NO MONEY DOWN FOR BUYING CARS! (Here's How)
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- Опубликовано: 2 июл 2024
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I purchased a semi truck and trailer with no money down. Every owner operators told me it’s impossible. I have a not so good credit scores of 680. I’m not saying it was easy but if you want success, you need to be persistent and not give up. Successful people don’t give up. I’m not saying I’m successful not even close but from one truck and trailer I purchased, I now own a fleet of 6 semi trucks and trailers and also I now own 40 box trucks. Businesses are full of challenges, but once you break through those challenges you can reap success as well. I wish everyone here the best on their business endeavors. Never give up on your dreams, don’t let anyone steal your dreams.
yes but what is your interest rate?
I am glad it worked out for you but I get offered 18 percent interest rates at a 680. I know you are expecting to reap money back in to offset it but 2020 showed us anything can happen.
@@mojopimp2020 10% percent interest rates, and paid that off in two years, after I paid the first truck I went back to the same finance company and purchased the rest of the trucks including the box trucks, I put them under my business credit instead of my personal under an S Corp. Like most of the purchases, the first is always the hardest to get. It took me 21 rejections to finally found the one that was willing to give me a chance. My personal score now is 785, my business score under Dunn and Bradstreet is an (B). I believe you’re familiar with the D&B scores for businesses only. I rather pay a 10 percent interest and cash for an emergency purposes. Then pay the vehicle off as soon as possible. That’s what I did. To me in any businesses you have to know your intentions and exit strategy prior to getting into one. I’d learned from one of my business that I failed miserably that’s what got my personal credit scores so low. Than I learned to not use my personal credits to do business finances. Because if my business fails, in doesn’t affect my personal credits. That’s including credit cards. I separated my business credit cards from personal credit cards. My business cards are under my business entity not my personal name.
FYI. I learned elsewhere that these last two entries (talking about "Flixzone") are most likely sketchy "bots" seeking to obtain your personal data.
@kheam hem can u share insight of what financial company you went to and did your personal credit score matter ?
What I can tell you about auction buying: so I work on cars for a living and started a side gig with one of my customers who has a used car dealership. We are in Miami, so he lists his higher end cars on the platform and rents them out, whilst simultaneously listing them for sale. He purchases the vehicles through the auction and puts them on his floor plan. A floor plan is a line of credit extended to dealerships. It allows them to hold inventory and not make payments (or not accrue interest) for a determined amount of time (usually 90 days).
So for the first 3 months he can have the cars generate revenue for free, and if all works out, he can then sell the car before the first payment is even due. He also uses his lot at the location to pick up and drop off. There have been several instances where the renter has returned to purchase the car or a car from him as well.
They do acrue interest. If the Floorplan in one of there audits finds out he is renting them they will cut him off. They do offer special flooring for rentals but the terms are ruthless and you can't pay them off early.
@@helpyourfellowhuman Yeah it violates their TOS but like anything else in America risk/reward
*PEOPLE* Have your financing pre approved to better prepare yourself when in negotiations. No haggle dealerships stay away from them. Every car is negotiable! Also, *DO YOUR RESEARCH ON MMR (MARKET VALUE) Don't fall in love with a hunk of metal...fall in love with the deal! *HERE ENDETH THE LESSON*
When buying from a “dealer auction” like manheim, there is a different strategy methodology. Buying the cars at 20% off current retail price. Not having a car payment makes you more money each month. Insurance is less when you own the vehicle vs financing. Best of all, you can then sell you car after 1 year and still make an additional 15% over purchase price, also made money the entire year off the vehicle rented on Turo. So my opinion is if you buy a vehicle at auction you make a lot more money as long as you sell after 1 year.
•You sell for 15% over the purchase price.
•You make money every month off that car.
•Insurance is lower.
•no monthly car payment.
It’s like parking your cash in a great stock. You will make 25% off your parked cash in 1 year.
Damn
Owning a car outright I'm pretty sure doesn't make your insurance cheaper. All it does is allow you to not carry full coverage or extra insurance premiums and what not that a bank financing your loan makes you hold. My truck is financed, but the credit union says I have to have no more than a 500 dollar deductible and full coverage. Paying it off doesn't make the insurance cheaper it just allows you to choose cheaper insurance. Not having full coverage on a rental vehicle in my opinion is pretty stupid.
Where can i find auctions in Hawaii?
@@ChristianMcLeodphotolicensed dealer only auction are available in Hawaii.
This comment completely ignores the convo of tax advantages. You’re also ignoring cash on cash return. You sunk a bunch of money in. How long until you’ve made your initial investment back, and are actually net positive? If
It takes the entire year and for
You to
Sell
The car to be positive you don’t have cash flow. You have an asset holding company and are operating in a deficit all year for your expenses.
Just bought a car and listed on turo. Fun fact.... I’m in Texas. Thanks Saimah
Congratulations!
Congratulations. Been looking for proof Turo does well in dallas.
Update?
Listening to you educate is amazing 😍. I just started following, but your info is really helping so thank you 🙏
Saimah this was the single most informative and to the point video I’ve seen all week, thank you
You are so honest and kind, I thank you for your support.
What you’re actually doing is monetizing your credit when you’re doing a no money down lease or purchase. I agree with you , it’s better to keep your cash.
I’ve greatly enjoyed your videos.......very well edited and subject matter intelligently selected and produced. I always wait to be reminded by you to click the like.....lol ....but now I’ve finally subbed, so you’ve got me for life.
Peace
Great knowledge, as always. Thank you Saimah.
Thank you Saimah for your valuable information. You've inspire me, keep up the good work. For it is very valuable. May God richly bless you always 🙏
Wow, thank you for the info. First time on your channel and I'm looking forward to getting more tips going forward.
Great advice from a wise woman. Thank you!
The bigger the down payment the smaller the monthly payment which is better for cash flow on an ongoing basis. The saving the down payment cash to have for a rainy day is a good idea in a general sense (cash is king) but it pays to think carefully about the benefit of securing a cash free deal up front versus the increased payments that have to be covered by rentals. Do you want an immediate cash squeeze or an ongoing cash crunch. In the end, you're "renting" the car- whether you buy or lease. Total of $ value of the payments - residual value /months owned = basic cost of the asset, lease or buy.
Wow you learn something new everyday. Thank you for the information
OMG! you are so smart, intellegent, sharp and powerful. I learned a ton of stuff, as Im about to buy a car next week. Thank you so much!
This video was really helpful, you seem very knowledgeable. Thank you for this great information!!
NEVER LET THEM KNOW YOU'RE FINANCING until the end. Negotiate the actual price
GOOD LUCK negotiating for any vehicle that is in demand right now.
If you already have an approved rate it doesn't matter.....have done it both ways.....
Do your financing first b4 buying....know your auto scores, which lenders use which scores......
Most people do it backwards....
There is only 2 numbers to focus on when buying a car....the 3rd takes care of itself if the first 2 line up
What are the numbers to focus on?
Facts
More money down does NOT mean a larger commission for the salesperson. And money down CAN affect approval by the finance company. Dealerships get paid in full by the loan anyway and the finance company takes over the liability immediately.
Look into the TILA act down payments are illegal
Well the bank doesn't require it
@@kitevans1084 Yes, they often do.
I’ve been a auto salesman at several dealerships and I can tell you the down payment has absolutely nothing to do with the commission.
The down payment is for YOU. It will lower your monthly car note and could qualify you for a lower APR
You are blind to the scam of the car dealerships. Or, it benefits you.
You would think or say that because you have no knowledge of 15 usc 1605 and what the responsibility of your actual position is lol but its not your fault, you just want a job
@@loisa2458 litterally frad man down payment not needed.
That's why we go to Navy Federal. Their APR has nothing to do with whether you make a down payment.
It's pretty much impossible to get a low APR at a dealer since they add 1-3% APR on top of the what the dealer offers after they shotgun (and temporarily ruin) your credit. Never finance at a lot whatever you do. There are plenty of banks and credit unions that will approve you before you even step foot on the lot.
Thank you so much for sharing all this information!
It’s simple if you feel pressure from a dealership get up and walk out. Be informed, be savvy, do you homework before your purchase and don’t give any info out until your purchase numbers are nailed down and agreed upon. Then you get into terms and finances, preferably come in with your own bank financing and watch the stealerships add ons. Watch the end numbers and the math that may change as they try to slip things in the deal at the end.
Had a friend buy a new supra and had to wait for it to show up. When they did all the paper work they added on like 20k in extras that they said were free cuz he specifically said he didnt want anything extra. So shady!
@@shanem3012 as long as he didn’t sign on the dotted line for that added garbage and drive off with that bmw oops Supra then all is good.
@@XX-166 😂 bmw
@@stumpsteph2153 😂😂😂😂 that’s all it is.
I agree 100%. The last time I bought a car they asked me what payment I want... Which they can always make work but stretching out payments, creative financing, etc.
I said, I can make any payment work, I don't care what my payment is.. But what is the cost of the car. Yeah, they had to lay their cards out... Lol
This woman is actually my turo guru! I just wasn't feeling this video but she is awesome. I have 15 cars and 2 jet skis, some I purchased some I financed. But all I want to see say is build your Business credit! Everyone speaking on personal credit but didn't speak on how business credit is 10x more powerful. Peace
That's true about the bank I just got approved for a $54,000 Dooley and they didn't want ask me for a down payment and we priced out four of the trucks all through the process not once was down payment brought up and I was getting it for 5% interest
Car salesman here for 2+ years . I totally agree with not putting money down on a lease but we don’t make any commission on down payment but the more money someone puts down the higher chance of holding gross profit which is were a sales persons commission is a percentage of the front gross profit. Dealers are willing to loose money on the front in hopes to make money on the back end which is finance department which is were most profit is made . There is a drive off due at signing is required which is typically first month payment acquisition fee plus tt&l. Not all dealers or sales people are vultures I’m pretty straight forward and honest in all my deals. Audi Downtown LA here! Love your videos btw might start a turo business some day!
Great tips. I'm about to buy my first turo car and this helps.
You are so informative! Thank you for sharing your knowledge, experience and advice ❤️
So happy you find it useful 😊
lol. this made me feel better, for real. thank you for being straight with things, buying cars, and actually knowing what you're talking about. exactly, to maintain a safety net. if you can put a down payment, while maintaining that safety net then, yeah, that's a good idea. but, most people can't do that. my opinion is to just pay higher amounts when you can to exponentially lower the over-all remaining balance on the loan. you know...don't buy those other toys when you get more money...just put it towards paying down the loan even more, while keeping that normal monthly payment constant. yeah. good stuff...
Thank you! Really helpful information.
Great video! I financed my first 3 cars for Turo with $0 down. They made me enough cash flow that I could bought the next 2 with credit cards and just paid them off. I’ll do the same thing with my next cars.
All those on personal credit or Business credit ?
Appreciate you for this video, looking for my third car after getting burned 2 times and suing the last dealership for my c300 Benz for negligence. Always do your research people and don’t just believe a carfax go thru auto check as well
Great stuff. Very helpful. Thanks.!
Very true on all topics that you mentioned 👏
very knowledgeable on this matter, thank you
Wow I never knew this. Great info ❤️
amazing advice, thanks.
OMG SAIMAH!!! You just saved me TEN GRAND!!!! I was putting 10k down on a car and I just happened to see this video before I went back to the dealer. I picked another car and told them I wanted to do $0 down and the girl said ok "gangster" LOL!!! I got approved for the same car with $669 dollars down and that was on a vette. YOU ROCK!!!! I thought since it was a big price i needed a big down payment. Thank a million!!Or should I say thank several thousand lol.
Now your loan is 10k more than it would have been😂 silly ass
@@Qred09 explain how
What do you mean explain how? The purchase price is let's say 100k, you either finance 100 percent of it, or put 10k down and then you're only financing 90k dollars. Really simple stuff here.
Sounds like the move you made wasn't even wise .
Good video, and lots of insightful nuggets, especially negotiating with the finance manager on your rate. However, two things that come to mind. It’s good to remember this video is for assumed good to great credit. 2nd, how does no money down impact an exit strategy when financing?
Great video!
I love using Turo!!!
Great channel! I would like to disagree with you about sales persons commission. As a former new car sales manager, commissions don't come from the down payment. Commissions are based on net profit on the deal overall. I do agree that you should use other peoples money. Great job!!
Some dealers do put the down payment into a draw pot for the end of the day. Usually the mom and pop stores.
@@LynxStarAuto that's why you read the contract carefully and make sure your downpayment is going to the principal of the car.
@@aidenceja8755 🙏🏾 Amen
Great video, I worked at a dealership for a while now and we are trained to block the no money down, just say you only have 20 dollars in your wallet you got that it nothing lol, GAP is always mark up- it’s only worth negative equity in it, and on a lease you have to have tier 2 cerdit but no money down is a higher monthly payment, personal fine with me putting 3000 to have 60 less a month for 36 is not worth it to me, and if you lease when it over just roll anything extra into the new lease, another way is to walk out and say I’m going to a different dealership they will beat whatever price just to get your business had it happen to me 9 times
I ordered the new pet you have to put 5K down from even start to build what do I do now just saying that’s all I have
Thank you so much!
This maybe off topic but you are absolutely gorgeous. Also your knowledge in customer service pertains to many other lines of business other than Turo. I don't do Turo anymore but I tune in for just good business sense. Keep it up!
You are the best and your advice is crucial. Do you suggest starting with one or two vehicles ?
I have high respect that you are different than most people. You Dress respectable unlike most millennial women. you are a true business woman.
Nice information
When you buy a car outright... you recoup some money in rental fees, but you sell it fast, like 90 days or less, for a profit. So that way you don't just have inventory sitting in a lot not making you money. I do this on a small scale and it works well in my town.
Great Video
This video has great content.
So I see buying outright works like this...Lets say a car 25k plus 2.5k tax so your out the door 27.5k. over 2 years of depreciation you sell it for 20k, loss of 7.5k. divide by 24 month, 312.5/ month loss. So basically whatever you make above 321.5 its profit. If you can lease this car for 312.5 a month with zero down then it comes out even.
Strategy I hear people talk about with auction cars is to buy at a discount, rent it out for a period of time i.e 6months to a year and sell it for more than they bought it for. Only works if your buying it for less than you can sell it for
Now you tell me. You are a genius. I just purchased a car cash for Turo, I wish I would’ve have seen this video before I did so. 🤦🏾♂️ 😂
Me too, my Dumbass watched this video before and still put $10K down a car... SMH 🤦🏿♂️
Dropping jewels off the top while driving. Absolutely legendary
Awesome video !!!!!!!
I'm about to buy a car for Turo after the new year. I'm going to pay "cash" using my HELOC. The dealership doesn't need to know that, but it'll give me leverage to make a deal or I'll wait away and go to the next dealership.
Get to your best offer, then walk out the door and see if they come running after your to sell you... Worth it.
Even if you're not paying cash, you'll see if they really want to make a deal
Thank you!
You are really good!
Thank you, I’m NEVER putting money down again…
Very helpful and useful information. What would be the lowest credit score acceptable to finance a vehicle with now down payment?
been learning a lot from your videos. i wish your audio was better though!
Ok my sister. You are smart❤️
Vow, thank you so much for your advice because they always ask me to pay down payment and told me that it will reduce monthly payment
Great content, I learned something
I went through the Pre-Approval process with Navy Fed to eliminate the sales hassle and anxiety I get when going to a dealership. So now I all I have to do is walk in with my Pre Approved check, select a car, test drive, negotiate a lesser amount, and close the deal. No additional credit checks or hard inquiries because Navy Fed already did 1 hard inquiry VS dealerships pulling up to 10 inquiries. However, I do believe putting down a down payment lesson what you’ll be paying for the car in the long run, as well as your monthly payment but it is not a requirement for NFCU.
Do have to have a certain credit score to get approved for navy fed
Great gems
Buying at an auction will always pay off when you buy it for way under market value! I'm not saying I buy them with my cash; I just want to be clear. Your investment vehicles should be bought through your business because you are working for a company; yours! Therefore, finance all your cars through your company, including auction purchases.
PS: She's such a sweet girl. Folks, let's not be so harsh!
good video Queen
Can you make a video about putting on luxury cars / exotics cars on turo? im in the florida area and that market is hot !
Where do you leave your turo cars parked if you have a fleet?
I get what you're saying, but in my experience cash is king. If they need to move inventory, they get the quick deal from your cash deal and move on to the next sucker
Which of the upsale things the financial department offers are a good idea to take for turo? Is wear a d tear a good idea?
My plan is to go with high mileage leases, then at lease end just roll over into new car new high mileage lease. And I always piss off the F&I folks because I decline all of their add-ins.
I'm considering a lease too... But why opt for high miles if your already expecting to roll into a new car purchase/lease at the end of original term. They'll waive any disposition fees, if you stay in the same brand family. Or sell it to Carvana, Groove, CarMax and have them pay off your lease end fees....
You also never want to put money down on a lease you will never get that money back if there is a total loss with in the first year of ownership, put that cash into a high yield savings account and opt in for GAP which is usually $695-$895 for the duration of the loan, all dealerships make their money on the back end and dealer hold backs
Yeah I’ve been scammed good. Put $5000 on a lease in 2018 and I honestly would go back and never do that if I could.
I’ve been really dumb lately especially this month. I thought that maybe the cheaper cars were better deals the the more expensive ones. But not the case the less expensive cars come out to be way more than the expensive ones.
I like to put money down in order to lower the interest I pay. In most cases I will put 10% to 20% down, then pay the car off over the next year or two. Works for me.
I totally agree with everything on the financing part. I have yet to start but what I can gather from people who buy cars from the auction typically try to get cars for monthly and long-term renters. Not sure if Turo would be the best option for that style (I agree with you)
Former car salesmen here, down payment does not go towards commission
The best way to buy a car from auction, is you buy the car cash. Either repair the car or buy as is. Get an inspection done by the credit union. You go to a credit union and get a Kelly blue book value loan on the car. And give them the title and you make payments on the car. In my opinion like you said the numbers don’t make much sense. The only way it’s makes sense is when your a mechanic and fix up a damaged car
Hi, Saimah. You’ve inspired me to start hosting. May I contact you on getting started? Thank you.
Where do you suggest people get personal insurance? We still need that. Turo's insurance only covers the car while it's on a rental. None of the insurance carriers I contacted (Geico, Progressive, etc) allow you to rent your car out. Their policies specifically prohibit that. Commercial insurers charge up $1,000 per month, per car. And they want to vet every driver before you give them your car. My fear is that I rent a car on Turo and the driver causes an accident and kills/injures someone. That person's/family's lawyer sues everyone in sight: your driver, Turo, YOU, and your personal insurance carrier. Your carrier is going to cry insurance fraud and won't defend you or pay out. Where does that leave you?
I like the video, the comments are helpful too
Glad to hear that!
Love it
I drive Uber in the weekdays and I Turo my car for weekends. I pay off my cars pretty fast .
So I got approved for financing with a local credit union, how do I use that as a tool to negotiate? My bank told me that you shouldnt keep running credit inquiries for different loans because my credit score would just keep dropping. So, at this point, I'm thinking I just stick with loan I'm already approved for since they gave me a favorable apr. 2.99% to be exact.
Great info!! These dealers been screwing me fior 20 years
God bless you 😭🙏🏾
I've bought a few personal vehicles with Zero down and only put down money for tax, title, and license. My credit is almost 800 so maybe that's why they never hassled me. They WILL try to hike up the APR rate when you put no money down. You can circumvent this ny already locking in a loan rate with your local bank or credit union.
Oh by the way......YES you do need gap insurance!
This is how the numbers work with the auction car I bought. I paid 32k for a S class but it was value at 41k so I rented it out until my depreciation drop back to 32 k then I sold it , I made 11 k on it , that’s how I made mine.
I want to begin my journey with turo. I am planning to lease a car from dealership. The only thing that im worried is that when leasing cars they have limited milage. And I did research that if I sign the contract lets say for 60 months then there is no way to terminate the contract. Im worried if my turo will flop.
Anyone know where to go in OR Around Orlando car auctions and not have to be affiliated with a car lot? Open to the public? I don't know of any
Thankyou😊
You’re welcome :)
I've only got like a 650 right now. Hard trying to build it back up. This is really have a hard time talking a carlot to sell me a brand new car with no money down lol
Thank u
This actually isnt the case for first time buyers its harder to get approved for a car $0 down as a first time buyer really the only way to get the car you want as a first time buyer at $0 down is by having a good to great credit score, and if your credit is not good then a down payment is good for u because by putting as much as you can down on the car that shows them your a serious buyer. A lot of dealerships do not approve first time buyers for new cars at $0 down so this information is inaccurate because it doesn't apply to everyone.
Literally EVERY salesperson I've come across at a dealership asks me how I plan to pay for it...as one of their FIRST questions...great content, though.
Can anyone explain the business side of this? Do you put it under an LLC to build business credit? Or how can you build business credit?
a genius .
THANKS.
How do you purchase cars for your Turo Business without a Down payment?