How to Get a Auto Loan with BAD CREDIT
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- Опубликовано: 26 апр 2024
- How to Get a Auto Loan with bad credit
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How to get Bad Credit with an Auto Loan!
100%
😂
Not true at all. If you ARE getting bad credit from an auto loan it's because you went in over your head, simple. Risk assessment, knowing your budget and planning for rainy days(or weeks) are key.
@@SupraSavauto loans will still drop your score 20 points most of the time regardless of the amount or interest rate
That’s the next episode!
After divorce 25 years ago I got a book from the library on how to do everything you could do to improve your credit rating. It worked. Sometimes we make things too hard.
Maybe getting rid of the wife helped ?
Yes those “for dummies” books go a looooong way!!
Name of the book ?
Banks not lending on absurdly priced vehicles? Thank em for their no.
Facts
Why wasn't this a thing like forever a ago?
💯
Former NFL wide receiver Ocho Cinco drives a smart car. He still has millions from his playing days too.
$$$$
Just proves pointless points are still completely pointless. In other news....people with money with various preferences and reasons drive different vehicles....including wealthy people that want attention when they step out of an unexpected or small car. Also called never growing up because money doesn't do that for you.
Can’t take it to the grave!
@@TheWityful Well that's kinda irrelevant since before the grave money is one of the most powerful protections and provisions for life's needs....and only a fool ignores the importance of building sufficient security or more, to provide for their now, their future, and their family, and leave a legacy of a life hard worked and successful in the right balance of priorities, of which money is one the top priorities beneath God, family, character, and love. Typically the ones who say "can't take it with ya" are the ones without it from not being willing to learn a skill, work hard at applying oneself every day, and making good choices and learning from bad choices.....because it's easier to say stupid sayings than it is to do the work needed to build security and provision for all of life's unexpected needs and surprises. One of the easiest ways to ruin your life is through poor financial choices and all the choices related to making money and spending money.
@@TheWityfultrue but herding shopping carts at Walmart and eating cat food on crackers is not for me! Compound interest working for me is the answer!
I think I'll rather focus more on getting my finances up.
from a personal angle I'm aware continuing to invest in periods of higher volatility is a Smart way to build wealth.
No doubt being financially free and not having to worry much about health care and luxury habits cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.
I'll have to be financially stable in every sense before purchasing my first supercar. The best thing to do with your money is to invest rightly because money left saving will end up with no returns.
Good point.. the economy has been crazy lately, a few surprises here and there.. with all the global happenings taking place I think it’s safe to say that a severe global recession is looming.. better to be safe and diversify.
It's a good path, focus on a good strategy, relax back and watch it compound within the years. In good time you'll see returns.
Waiting to see Lucky approved list of credit repair companies.
That is your best thumbnail yet.
Thanks 😁
Lucky Lopez , This is perfect! I subscribed right away!
Man, I wish I got this advice 6 to 8 months ago.
Good stuff.
This is a different, more detailed approach than what people are used to hearing. Good job!
Lucky Lopez , You're amazing! I hit the like button as soon as I saw it!
Capital ones secured CCs are well known to rarely graduate, don’t recommend them.
Good solid advice, especially the part about managing your expectations.
Wish i could fit in a smart car lol. But same. Sold the demon 170 and the i4 and the last call dodges. Daily driving my old cadillac. Waiting for the deals when it all falls down
Selling the demon 170 was a smart move.
Great advice. We must use restraint. We all want to drive RR.
I was a mortgage loan officer and we know how that industry is currently….ended up loosing my job. i had to give my BMW lease back, stopped paying my cards just to survive. I adjusted my budget to reflect my new lower income(relocated from CA to Las Vegas a yr ago). I had to go to one of those small used car lots called Carmate in Vegas and they approved me for a car with $1500 down for 2011 Nissan Maxima for $8k with some small bank I never heard of but I was grateful to get something. I had it for 6 months but little things are starting to happen and mechanics showed me almost $5k to fix suspension and motor mounts. So now Im hoping it will last for a few more months have to figure something out so I can get a more reliable vehicle. I went to a few dealers (which they mostly suck and play all the old school car games here in Vegas) and only places I could get approved was $5k down on used 2023 Kia Soul or put $3300 down thru Carvana on something under $18k but mostly had high miles. I opened a couple new cards and paid a lot of the small collections (just waiting for them to update). I hope this helps my score to get something a little more decent.
Toyota or honda only.
Find a reputable credit monitoring app so you can stay informed and just be patient. Your score will go up and just check to see when the lowest hits 650 at min.
@@twystedhumouryes I have the self app, credit karma, and experian app. I’m hoping in another 3-6 months it will pop up. Also one of my cards was a small cap1 I charged off last year so I’m hoping settling will help me get approved with them for auto loan since I have a paid loan with them before
The dynamic of repairing the current car with known problems and known repair cost, vs getting another car with unknown current problems or near-term problems with unknown cost, is a problem addressed through an interesting glitch in our reasoning and psychology. Repairs can be paid out with 100 day options such as Acima or Snap Finance.
@@savegas20082011 Honda civic with 185k 2011 Toyota tundra for work with 200k miles both zero issues in their lifetime. Newer Nissans are garbage sure the maxima looks nice but they suck
20-29% HOLY!!
I remember getting 0% for 72 months in 2021😂
Great Video!!
If you want to fix your credit score, get a cheap motorcycle or scooter for 3-5k on a short high interest loan! It will allow you to get around, insurance, gas and maintenance will be cheap, and you'll have completely fixed your credit in no time! It only took me 10 months of 133/month to take my score from high 500s to high 700s! I've been consistently offered higher and higher loans ever since. Easy peasy!
With this bad credit of mine and your help, I'll be able to get that Charger I've always wanted. 🤔
youre the goat, thank you for this video
Always bought cars much cheaper with cash and never bought full coverage insurance. I take all risks myself and get all rewards without middle man
Thank you so much you made me a wiser man
I work for a large used car dealer that focuses on bad credit. Anyone can get a reasonable rate at our dealership. The APR is based on how much you put down.
Where you at?
Where
In December of 2022, with a score of 800+ still got a 6 percent interest rate on my 2015 Audi A5. I can imagine what the rates are for bad credit.
A decade ago, I got the same 6% with mediocre credit.
God this video is what I needed!
I haven't paid more than 5k for any vehicle ever , my 98 ranger has been my daily work vehicle for over 18 years , while still runs i have no need for another one
I understand everyone's situation is different and I know it's easier said than done. If I had bad credit I wouldn't even consider a loan especially for a car. I'd make whatever lifestyle changes possible to improve my financial situation first. I can carpool, walk, take public transportation in the meantime.
That is not reality for everyone's situation.
@@Nev-hb8qr I completely understand and my heart goes out to them.
Or simply find a used car.
Well the fact that you said IF you had bad credit, this isnt your conversation.
@@TheodoreBakes yes! Hence I said I understand everyone's situation is different and my heart goes out to them.
I set an alert on CL and found a E320 for $1300 in anticipation of a repo. It's important to search thoroughly rather than think you will find something just searching once.
I’m approaching my 7th year after a repossession and I hope it drops off in the next few months.
Mines dropped off after a year. I guess it depends on the lender.
@@handleyobusiness oh bummer but thanks for the insight. I will be prepared to wait.
Mines dropped off after 2 years and recently popped back up last month.
@@andrejohnson6437 no way! dang
Mine never went away after 8 years
First Navy Federal only does military folks same as USAA.
The dynamic of repairing the current car with known problems and known repair cost, vs getting another car with unknown, current problems or near-term problems with unknown cost, is a problem addressed through an interesting glitch in our reasoning and psychology. Repairs can be paid out with 100 day options such as Acima or Snap Finance.
If you can get a cheap affordable car for a few thousand dollars, why go into debt for a depreciating liability for 10s of thousands of dollars. Invest the rest into something that can build wealth.
If people could stomach driving a cheap affordable car then we wouldn't have our current system
I personally gave up. I'll never be able to stomach financing a car just to build my credit. I'd need a way to get a normal loan.
That's the smart thing to do. Unfortunately, most Americans are too vain to drive older cars without a payment. They'd rather have something new and stuck with a payment for 72 months or even longer. It's insanity!
Awesome show
Excellent presentation.
Thanks
There is no reason to get a Mercedes unless you can buy it in full upfront. If you can’t, get a 5 year old Camry for 16k. It will last much longer, keep its resale value and is cheap on maintenance. Then if you really want the Mercedes save up.
I have owned 2 Benz and they are nice cars if you are willing to pay exorbitant maintenance costs. Otherwise be prepared to either 1) get stranded, or 3) grenade some expensive German tech
Great video. Clear. And Honest. Which secured card do you recommend for?
And can you make a video of good Economic cars to buy. Maybe 5-10 or top 3
Hi Lucky,
Last Wednesday I purchased an Acura RDX 2024. I bought the car in full. I paid the entire car price cash. I didn’t want a car payment. Thanks. Gerald
I couldn't sleep at night with being ripped off by a thieving dealer ! The high fives and screaming I just f#@ked another one days are gone!
Great video. How about buying a car from hertz. Or rent to own from hertz
It wasn't always like this. I had good credit once But then I got a car loan and now have bad credit.
Don't ask for anyone to cosign. Some people are inconsiderate about this. I've had several friends and relatives who asked me to cosign for a new vehicle but they want vehicles that are price 60, 70k. I told them no, I'm not taking on responsibility of other people's debts. One guy wanted a 90k dually, turn him down.
Check with your bank or CU before bringing in a car title if that title happens to be "previously rebuilt". I picked up a low-mile 4-year old Chevy Spark for cash, great shape and super-cheap. Brought the title in for an advertised low-interest loan on the car and... Hard-No.
THIS WAS SO SPOT ON! Besides getting a MB 190E Evo for $30k! Seriously folks payments keep you poor! Check out some Dave Ramsey videos if Lucky did not convince you.
Do you have a recommendation for a credit repair or credit building ?!
Getting a car with “bad credit “ is easy the hard part is negative equality on your current vehicle with “bad credit”. Companies like drive time with finance anyone with a decent down. However please people never ever put a down payment down on a car it’s a scam
I have a two e-bikes
I will pay for a car and truck when I’m good and ready to buy one
My e-bikes are easily affordable that’s how it will be when I purchase other vehicles too
Do paid personal loans help as a paid trade line for “first time car buyers”?
I filed Chapter 7 back in 2021, have rebuilt credit and gotten 2 30k auto loans for Honda and Mazda, Aprs ranged from 5-6%.
I was worried because I use to hear about people 15% after bankruptcy.
What about lenders using FICO 10 and 10T? These scoring models review the past 24 months of the credit profile to compute score. Loading up on new trade lines for 90 days won’t have much, if any impact on these models.
VERY few ppl that have bad credit are victims of circumstance, most have spent their entire lives beating ppl out of their money and see nothing wrong with that. Repairing credit shouldn’t be an easy task!
I never figured in taxes licenses and all but they must have to come up with the monthly amount
But your advice about the 10K@29% vs 30K@29% makes real sense yet after 6-9months unless youve made extra or larger than required payments both cars are gonna be a liability for trade in value rolled into next loan but where might you get a better return...the 10k car or the 30K car.
People with recent repos are the pickiest of all customers 😂
yeah, why wouldn’t they be? No one made them pay for the last one.
The bank called and said you were approved for cash
What if I want to buy a $16,000 to $17,000 2nd gen Tacoma and my credit falls into the bad credit range. What should I do? I make $70,000 a year
Why isn't the thumbnail a Hellcat?
GREAT VIDEO
AS A MAN WHO HAS ALWAYS BEEN GOOD WITH MONEY I CANT UNDERSTAND HOW DUM PEOPLE ARE WITH MONEY.
IF YOU CANT AFFORD A CAR YOU HAVE TO WALK BIKE TAKE THE TRAIN. YOUR HISTORY (CREDIT) SAYS YOUR NOT RESPONSIBLE ENOUGH AS A ADULT
PERIOD
SO YOU DONT DESERVE A CAR ON CREDIT
ASK PEOPLE WHAT CREDIT IS AND THEY CANT GIVE YOU AN ANSWER BECAUSE THEY DONT KNOW WHICH IS WHY THE MAJORITY OF PEOPLE RUIN IT
I have no credit but I have an average person's salary in the bank. A fico score doesn't define you.
@handleyobusiness WHICH MEANS YOU DONT KNOW WHAT IT IS OR HOW ITS USED. YOU JUST PROVED MY POINT BY YOUR STATEMENT. GO LOOK HOW CREDIT IS USED BY RICH PEOPLE BY THE WAY YOU CAN DO IT TO BUT WITHOUT THE KNOWLEDGE ABOUT MONEY AND WHY CREDIT IS IMPORTANT IN THE BEGINNING YOU WONT BE ABLE TO LEVEL UP.
AS AN EXAMPLE DID YOU KNOW DURING A ECONOMIC CRASH BANKS STILL LET PEOPLE BORROW MONEY. BUT THE MAJORITY OF PEOPLE RUIN THERE CREDIT LIKE NOW THAT THEY CANT TAKE ADVANTAGE OF THE BANKS GIVING OUT MONEY THEN. AT THAT POINT THE BANKS ARE ONLY LOOKING FOR PEOPLE WITH
WAIT FOR IT
GOOD CREDIT SCORES
I own 4 cars and my insurance is $2100 a year
Can u make a video of when the rate will go down? 770 and still have 7.75% is crazy
How about after filing chapter 7, got discharged in August. I need a car but luckily I don’t have to rush to get one. Any advise would be appreciated
Best part would be save up cash, then look for a nice deal (private sale) patiently (especially if you’re not in a rush.)
Otherwise, it’s going to take a lot of time anyway, while you rebuild your credit back up.
Once your credit is above 700, you can then finance a car that you wanted, if that’s the way you want to go.
All depends on what type of car you’re looking to buy.
Now, if you’re still living paycheck to paycheck since that bankruptcy, then rebuilding your credit would have to be the way to go. Which is all about time.
Just stay out of debt the best you can! 😁
Many people with bad credit have no cash also to put down.
You can buy anything you want with a huge down payment no matter what your score is cash trumps credit score
Very true. In 2015 I was 21 and went to a dodge dealership to get a brand new dodge challenger rt. I had barely any credit and told them I only had 3500 down. They said can you give more down payment? I had 9k cash in my pocket and told them I can give 9k. I will never forget the sparkle in the rookies sales guy eyes when I said that haha. I was approved with a 20 something percent interest rate. Called my father and he talked me out of it. They called me every day for like 2 weeks and sent countless emails
Exactly, if you can't afford to put anything down, you can't afford the car! Period!
Thanks
The smarty mobile!
I've seen people with bad credit finance their down payments for a car. For the love of God, DON'T DO THAT! If you have to finance the down payment, let alone the rest of the car, you need to consider a cheaper car!
Correction.... PenFed does not offer secured credit card. Navy FCU and USAA offer secured cards. I myself just bought a used 2013 Chrysler T&C for $2500. I used my scann too to pull the CEL code. Turns out the wrong oil filter was installed. The only item that needs fixing is shocks and struts, maybe a new steering pump since it wines when turning to the far left or right. I feel I got a great deal.
Okay my wife and I are senior citizens ages 66 and 65. We are on fixed incomes. Together we pull 2400. We need a car so we went to our local used car dealer. We both have no credit. This deal is offered we haven't signed anything yet. We got approved for a 2017 Nissan Murano with 185000 miles on it. The sticker on the car is 9995. They're asking for 1300 down. The rate that they came up with is 373.67 for 54 months. Full coverage insurance to drive it off the lot requires 460 along with the 1300 due at signing. To complete the cost of the insurance 129 is to be added to the 373.67. I haven't gotten any details on the warranty but they mentioned that it had possibly been figured in already. So far is it sounding fair with us who have no credit?
Nearly $10K for 185,000mi car?! 😮
I’d stay away from it!
Unless you DESPERATELY need it, then take the deal (if that’s your ONLY option.) 😣
If you can, wait about a year, and save up that $10K and buy it cash.
You can get a decent used car closer to 100,000mi for around $5K more or less (private seller.)
Your car insurance would cost much less too, if you take that route.
That dealership is about to rip you off 🙈
Banks are simply getting TIGHT with money lending. I always pay all cash for my cars and a major bank to which I have been with for over 20 years and hefty deposits say that I am preapproved for a $25K loan for a new car at 7% which given that you can't find a new car out the door in CA for under $25K makes the loan offer worthless. My banker tells me that the days of 100%+ LTV are gone with the maximum going to be 80% even for those with an 800+ FICO score.
lol California has exactly the same cars as the rest of the country, I can 100% find you a car that cheap in Californa (it's called the Mitusubishi Mirage) -- and more to the point if you have the cash to "always pay all cash for my cars" you can toss a few thousand in for a down payment and get a Corolla or other car in the low 20s plus tax etc.
@@ssl3546 The slight detail being there is a 10% sales tax on all new car purchases with other fees. You won't find a Mirage in CA out the door for under $25K. Not to mention that gas is close to $6 a gallon. CA is a totally different living environment than the rest of the US.
Another bank goes bust!
Hey man I need your help I buy car from somebody it give me a title and bill of sale however the car had lien on it since 2016
Not always accurate I have a voluntary repo from 2021 and 5 auto loans before and never an issue when I got a CPO Honda no one asked me for a dime down in 2022 and got a 7% rate granted it was with navy federal but when you can explain why and have documentation it can help you avoid 21% rates
Not true. I settled on a collection and it boosted my score 32 pts the very next month. I simulated it first to see which debt removal would help. You can pay your collections to help your credit score.
I think I'll rather focus on getting my finances up and consistent.
Where to I find an old truck to buy - I want to join a classic car club
FB market place is the best. also check out car shows in your area. all the classic car sites are fill with people thinking there classic is worth gold lol
Save up your money and pay cash if at all possible. Credit is a trap.
The only reason I'd argue that credit score is important is for getting a mortgage. Let's face it, most of us aren't going to pay cash for a house. Otherwise, yes, credit is a trap, especially for cars. If you need a loan to buy a car, you need to find a cheaper car!
Lucky, my son is 15 I want to create him a good solid credit history so he can have a good credit score for when me and him buy his first car. What do you recommend? Also which is for you the best reliable car I can get for him? Of course used.
mazda 3
I have no credit, no credit score. Never taken on debt, so I have nothing to show.
Only in America..
$$$$
Why should some one get an auto loan with bad credit? Why dig a deeper hole than you're already in?
12:00 I have credit, but not car credit, so because I don't have car credit I can't get an auto loan. It's the most idiotic system. I have to buy cars I don't want, to get the cars I actually want. I can't put up with it I just spend 12-15k and accept ill never buy a nice car because I can't deal with their stupid lending system.
Here's my tip to get any car you deserve without any questions asked. Pay cash.
dOne watching ❤
Don't.
How to get an auto loan with bad credit: you don't. You're just aaking for more trouble
I love how dealers seem to think people should be entitled to get the car that they want. Maybe they don't understand that life doesn't work that way.
You can get a loan with a big down payment and a shitty APR
Bad credit equals an electric bike 🚲
As someone who just turned thirty and is close to a large net worth. Never take out an auto loan unless you want to be stuck in the middle class. Once your doing well, then consider it…
You realize these folks aren't the sharpest tools in the shed. Don't do the things that ruin credit in the firrst place....DUH.
If you have bad credit, learn from your mistakes and buy a car with cash. Life threat you some times not so well.
Lucky loans
Date the lesser car for one year, then marry the car you really want.
If you had a repo only thing you deserve is a used Kia 🤣🤣🤣🤣
👍👍👍👍🏽
#1
yessssssss
Why would anyone want to get a loan with bad credit? You have bad credit for a reason. Why would anybody lend to anyone with bad credit?
I mean, I understand why dealers wanna lend to someone who’s got bad credit if they can get a few payments and then they’ll repossess the car and sell it to another person with bad credit and the cycle continues. That doesn’t make it right.
watch the video. thats exactly what i say
@@LuckyLopez777 I will watch thank you
why tf would i get an auto loan? i cannot afford it, i dont need it. buy a BEATER, fix it up, and get your money up. THEN buy a newer car that costs more.
How to go broke when you are already broke