desirability(and other factors ofc.) If we're gonna go out looking at a new pony car or sports sedan/hatchback, you bet the dealer isn't gonna budge much on the price, and if they do they'll try to screw you somewhere else.
So my point is, if the dealer is smart and/or you're being too aggressive with finding a number, they won't hesitate to halt bargaining.
However they do have monthly quotas, and I have confirmed it will be just a tad easier to persuade a lower price on a car towards the end of the month, again depending on the car.(Edit: and obviously depending on the dealer, too.)
I like how he has the vette move its eyebrows when he talks
"What car do you own?"
A red one
Like bruh😒
Paid off squad unite.
But bladed, I heard three really good cases for 144-month financing.
(A) If you're buying a car that's rapidly appreciating (like an old Ferrari or something) especially if you already plan on Flipping it in 1 to 2 years anyway.
All you have to do is beat the interest with appreciation.
(B) If you really just want to experience the car for a short period and you understand how much money you're going to lose. For example, some people rent exotic cars for thousands of dollars.
But most exotic car dealers will let you negotiate a Price they will buy a car back for in a given span of time especially if you're a good customer of theirs.
So a company might say if you bring that same car back that we sold to you with 500 extra miles on it in 8 months, will buy back for $1,000 less than what you paid us. And you maybe could say I will lose $4,000 in interest over that time. So, in the end, it would only cost you $5,000 to spend 8 months in a really nice car. (some people spend $5,000 on a vacation and I much rather spend eight months in a Lamborghini than a weekend in some fancy hotel).
It can be cheaper than a lease, and it can give you a chance to lease cars that are no longer made, exotic, and obviously used.
(C) lastly the most depressing, but still a very valid reason to do long-term financing on a car.
Let's say your dream car is something like a Ferrari F40 and all you want to do is drive that one car it's been your goal your whole life, now the price of the car is doubling every year.
Let's say you turned 60 years old, you put your kids through college, you paid off your house, you're a millionaire, but you still can't afford that Ferrari you've always wanted, without long-term financing that is. So what I'm getting at here is if you're financially in a good place and you're staring down the barrel of dying without ever getting your dream car or going into a little bit of debt. I wouldn't blame you or look down on you for just getting the car.
Me personally I still have way too many commitment issues to go into serious debt behind a car, unless I'm making ridiculous amounts of money relative to the debt.
He made his Corvette a character
Awesome