@@saimahsexperience Let’s say I wanted to buy a Ford mustang (5.84% APR) When I go do my research in the Atlanta market on Turo and I see a lot of Mustangs is that a good thing or bad?
@@saimahsexperience Have your ever had a guest that booked one of your cars then Turo sends you a notification about them placing a hold on the account of the guest until something is corrected on their account. Later on that same guest is able to book your car with no problem would you go thru or cancel the booking? Just wanted to know have you had a scenario like that. Thanks!
Hello! Super valuable content both here and throughout your page. Excited to delve deeper into your insights on RUclips. What do you think of Carvana for purchasing or financing? Thanks so much 😊
What I thought would be mentioned but I didn't catch was that you can go anywhere you'd like for a loan but most places will Repo the car if they find out that you're doing Turo with it. Do your research. Most banks will not approve giving you a loan if they know you're doing Turo and they will Repo the car if they find out the car isn't solely for personal use.
Carguru has saved me thousands of dollars on purchasing my cars for Turo. Since you use it, I know I am on the right track. I never buy with my own cash. I'd rather use other people's money.
Take this with a grain of salt, but one strategy is through credit cards (depending on your lines of credit). You take advantage of a 3-4% fee promotion with 0% interest for 12-16 months. Then as back up, you have another line of credit (such as a HELOC) that can pay off the credit card after the 12-16 months (another backup of savings also helps!). While at the same time you look for other 0% interest promotions (from your current credit cards) after the 12-16 month period. This keeps your interest around 3-4%, potentially lower. However, this strategy will negatively affect your credit score because of the credit utilization, it requires keeping open multiple credit cards with larger lines, but it can payoff well in times like higher interest rates if used responsibly and methodically. Hopefully that makes sense!
great idea! Also, another the trick is to get business credit cards that is offering 0% APR for x amount of months. Chase, Amex etc offer great cards with amazing SUBs and you can even get a business credit card with your SSI under a sole proprietor. An LLC is not required. This also allows you to build without effecting your personal utilization.
Hey Saimah! Another great video! Question, can you plz make a video about how EXACTLY to buy a car 15%-20% under MSRP. Like create an example to negotiate with a sales representative at the dealership. That would be helpful.
Saimah, have you made any recent videos on Turo demand over the last 90-180 days? I think buying a car right is only one aspect of starting a Turo business during this current economic climate. If demand for cars is consistently going down and continues to do so starting a Turo business isn’t a good idea in general. NO DEMAND, NO REVENUE.
@@saimahsexperience so, know all you know, with years of experience. Would you even be considering starting a Turo business with demand waning and price of inventory and lending high? Also, what are your thoughts on buying repos from auctions? Repo market is out of control right now so to me it would be a great place to buy inventory that’s just out of the major depreciation time and at a better discount…
I want to try this but when i get on turo there’s nothing close to my area. I wonder if people don’t use turo here or my area, or people just haven’t tried it here.
It’s so crazy I’m in the same boat as you and I put a deposit down for a Tesla model 3 though and I’m going to loose my deposit because I’m waiting for the market to come down as well
I would suggest to go with financing with their prefered landing bank instead of telling about buying with cash (even at the end of negotiations) to keep dealers happy and negotiate the best price.They would go down on price considering that will make profit also on financing.Right after your purchase or maximum at the 1st monthly payment you can pay it off or refinance without prepayment penalty.
Very true, I refinanced through a credit union and locked in 2.74% and saved thousands 👌
Love it that’s the way to do it!
@@saimahsexperience Do you give discounts on the daily rates when using the automatic pricing on Turo?
@@saimahsexperience Let’s say I wanted to buy a Ford mustang (5.84% APR) When I go do my research in the Atlanta market on Turo and I see a lot of Mustangs is that a good thing or bad?
@@saimahsexperience Have you ever purchased a car from carmax?
@@saimahsexperience Have your ever had a guest that booked one of your cars then Turo sends you a notification about them placing a hold on the account of the guest until something is corrected on their account. Later on that same guest is able to book your car with no problem would you go thru or cancel the booking? Just wanted to know have you had a scenario like that. Thanks!
Hello! Super valuable content both here and throughout your page. Excited to delve deeper into your insights on RUclips. What do you think of Carvana for purchasing or financing? Thanks so much 😊
What I thought would be mentioned but I didn't catch was that you can go anywhere you'd like for a loan but most places will Repo the car if they find out that you're doing Turo with it. Do your research. Most banks will not approve giving you a loan if they know you're doing Turo and they will Repo the car if they find out the car isn't solely for personal use.
15% off MSRP for a new car? Tell me where and I will go buy one.
Great video Saimah
thank you :)
@@saimahsexperience no, daste shoma dard nakone
Carguru has saved me thousands of dollars on purchasing my cars for Turo. Since you use it, I know I am on the right track.
I never buy with my own cash. I'd rather use other people's money.
love it!
Take this with a grain of salt, but one strategy is through credit cards (depending on your lines of credit). You take advantage of a 3-4% fee promotion with 0% interest for 12-16 months. Then as back up, you have another line of credit (such as a HELOC) that can pay off the credit card after the 12-16 months (another backup of savings also helps!). While at the same time you look for other 0% interest promotions (from your current credit cards) after the 12-16 month period. This keeps your interest around 3-4%, potentially lower. However, this strategy will negatively affect your credit score because of the credit utilization, it requires keeping open multiple credit cards with larger lines, but it can payoff well in times like higher interest rates if used responsibly and methodically. Hopefully that makes sense!
great idea! Also, another the trick is to get business credit cards that is offering 0% APR for x amount of months. Chase, Amex etc offer great cards with amazing SUBs and you can even get a business credit card with your SSI under a sole proprietor. An LLC is not required. This also allows you to build without effecting your personal utilization.
Can you go more in depth of how to get 15-20% off MSRP, please?
Hey Saimah, I searched carguru price trend. But I didn’t find the graph, only the data. How to find that graph
Btw thanks Saimah, really enjoy your videos
For anyone that uses carputty. What dealerships or online dealerships do you primarily purchase from? I'm struggling in TN.
yes drop the spereadsheets please
Thanks for your time and effort.
you're welcome! :)
Very informative. Thank you. Please share links
Hi ! Love your videos!
Do you have a profit calculator for hosts that you recommend or use yourself?
Hey Saimah! Another great video! Question, can you plz make a video about how EXACTLY to buy a car 15%-20% under MSRP. Like create an example to negotiate with a sales representative at the dealership. That would be helpful.
check out YAA (Your Advocate Alliance) on RUclips. They give out great examples on how to negotiate at the dealership
Do you buy all of these cars on your personal credit or do you do it under your business? I’d love to hear more about that.
Is it better to buy cash?
Saimah, have you made any recent videos on Turo demand over the last 90-180 days?
I think buying a car right is only one aspect of starting a Turo business during this current economic climate.
If demand for cars is consistently going down and continues to do so starting a Turo business isn’t a good idea in general.
NO DEMAND, NO REVENUE.
yes i've been talking about the slowing of the market since Q2 of this year in most of my videos.
@@saimahsexperience so, know all you know, with years of experience. Would you even be considering starting a Turo business with demand waning and price of inventory and lending high? Also, what are your thoughts on buying repos from auctions? Repo market is out of control right now so to me it would be a great place to buy inventory that’s just out of the major depreciation time and at a better discount…
I want to try this but when i get on turo there’s nothing close to my area. I wonder if people don’t use turo here or my area, or people just haven’t tried it here.
Do you yourself use personal lines of credit ?
When acquiring the loan from the bank, are you getting a commercial loan or private loan?
It’s so crazy I’m in the same boat as you and I put a deposit down for a Tesla model 3 though and I’m going to loose my deposit because I’m waiting for the market to come down as well
definitely better to wait imo!
I wonder how much forfeited deposits help with Tesla's bottom line.
Probably a lot. You’re welcome Elon 💰
@@saimahsexperience lol
👍👍🎁🎁
Great video! Thinking about financing my first turo car, - is it possible you can send the spreadsheets you outlined in the video?
Sorry about that I totally forgot to add the link in the description it is there now :)
Do you still use your Instagram?
Girl you got hella ads!
Cars and housing are both crashing. I was Looking at a 2000 BMW M5 that has been reduced in price by 9k. Was 35k. Now 26k.
yes it's insane! prices are coming down fast!
I really needed this 😁 very helpful ❤️
Glad it helped!!
@@saimahsexperience what if the credit union gives a 5.84% APR? Is that a decent rate?
I would suggest to go with financing with their prefered landing bank instead of telling about buying with cash (even at the end of negotiations) to keep dealers happy and negotiate the best price.They would go down on price considering that will make profit also on financing.Right after your purchase or maximum at the 1st monthly payment you can pay it off or refinance without prepayment penalty.
Can you add book marks within the video ?
Why are you so smart?