The BIGGEST SCAM Car Enthusiasts Fall For...
Вставка
- Опубліковано 30 вер 2024
- Y'all really letting dealers play you with 29.99% APR, huh? So many TikTok Clout Culture bois flexing their Auto Loans too dumb to realize THEY PAID TWICE THE LISTED PRICE. It doesn't matter how hard you negotiate down payment, monthly payment, or List Price, if you fall for the tried and true APR.
APR ain't your normal percentage, it's a monster in the making. In small amounts, it's like spice on your potatoes, but in larger numbers, it's an effing Alien Civilization straight up Merc'ing Humans left and right. I'm talking bout All Tomorrows level of tomfoolery. APR Is the MF Qu waiting to turn you into some monstrosity. That's what I mean when I say Clout is one helluva drug. Y'all out here thinking you're smoking tha goo shiiiiiii when in actually you're inhaling mf low quality lung rupturing low grade garbage. Why act all Hard just cause you got a Hellcat? Oh I can't tell you what to do with your money? MF watch the video and go back to Grade School if you still don't understand the words I just presented and threw down, yet you still not relented?
With 29% APR, The bank takes more from you, than the Principal do. That means the car ain't yours, the money ain't yours, the only thing that is yours, is this MF Clown Paint, so put it on fool. Go on and act hard, act like your ego means it all, but if you don't listen, and still insist on dissin, then MF enjoy the fall. I ain't even gonna lay a bed out for you...so you can hit the ground hard.
But for those who do realize, take your life back. Why pay a car twice that you only expected to pay once? You went in and asked for ONE Car didn't you? So why the hell you paying for TWO? A. P. R. Mothertrucker that's why. It's got you pinned against the wall, smacking that booty and giving ya a scar. MF patch yo self up and fight back, otherwise you full blown the Bank's hoe, so open up and cough em more dough.
MY INSTAGRAM! / bladed_angel
MY TIK TOK! www.tiktok.com...
MY TWITTER! / bladed__angel
DISCLAIMER:
Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing."
The materials are used for illustrative and exemplification reasons, also quoting in order to recombine elements to make a new work.
Bladed saying that his cars are outdated made me cry because I love those cars they are literally my back up plan if I can't buy a Regera
Bruh I have broke boi cars by YT Standards
F
@@BladedAngel You also have enough self-respect to continually enjoy the cars you have without feeling the need to sell and buy every three months, so fuck the other youtubers
@@BladedAngel Broke boi cars or not to me it's a personal preference
@@lrballistics true dat
@@BladedAngel honestly eff the YT standards especially other car YT channel's standards because they are mostly clout chasers chasing the hype of the next new enthusiast car everyone is talking about. Most of the time they're driving and paying high interest on cars they don't really like. Atleast you love the cars you have and thats what matters most, driving what you love.
I got 0.9% APR on a special for Ford Credit; only paying about 550$ in interest for the entire loan. The dealer tried to get me on a lower monthly payment at 7.99 % APR through another bank but I did my research beforehand and confronted them about it. Take a look at manufacturer specials people, be patient and you’ll end up with a good deal.
Patience and not being fooled by "Lower monthly payments" are two great tips some ppl need to hear.
They'll just hone in so hard on "I owe less each month" not realizing less of it goes to principal and more goes to interest, so they're paying more over the whole loan period.
I couldn't believe that there are such APR people are stupid. Like wtf 28% thats robbery
Yeah never answer a salesman when they ask “what kind of payment are you looking for”. Because that’s exactly what they’ll be trying to pull. Always get your own financing. 0.9% is great. Damn near a free loan.
I know automaker banks typically do 0% or rebates without 0% finance, but "7.99%" to me is absurd. And the idea is that if you're able to pay it off sooner, it's less going to the interest and more to the principal. APR actually works on a per-day rate (I'm watching my loan grow about a dollar a day from PNC).
But typically, if credit is good enough to qualify for 0% or for that low-APR from Ford Credit, it should qualify for 2-4% with another bank. Dealers get commission from banks for setting them up with loans. To me, 7.99% meant that bank was paying the highest commission to he F&I guy.
Manufacturer specials are a thing of the past lmao, they dont don't need to negotiate or offer good APR. They even mark up the price of cars these days, want a $55,000 base model C8? That will be $90,000 please
Honestly, even ignoring the whole car culture backdrop, this is just good financial advice.
Great, but not the best.
@@chada75 what is the point of this comment? What's the best financial advice Mr Buffet?🙄
@@stickyoxtail buy a car that you can pay off rn. Save up and buy it outright. It’s what I’ve done with both my first and my current car. $700 for a first car(Parents, DON’T BUY YOUR 16 YEAR OLD A $30,000 “SAFE” Vehicle! That car WILL get bumped and scratched and crashed. Better to spend $2000 on a beater Honda Pilot than $30,000 on a brand new Bronco Sport or Acura MDX.) it got dents and rust. No TC or ABS. But with 4wd, the winters were drivable and I could do however much stupid stuff to it and learn what works and what doesn’t. It was a hand-me-down ‘95 tacoma. Standard cab with 4wd. I now have a 2011 Honda Ridgeline RTS and couldn’t be happier. It’s not exactly what I wanted, (V8 4Runner Limited.) but it’s what I could afford to buy with cash after saving 10,000 in 5 years. I also did research on what issues these cars had, so anything from Ford, GM, and Korea were out. Because it was my first Car I bought with my own money, I wanted it to last at least 10 years after my purchase of it.
This is terrible financial advice. Dealers can't hold that much rate and WANT you to buy the car, why the hell would they give you a high apr if they could get you a lower one, lower payment, and make you more likely to buy the car? That interest is paid to the banks not the dealers. The thing about a credit card with very small purchases building your credit better than a car loan is also completely wrong and when i worked at dealerships, I saw that misinformation hurt people DAILY. It might build your SCORE, but your "high credit" is shit, and that matters a lot. It's called being a thin file, and a bank sees you the same as a no score.
Funnily enough financing is actually one of the few places dealers DON'T try to screw you, because they can't control it
@@willhutton1516 this country is based on cash and credit. What you’re saying will screw people when they want to make a big purchase such as a house
29%!? You have to be stupid to buy a car with that much APR
The US public school system does absolutely nothing to educate its students on finances. People who have never been exposed to finances but need a car because theirs broke/whatever the case may be are left trusting the bank/dealership blindly because both will insist "this is a great deal and the best you can get." It half the fault of the state/federal government for having essentially zero consumer protection laws and half the fault of the states/counties for having zero financial literacy education in school.
Stupid people need cars as well.
@@thebigpicture2032 😂
@@thebigpicture2032 GODDDDDD
DAMNNNNNNN
That had me rolling
@@thebigpicture2032 And apparently a right to vote...
For the longest time, I thought the +20% interest was a joke. Never knew people actually agreed with those terms on a car
90% of challenger and charger owners are paying over 20% interest.
I don't gave an actual source....but I'd totally put money on this being surprisingly accurate.
Desperation is a terrible cologne
@@EPTRotorsports 89% of the time yes (work for a very very large dealership)
@@maldenfoster lol well
@@maldenfoster wow
Jesus thats insane. I knew I fucked up on my first car and learned my lesson at 10% but 29?? I'll stick with my 2.9 instead
Also when buying a car- credit unions are going to be wayyy better to work with than a bank
RIGHT? I always assumed the worst someone could F up would be 10% or 15% AT most.
But SO MANY TIK TOK MF'S post up their 29% APR and get DRAGGGGGGEDDDDDDDD over it.
Then they go on saying, "it's my money, my life, my choice" Like no MF, it's not your money, it's the BANK'S, since Interest _exceeds_ principal.
And NEVER put it on the house mortgage - you are now paying for it for 20 years!
Yeah man when I was buying my first car they tried to get me into a 2016 impala at 32% interest, I took it being dumb and 20 BUTTTTTTTT I got to drive the car for free for 6 months and then they repod it. They never once sent me a bill, I tried to pay my monthly bill for 6 months, they did not accept it and declined my money and my loan never finalized. So they let me off the lot before they even finalized my loan and I just drove around for 6 months, I tried to sue them but the lawyer said it wouldn't be worth it, but that I was legally in the right for trying to sue.. oh and they took my possessions because I left my jacket and Oakley gloves in the car. Never got those back so I always tell.people my car was stolen... final point, don't buy a car off Hertz
I can imagine dealers cowering in fear when a customer whips out a piece of paper, pen and a calculator.
We literally don't care. The bank gives us a rate and we might mark it up a percent or two
@@wesidk5662 I'll take shit that doesn't fucking happen for 500$ Rick!
@@ballsywhiteguy1557 that's literally what they do though lmao
What if you buy a shitbox first, and then buy a car and pay it off instantly? No APR bullshit right?
(I'm only 16, idk much about car dealing)
Obvoiusly the faster you pay it, the less the APR matters. Some dealers will punish you with fees for paying off early OR become a stiff brick wall on the price if you say, "i'm paying in full". Think of it this way. WHy would I sell to you and make the list price (You buying it in full as listed) when I can get interest off a sucker? You should never underestimate the snake mind of dealers, so IMO, the best deal possible is to still negotiate with them as if it were a normal financing transaction. Then before you sign the last paper (and already did most the other shit) you ask, "Are their any early pay off fees?" if they say no, then you sign it, and pay it off literally the first payment. That way, you still got them to nudge the price down THINKING you were gonna loan it the whole period. NEVER announce you're paying in full to a dealer, that actually PISSES THEM OFF!!!! I was showed the door 2 times for trying to buy a Mustang in Full (With Check) then I went home and googled why that was the case.
@@BladedAngel should I take this as good advice for the future?
this is the best way to do things, bought a civic for 1500$ and sold if for 900$ years l8r when i got my E55 AMG.
If your credit is bad enough that you have to worry about APR, don't consider buying anything that you can't pay with what you can afford with money in your accounts. But if your credit is good, it can make more sense for you to loan even if you can afford it outright. Doug DeMuro has a video on that where he explains that if your principle can go into investments that earn higher interest than what you're paying, then that's what you should do.
The shitbox? WTH
One big thing that you can do is to have a pre-approved loan from a bank or a credit union before you even walk into the dealership. I walked in with a 1.99% pre-approved loan for ~75% of the car's value when I bought my Audi and made it clear through our conversation that I knew finances. Dealer went to his finance guy and got me a deal of 1.65% on 85% of the car's value, so I took it. It pays to have options.
Nice
How do you learn more about finance?
Did the same thing and got 2.49%
Excellent.
@@MarchedYeti96 just look into APR & compound interest and familiarize yourself with the formula and you’re already ahead of the game
If you're paying cash, they won't drop the price as low because they don't make it back on finance interest. Letting them assume you're borrowing just because you don't say you're not is a great way to get them to agree on a low price, then reveal you were paying cash (they just assumed you weren't).
makes me glad I bought an old reliable Camry outright.
I had a 2000 4 door civic and i regret selling it. I do like my almost new truck but i hate paying the bill lol
@@davidmopar8446 was it a K series or B
@@THESLlCK probably D.
@@THESLlCK a D series. Slow but i enjoyed it. It was just a daily
I know rite, paying out right is the way to go.. regardless of buying a car in America new or old it looses value the minute u sign..
When buying a car, PLEASE go with funding from a bank and not get it at the dealer.
^THIS WORKS TOO. Get pre-approved by an institution you trust, negotiate the rates there, then have them send the papers to the dealer. IF the dealer doesn't like it, keep sending it around until you find one who takes it, since you're already pre-approved by the bank for loan. be patient, someone WILL BITE!
Depends, sometimes they have special finance offers from the manufacturer. But you have to be qualified first. And you may have to pay msrp. Always gppd to have options though.
It depends. I got 0.0% APR on my car from the dealer.
funding from self>>
@@dangerouspickle69420 agreed, but not feasible for the average person
This is actually extremely informative and practical beyond all else. Not all of us can afford to mod or get a dream car, but we will all come across APR at some point, so this will be useful for a LOT of people watching who haven't encountered this. Very nice work at making one of the most boring 3-letter combos into something actually watchable and entertaining while informing and educating people.
I have good credit and this dealership really tried to give me 11%, I brought up that I’m with a credit union and they could give me 2.39%, all of a sudden they came back 5 mins later with a 1.9% rate, and boom deal done. ALWAYS NEGOTIATE 👏🏽
Literal confidence tricksters.
could i hypothetically lie about having a credit union with a low apr and do the same for a lower one with them ? do they and will they have the resources to look up if i’m being truthful ?
@Roberto Vidal Garcia i wana avoid them running my credit score and have the risk of them lowering it on me . my main 2 goals are getting the lowest apr possible and them not lowering credit score , especially when i can show them on my banks app
Happened to me! I financed a 2020 C63 for 80k. I had a 720 credit score. APR was 10.99% and monthly payment was $1509.98 a month. In interest alone I would have payed $31,789 at the end of the 72 months. I stuck it out for 4 months paying for it then once i finally thought to myself. I’m paying way to much. I refinanced the car last week with a credit union. Now I’m at a 2.89% interest and monthly payments went down to $1,187. Still a high payment but I’ll only be paying $8k in interest.
Wtf you got a 10.99 apr with a 720?
@@TheRealCatof right??? They got him good...thankfully he questioned it and refinanced
@@BladedAngel yeah after about 2 months of financing the car I just realized. Plus this was the exact spec I wanted for my car that was within a 300 miles radius. At the same time I found a brand new 2021 C63 but had a 50k mark up. Which I was not going to pay for
@@PrimuIas Don’t gotta justify it/explain urself bro it was an L we all take em at times
I never understood why people would buy a car that expensive if they can’t pay cash. Just drive something cheap and efficient until you can actually afford it.
Simple solution: outright buy cheap shitboxes that banks won’t lend you money for.
That's what I did.
$350 86 Pontiac fiero.
@@fatalgravity cars are a bit more expensive over here in Denmark, but i bought a 2001 VW polo w/ one year till inspection for 740$
@@fatalgravity Nice! You MUST be a Ronald Finger subscriber. 94 Probe GT coming up on 13 years of ownership. Still worth about what I paid for it. $900 Grand Marquis too, 4 years, got another 20 in it.
Here in Australia 15-20 year old cars are often $3-4000, which is a bad deal compared to say, a new cheap car. I sold my 2002 Ford Focus in 2018 for $3,000, bought a new (Chevy) Holden Spark for $14,000. The Focus was costing about $1,000 a year in repairs. It needed $3,000 to return it to good shape. So $6,000 for an old, unreliable car.
@@lundsweden holy shit. Its already bad here in Denmark, but that shit is just dumb. Atleast you guys have cool cars that you can actually modify, if you win the lottery.
You have to do a video on the HSV Maloo GTS-R W1, One of four maloo Holden utes made, over 636bhp, million dollar ute, ill get a bladed tattoo if you do this!
I'm glad I only like old cars, I never have to deal with dealerships lol
My DD is a 1983 Pontiac Grand Prix. I consider it a late model.
78 Thunderbird survivor 6000 dollars up front and done
Buy something old you like, modify and customize to your liking, happy life.
I got me an 02 3rd gen 4runner for 12k borrowed 16k at 2.4% so I took it, plan on paying my toy sooner though
Until it comes to fixing an old car. You’ll never get around dumping money into a car.
As a canadian here I never seens an APR 9f more then 9% ( and that was in a worse case scenario) im just shocked seeing this and even more shock seein people think its a good deal.
As a fellow Canadian, same
Used cars (5 years old) apr in canada is u to 29.99%. I think you only saw new cars.
Greatly appropriate your content Bladed. Though your content might not be what most consumers want to hear, its much more helpful and mature compared to other youtubers/content creators. Keep up the great work and I hope to see more from you in the future.
Can someone anywhere in Europe tell me if they know if super high APRs even exist over here? I had never even heard of it before watching D. Doug and Bladed. To my knowledge, over here it's a race on who can advertise the lowest rate - even if at the end of the day it's not exactly low either.
And yes Europe varies from country to country but I feel like the EU and the non-EU countries would have put some sort of consumer protection law in place.
...I am too lazy to google it
Interested in how the UK does it for sure
Most places are below 5% for Car Loans in EU, some even as low as 1% and some areas are even doing DECIMALS (0.15% etc). So you're right. European Car Dealerships are competing so effectively against each other due to customer intelligence (and lack of Clout negligence) so people there are smart enough to get lower APR.
Some areas in Asia though also have AWFUL APR going north of 20% on Car Loans.
www.financialadvisory.com/world-car-loans.html
@@BladedAngel Very interesting, thank you Bladed for the link and the info! I gotta say though, I can't help but feel like the governments/EU played their part to help keep them low, because inevitably there's a lot of ignorance here too. And maybe gas prices also play a role, considering how much more expensive it is over here compared to the US, limiting both manufacturers and consumers in terms of choice.
i buy second hand so i always just pay full, my parents do that too just all in once, my mom even did that in america when she was there the dealer was so confused he had to look up what the price the car actually was...
@@r.i.peperoniiiiroh9625 yea buying in full is a lot more normalised over here in the EU. I think that UK schools don't teach enough finance (I'm 16, most of my finance knowledge comes from tangents in maths or business as well as outside of school stuff) but from what I can tell we end up a lot better than the US.
If you’re stuck in a high interest loan, either double up on payments and refinance or just refinance immediately. Anything more than 5% is insane. I remember they gave me 15% on my very first auto loan. I doubled up payments and my credit score skyrocketed in three months and I refinanced for 2%. My monthly payment went from $160 to to 60ish if I remember right.
wdym by double up on payments?
@@tutoszn pay twice more than your monthly payment I assume. For example, if you’r car payment is $100, then pay $200 each month.
Wooop highlight to my day let’s watch the video
POV Footage of what it's like taking State Maximum 29.99% Interest:
ua-cam.com/video/G27lwc_Xu4g/v-deo.html
Funny channel, subscribe to him too! He spittin facts...finna putting clout bois in their p l a c e
i understand people not caring about cars as anything more than transportation devices, but come on people how do you make a massive purchase like this and not do the math.
Im not a house guy but when i go to buy a house you bet your ass I'm gonna calculate exactly how much I'm gonna be paying
RIght??? They're just one "APR Calculator" Google search away from knowing what their car loan/house mortgage is actually gonna be.
But then again, most of the new youth don't even know wtf APR even is, so they don't bother searching it.
There are way too many idiots who that don't even BOTHER about making the math to see if the numbers match.
In my country, there are hundreds of thousand's of people that are Black Listed because they weren't able to pay the loan.
@@BladedAngel absolutely, im 16 and recently bought my first car back in august and when figuring out my payment plan i took everything into account im glad i had parents that taught me finance basics.
Usually either that person is ignorant and uneducated on finances or is in a very bad spot and needs the car or loan right now.
I know someone that bought a duramax a couple years ago and he didnt know how long the payment plan was for. Then I asked what the interest rate was and he couldn't answer that without going and looking at the paperwork again. I was mindblown. Pretty sure i was making similar money and just didn't understand the blatant ignorance of some people but i guess it happens.
I’m definitely gonna reference this video and others when I’m finally ready to go to a dealership for a car and have my credit card paid off and have my score boosted up so I have better room to negotiate my apr and the other key points addressed in this video
At about 700 credit score I guess I should’ve negotiated that 7.14% interest rate :/ luckily it’s a $11000 loan
G u h
Well, since it's such a short loan, refinancing won't really make much a difference, but dang girl, you should FLEX THAT SEVEN HUNDO next time. Don't let em make you walk away with anything over 5. Here's a video showing how you should've been treated with that good of a score> ua-cam.com/video/sDKx40fZGCI/v-deo.html&t
How?? My cred is 600 and mine was 5% on a 64k truck with $15k down
I dunno if my age and how long I’ve had my license affects that. I’m 22 and I got my license January 2019.
What the creater of this video doesn’t do for a living like myself is sell cars… you being a 700+ doesn’t mean you get a super low rate. If your car is older and has miles that has a huge impact on your rate as well. All lenders have rate sheets. For example a 2014 with over 100k miles won’t get you a rate that a 2018 with 30k miles will get you
Bladed you are the best. Thank you and please never get discouraged and keep making these videos. I love you-
-no homo
Yeah I don’t recommend a lot of debt but I’m not one to talk. I finance a $57K truck but I had equity in my previous truck and after all taxes and fees I think I got it at $49K. Not too bad at my income level, but also I pay about 25% extra every month too, to eliminate interest as much as I can even tho I only have like a 3.6% rate
These are great videos for your young audience Bladed, super informative for the most vulnerable enthusiast group. Thankfully I was able to go the cash buy route (used Porsche at auction). It was for a resto, so I now insure for double what I paid. There are still ways to be smart in this market!
I got hit pretty hard on my first car from a dealer, it was 24% for a 2014 hyundai elantra at $12k which was base model, but I got hit by an israeli bank, so that 24% was quarterly, before I traded it in I owed $16k on a car I was paying into for 3 years, my second dealer car is my V6, AWD Chrysler 200 S with less miles than the elantra had when I bought it, but with 5% apr
I had recently purchased my dream car. I negotiated the total price of the vehicle first, then managed to whip out a pre-approval for 45k from a credit union. Sales man didn’t look too happy, and asked me what I could do to finance with them. He said he guarantees he can beat their monthly payments. I asked him can he beat 2.08% apr? He gave up after that haha.
1. Don’t let dealerships run your credit when talking numbers. Your credit score will take a hit every time they do, resulting in higher APR rates.
2. If possible set up weekly payments. This will pay of the loan faster with less money going to interest and more into principal. Ex: $300 monthly payment at $100 a week can total $400-500 a month with less money payed in interest.
your #2 is just increasing your payments. which is the secret to reducing how much interest you pay, of course, but it's not the breaking it into weekly bites that increases it, it's that 30 days at $100 every 7 days is more money than $300 every 30 days.
Weekly payments is bad advice
credit score checks negatively affecting ur score has been debunked
@@zephyr.r Hard inquiry will... Soft inquiry wont... not worth a risk though
@@kenbrown2808 Interest accrues and compounds daily. Paying more frequently than monthly cuts down on its opportunity to compound on top of itself. Their numbers are off but the idea is not.
I’ve done all this getting my mustang I saved 3k .their original apr was 5.99% got it down to 3.2% should’ve seen their faces they really tried to finesse me also I put 22% down
Thank goodness, that Leasing or Financing a car or house or any thing in general in my country is rare. Majority of the cars we own are bought from cash and paid in full. It might not sound financially responsible to just use your money in one place, but at least it keeps us out of debt.
This video is very helpful and informative indeed, for the people it is meant to.
I’m lucky to know and understand all this at my age - 23 yrs old , bought a 16k bmw from dealer at 1.99 apr. they were gonna give me 15-20% and think I wouldn’t know the difference bc of my first time financing of a vehicle . Keep pumping out this advice , make it known to more and more ppl
Haven’t paid over 4% interest in years now, highest I ever had was 18% and I was done with it and got it refinanced after 4 months
I’m so proud of bladed taking on challenging topics in a very digestible way and trying to educate people
Im so glad I got a low 2.99% APR on my new Suzuki GSXR, although as much as I hate Auto loans, definitely want to yeet this debt off in few months lol. This video is so educational and on point 👍
Glad this video exists. Lots of great information that my parents nor teachers in school never taught me
Bladed, I love you. Thank you for explaining this to me! I'm going to show this to my friend and family!
I got my pony (everything combined was 26.5) I put 4 down and because I’m 16 it was completely under my dads name. And thanks to his great credit score I got it for 4% apr
co-signers are a must for people under 18, heck even under 20.
My dad totally saved my ass especially compared to everyone else I work with getting a car
3% compared to everyone I know getting 9 or 10%
Very grateful
@@BladedAngel as I’m in Cali I legally can’t be on the paperwork for some reason
@@BladedAngel also thx for all the great vids, I obviously like sports cars but don’t really know anything about them. So your vids have taught me a lot in the past week or so since I found you.
my 135i got totaled by a dude who rear ended me and can’t get any of my mods back :/
LOL you fail. Assuming people that buy a dodge have enough brain cells to even read their loan contract. HAHA that's a good one.
Happy with my Mustang GT. 48 months of $474 @ 1.49% APR. Did the math and my loan is costing me $700. Got it for 7k under MSRP too. All about being a shrewd negotiator lol. Did all my negotiations over the phone, never walked into a dealer until I had my price. Ordered my car so I didn't have to worry about finding a car with similar options, could just get exactly what I want.
woahhh what was the total cost of everything?
@@tutoszn $46k CAD, or $36.5k USD.
2021 GT Base
6 Speed Manual
301A
Performance Package
Active Exhaust
Spoiler Delete
Forged Wheels with Nickel finish.
MSRP in the states was $47k, but $53k in Canada.
This is a great video. It always hurts my soul a little to hear people talk about their loans like this.
it needs to be said.
@@BladedAngel I bought my car outright. For 8k. I have been looking at loans but don't have enough down payment yet for a good one. People can also get cheap cars to use while they save for a better down payment/build credit. My 370hp 09 Genesis (v8) I got for 8k. So you can still have fun on a budget. However. If I had a gas efficient car I could afford a car payment with the difference in gas money these days... Everybody has flaws...
"At 640 credit score which is a pretty horrible credit score"
Me: 😥
"Business and Finances with Professor Bladed"
Yo, this is one of my favorite classes!
I managed to get 7% apr on my first car, and refinanced with the same bank down to 3.5% apr. Always look out to refinance.
If your credit was good beforehand then it makes sense or you know someone
Skimp and save is the name of the game. Usually by the time you get enough to buy a new model you could afford two of the same model two years older used. I know a guy who got a 2015 hellcat that was leased by an older man for just above half the price of a brand new 2020's. Dude saved since junior year of highschool when they announced the hellcat. Dude got the car he wanted with very few differences compared to the newer model year and with what he saved buying used didn't even break even with sticker when he updated everything to "2020" options.
I had no idea about any of this APR stuff. I’m 21 with a credit score of 680. I’m going to be looking for a new car pretty soon. Thank you for educating me on this stuff!
U have the disease for which this video is cure
It's insane how these dealerships are allowed to get away with this practice
@Bladed Angel
US car guys: "29.99% APR is utter madness! It will double the payment of the car!"
Italian car guys: "29.99%? Everything ABOVE 6.49% is illegal here... and even that's pretty high."
great content bladed love it would you be willing to do one on credit cards to help teach the young car guys including myself who has never had a credit card ever to actually get a good credit card I do know there are some terrible ones out there also I'm doing an Itasha on my 69 Cadillac
My dream car, a Dodge Challenger SRT Hellcat, costs around $58-70k in the US. When imported to my country and all taxes etc. Are paid for, it ends up at $150,000… which is almost 3x the original price…
Because taxes. And that’s without a loan.
Where you from Jesus
@@rodriguez58996 Norway, of course.
They are going away in 2024, so they price is going up
With a < 550 credit score I was offered a 29.99% on a v6 loaded Camaro. They would only sell the one they had on the lot, it was a loaded sunroof leather interior Camaro that was 36.9. After the term I think I was looking at either 52k or 62k over the life of the Loan. I ran.
Surprisingly enough, after improving all me credit scores to over 700, I couldn’t get financing for a ~26k Mustang GT with a plan Discount and a 5k down payment. The reason being my income. It hadn’t change since the approval for the 29% interest for the Camaro.
I was turned off of credit in general after that experience and been paying cash for every car I’ve brought since.
I swear APR in UK sucks or maybe I'm bad at searching. Got 894 score (out of 999) on experian, no overdrafts and the lowest I'm being offered is 20% to 25% by my bank and on experian some even offering 60%+ like no way I'm taking a loan like that, just gonna have to save up few years not worth paying the price like that. Maybe it's my age since I'm still only 23 but it feels like a rip off.
I've never bought a car on credit, partly for this reason. It just always made more sense to me to go buy a $1,300 Saturn and my only payment being to fill it with oil (not gas XD).
I can't imagine a universe where a 5yo car is old. My Dakota just turned 23, and my Civic was 31 when it got stolen and molested to death (RIP).
This guy doesn't know what he is talking about at all.. first of all who are you negotiating with ?? Bank is not negotiatin APR, You have terrible Credit and that's why they are charging you 29.99%. Dealership is selling you the car and not Financing you. Even if they charge you 29.99% if you will finance that it for just One Year, your credit score will improve by at least 100 Points and then you can refinance and then refinance again to get a Single Digit APR.
am a Finance Manager at a Car Dealership and have type over 20K Contracts over 20yr career.
This is so useful for future me,I really appreciate the effort for all the work that put into this video.
This is the thing I don't get with some people. They brag about their 800whp Hellcats or whatever car it is and they're also tens of thousands in debt and still see no problem with financing their performance mods. I've never taken out a single loan on anything, own a very fun 300hp car that I've never financed the mods on and on top of that I'm way better off than most of these fools.
I did that refinancing with the bank. I went from 4.3% to 2.9%. The bank also lowered the payments by 50-75 dollars.
Easy way to describe is, "you pay 30% of what you originally owed, per year that the loan isn't paid off." Simple numbers, 30% of 9000 is 3000, a 5 yr loan at ~30% apr means you pay 3000 for 5 years on top of the 9000 original loan (3000x5=15000) final cost is 9000+15000=24000
The car im planning to get is $31,700. My goal is to have minimum 10,000 as a down-payment. Ive never understood APR well, but ive alwayd had the mindset that if you really want a car, be willing to spend more for it upfront, rather than down the road. (meaning beef up that down payment so the monthly doesnt kill you.) But now i have a more clear picture on negotiations. Ive almost reached my goal, but the boss battle has yet to begin...
I bought my z06 in full payment last year. It was originally 70000 due to covid inflation, however, I was able to negotiate it down to 62,000 for paying in full in cash. Save up some money then buy the car you wish!
By the way, I saved up that money throughout 4 years of military service.
I have found a mx5 for € 7.900 (8677.75$) with 159.719 km (99.185 miles) and build in 1991, so does the APR also goes for used cars? I mean I guess not, but still
The only problem with the car searching strat is dealerships have (at least last year) no cars to compete against each other with.
I ordered my Mustang in December and it finally came in early March. There literally were NONE at the dealers. I had to wait for them to even order-build one for me since they were so backed up and didn't want to take my supplier discount (I walked away at that point, sure enough a month later they came back wanting my business). They got me with 2.79% apr which for my credit is meh. But I'll just pay it off over the next few months and it won't end up more than a couple hundred in interest (no early repayment fees is a thing to look out for too).
As a side note, I wasn't approved for the first loan they tried to get, apparently not because of my credit score, but because of a lack of large loans in my history. Credit score itself is not necessarily the only thing that matters!
Honestly now is a great time to hold debt anyway due to high inflation. I envy people who bought houses over the past year with these APRs... they are making out great on mortgages despite the heightened principle.
If your credit is that bad and you don't qualify for a lower APR, you should not be looking at $40k vehicles.
You should be looking more at cars in the $5-10k range
On the other hand the APR for someone with good credit is very close to nothing. I was using a online calculator like this when deciding to buy a car and I liked the monthly payment until I realized the APR was set to zero. I set it to 3.5% and was expecting the worst but the monthly payment went up less than $30.
I have a credit score over 700 an im saving money for a down payment to buy a new sports car. Thank you for this video. I didn't know too much. Feeling more confident knowing more about the APR
When I bought my 2019 civic Si I got a 3.7% and put 15k down. Ended up only financing for 10k after I added a warranty and roadside
Negotiate ? is that an American joke that Im too European to understand ?
Here dealerships dont have a monopoly and we can literally buy cars from the manifacturer (not all companies do this)
The thing is we can compare prices and set up the car to only have exactly what we want , I dont have to physically go to a dealership and negotiate the price i will pay ...
Im the type of person who always wants to have all the options open and do insane amounds of research before buying anything ... so the dealership model is an anathema to my whole personality...
It is definitely worth making sure that any extra payment is applied directly to loan principal rather than just advancing payments (and thus mostly paying interest ahead)
I got me a good 2008 Charger 5.7L RT AWD foer $9,833 out the door with all taxes, fees, registration, etc. I got it Nov 2021 and I've paid half of it already and only owe $4K. I got the windows tinted, floor mats, steering wheel cover, RT hash marks, pinstrip the body myself and the interior with red accents. It looks so nice!!! And I love the power! It feels like cheating whenever I drive something else lol
Got mine at 2.9% apr on a 7yr to lower the monthly payments with the intention to pay double the monthly payments so more goes to the principal balance. Paying it off faster and costing me way less in interest.
Granted, that's a shitbox interest rate, but given the economy today, with a decent interest rate, you might end up being better off extending the loan. Inflation lowers the value of money, but the upside is that it devalues debt, too.
Bladed.. when I first saw one of your vids roughly 2 years ago, I got gripped into cars. I want to thank you for helping me find something I love without realising… I’ve grown, bought a race sim, gotten into JDM and I can now do what I’ve been wanting to do since I saw the video. Drift. Just a small thanks man, wouldn’t be who I am today without you.
I learned more about credit, APR, and interest more from this video than I have in my entire life
You're not a real car guy if you change cars every year because a new one arrived, if you do that you can still like cars but a real car guy means you like working on it and modifying it to make it yours and as perfect as possible.
I have 2.5% intrest! Paying about $1500 in total on my 45K car!
Wish this video dropped 2 weeks earlier😂😂 great video and explanation, im going to refinance next year.
100% honestly, I've enjoyed your content for a couple months now, but this vid got me to Sub. Showing that you are someone wanting to truly help people out with vids and still making watchable content. LFG my dude
I was told when they run your credit it goes down. So I was told if this was the car u wanted then get it and don’t look for another because ur credit will go down
This happens because people don´t even loook at the numbers, or they just don´t care, so the take on this is don´t be stupid
This is a great video. Great Job Sir.
This should be required viewing in all high schools....
yknow this is actually really good advice, thanks bladed
Also make sure you read the documents. One dealership tried to add the amount that you would have paid on an APR and add that to the original price. So even know you may pay it off early you still pay the same amount because the percent was already calculated in put into the loan
In my specific case, I found a very nice 16 Miata in soul red. Only 8k miles and with all the ones I looked at, being well over 40k miles. I picked it up for 25k (with fees) on the dot with 6.5% Apr. By the time I pay it off (before refinancing, which I will) I will only pay about 28k. 450/mo and I'm still paying under market cuz it was a damn good deal from CarMax!
or... don't take loan for a car and just save up instead???
or am i just stupid???
This right here is quality life advice. Thanks a lot. Haven't financed a car yet but it's ingrained into my brain now that I need to build credit first then I may do it.
Ah yes, Gran Turismo music goes well with this car topic.
How to get a good deal when buying a new car: pit dealerships against each other How to get a good deal when refinancing: pit banks against each other I’m sensing a pattern
I got a 0.0% APR on my 2022 Stinger GT, so I'm good.
Dude, I'm not really big on cars but this advice is a life saver. My family isn't very accepting of me, so there's a lot of risks I'm left in the dark on because I can't just go to my dad or mom and be like "yoo so they're offering me 5 dollars a month with 80% APR is this a scam???"
Now this is Real Car Community. Thank you so much.
Imagine buying a car without knowing how financing works.
Just got my first car! An 2014 red peugeot 208, tips?
If your credit score is under 700-720. You will get killed in interest. You have no business buying anything other than inexpensive,dependable, reliable used car. You need dave Ramsey. Couple years and you can get right.
This is the best and most simplified explanation I've ever seen 👏
This is why the used car market is so popular. It’s best to get something with some miles on it, fully paid for. Not the latest and greatest, paying premium and it’s depreciating all the time.