That’s what’s wrong with this country. A car is necessity but they will let a college student go into debt with 50 to 60 K student loans but won’t let someone get a $30,000 car loan… doesn’t make sense.
Back in 2013 I purchased a certified used 2010 Honda Accord with a 550 credit score. My income was good and I put $5,000 down on a $22,000 car. That was the out the door price. I got a 7% or 8% interest rate. Having over 20% down was the saving grace that got me the car at a reasonable rate. I still have my Honda Accord now and it has over 150,000 miles and still runs great. My advice, buy a 3 year old Honda or Toyota and put as much down as you can. Pay it off early and enjoy it for 10 to 15 years.
How much is/was your monthly payment? And did your credit go up fast? I’m thinking of going this route to have proof of payment history and build my credit back up because no other option
@@esotericslayer6004 My credit scores went up eventually but it takes years to recover from bad credit. The best first step is pay off all the debt you can. Don't finance a car until all your credit cards are paid off.
That wasn’t a smart move at all why would you put $5000 down on a $22,000 car with bad credit that just shows how dumb you really are because you could’ve just bought a $5000 car and drove that for the next 10 years duh
I was an F&I manager in a Mercedes dealership back when they were still tied to Chrysler in the early 2000's. Back then, Chrysler Credit would finance anyone. We had dreggs coming in with 520 scores and driving out in a new Mercedes with a 7-year balloon payment loan!
I saw a car dealership online yesterday that was advertising they were giving financing to people on unemployment, with the current economy pretty soon (proof of unemployment) would be a requirement for loans and rentals.
Even if you get your car loan approved, the car insurance will make sure they fleece you on the insurance cost from having bad credit. Just get something you can pay in cash. That way you can customized your car insurance to something you can afford.
When Zach mentioned that he did not exist because he had not ever borrowed money off and it reminded me of a friend. This was 40 years ago and she inherited nine figures. She had never bought anything on credit because she had the cash for about anything. But she decided that she needed a credit card for traveling so she had a heckuva time getting a credit card issued to her.😘
Hello, Ray and Zack. Zack, the personal experience you shared with us was very interesting. I had to get my first auto loan in 2018 from a Credit Union called Mountain America with a credit score of 550 due to the fact I was new to the country but no prior bad credit history. The bank offered 3% interest with the condition of a co signer. I used my brother’s help who had 790 but the Bank said he doesn’t exist as he doesn’t have any revolving accounts such credit card or other loans. Finally, got the approval and it’s a good beginning of a long journey of building my credit!
I had great credit until Covid19 and way laid off from the school system. I went to go look at a 2006 Trailblazer with 111,000 miles that cost $7200 with $3000. The salesmen told me that my monthly payments would be $282.18 for 54 month plus 15 month warranty and roadside assistance. I said I know that my credit is bad but damn! I didn't know that they could finance a car that old for such a long period
Wow 😯…yea try again go somewhere else. Old ass 2006 trailblazer with more than 20% down should have been a low monthly bill. A bank won’t approve someone with bad credit unless they can furnish 20% of the vehicle. In this case you contributed wayyyy more than neccessary. I would shop somewhere els e
I’ve bought 37 cars and financed 9. Of the 9 finances, I’ve been at the dealer with an 800 score, a 550 score, and everything in between. When I had the 800 I was in and out no questions asked and fast. When I had the 550 and needed a car like NOW due to losing my old one in an accident. I had to spend a whole day at the dealer and give my entire address book, proof of employment beyond pay stubs, and probably a blood sample and fingerprints.... (not really). It was intense and I did not feel welcomed. To be fair, the dealer probably had to work 10x harder than normal to get me the car. Point being, I realized in that process that I shouldn’t be buying a car with a loan at that time. I should have gone on Craigslist and bought a $1k beater to get me by until I could climb out of my mess.
Over tens of thousands Americans suffer from bad credit records and many have fallen for different scammers due to the pathetic situation. Don't fall for scammers!!! Make a better choice today by choosing Credit Patch LLC over other credit repair specialists here. It’s all about the trust, getting what you want and the best you deserve. I am happy writing this not only because of what they did for me, my family and friends but also to save people here from scammers. I know how it feels to lose your hard earned money to fake credit repair specialists and I won't want that to happen to anyone seeking for credit help. I assure you a real and effective credit repair service if you employ the service of Jon@creditpatchup🔘com God Bless America.
I knew someone who bought at a buy here pay here. The company would take automated payments. Her car was picked up at least 3 times because they said she didn't pay. She had to pay to get her car back each time even though she paid and it was their mistake. I felt terrible for her. They were so shady.
@@sct913 exactly if she had lawyer money she wouldn't be at a buy here pay here. It's ridiculous how rich people and people with resources feel they can have a opinion because they might be educated on something they feel they can speak on everything. Some people in America are so delusional to the problems of others. Yeah we live in the same country but we live in 2 different places. The other side of the tracks is real.
@@therealsyxx I have a very low tolerance for people whose immediate knee-jerk response to a perceived injustice is "Sue them for everything you can get." Not defending by-here pay-here lots that engange in questionable lending practices, but that attitude is why our courts are clogged with so many lawsuits of questionable merit, and why people file such lawsuits in the hopes of getting a "settlement" from the company.
620, 6k down for a 32k bmw 3 series before tax n fee, 14% apr for 60 months but i was wondering does apr really matter if i plan on paying it off within the first 2 years
@@walidbahhur8132 It is a scam if you have a credit score of 500 to 600 you end up with 80 dollars more on your payment on a 30000 thousand dollar car at like 7 - 9 percent interest at 700 to 800 that number drops to 2.5 percent to 3.5 percent you drop 80 bucks really 80 bucks for all your effort of having good credit wow Thank You its stupid. Credit is a scam. When you have money you dont need credit think about it. The more capital you have the less credit even matters at all.
@@sbfhawk4343 Talk about scams. Loans are scams in themselves...you should research legally discharging so-called ‘debts”! Money doesn’t actually exist and banks don’t actually lend you anything!! You can legally make them prove them took a loss and in 3 legal letters dispute it and declare estoppel. What a scam securities are!
Don't do it, the high interest rates will kill you! Either build or fix your credit first! Either that, or just do it the old fashioned way.....pay ca$h!
Omg yes!!! I've only been getting quoted 23 to 25% APR. Absolutely horrible. I'm thinking of just saving up and renting cars till my credit improves more.
When Zach was getting approved for a home mortgage, he suffered from what is called "thin file syndrome" Because he did not have a long track record of on time repayment of debt, the bank issuing the mortgage did not have much data on which to base their decision. Beware of "thin file" syndrome.
bankruptcy only drops low 700s to high 600s if no payments are missed, many with only court judgments (mostly medical debt) fall into that category, and it will bounce back to 700s quickly because balances go to $0 in a Chapter 7, can even cram down a car loan to its FMV if there's
I’d like to add that if your consultant is trying to get you into a 2 or 3 year old car with low miles but isn’t sexy, don’t dig in your heels and get the 10 year old Mercedes.
I remember back in the days my credit was so 👎 when they would run my credit i would get sick to my stomach,, now when i want a vehicle, i just point to the vehicle do the paper work and off i go.
Gents, first off I have to say I thoroughly enjoy the content of your videos, but more so the way you interact with each other. I'm in MD and my parents live in SC and I especially miss him after watching your videos. Apologies if you've covered this in another video, but may I ask why you're no longer taking clients?
Really I couldn't believe my ears you said that. (Thank God for Pearl Harbour happened so I can remember my wife's birthday) Did you forget the thousands of American lifes lost that day, and you are thankful. I was subscribed to your channel not any more .
So I was in the middle of trying to buy a car. I have a 565 CS. I was putting. $5000 for a car that is $26000. I speak to rep at the dealership and he said I was approved for $596/month for 72 month. I paused did the math and saw it was about $42000 after the 72 months. Would you pay $42000 for a $26000 loan? I don't think so. I decided to go fix my credit instead.
COVID-19 has taken a big toll on peoples credit due to unexpected financial woes. I think that is important to note if someone is in the market for a vehicle, I would think it could be used as leverage especially if one in any other situation as an otherwise favorable credit history.
Pay yourself the car payment into investments that earn you interest instead of costing you interest on a depreciating asset . Go to the dealership and pay cash . Need a car soon ? There are plenty of cheap Toyota Corollas and Buick century’s out there for cheap with years of life left in them .
I don't have bad credit, I have 730 not the best but not bad but got denied from my credit union because I don't have enough revolving credit 😢 even with half down man wth
only 10% in 700 to 750? didn't know I was that special, just pay my bills every month, interest free deals keep me from an even higher score because of higher balances in the first part of the repayment period
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@@bobbon6987 It works if said folks get income and return to work AND the work they do get is enough to cover the car note after their living expenses are taken care of.
@@jacobclayton2954 exactly i can say without being embarrassed I'm on unemployment but I've never been on it until now I'm a single mom and i had no choice. I actually make more working but it is what it is. My car was stolen and now i just need to get a new car. Cuz i NEED one. It's really that simple.
With the end of the year approaching, can a buyer typically negotiate a better deal on a used car or a new car from the current/outgoing model year (2020)?
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I have a 600 credit score and need a ram 1500 or f150 but I don't have enough for down payment and need something fast need a truck for lifestyle and where I live in the country with rough terrain and for construction work anyway I can get approved
Not in my community lmao. I make good money right now and have made on time payments with everything else. I ruined my credit was I was 18. I’m now almost 24 and my credit score has gone up ever so slightly. Goes up 3 points one month then down 1 the next. Then up one the following then down again like 2….so In a 6 month span it goes up like 1-2 points lmao. Anyways. They always look at credit history no matter what. You can be making 100,000k a year, if your credit isn’t like at least 620 you’re screwed.
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will Bank Statements be enough?👀 I have no problem putting a nice amount of money down buuut I’m not a W-2 employee and my credit is getting better but is certainly not the best
I don't have a job right now but do have enough money saved up to buy cash but i want lease so obviously i want to not put money down.... What's the best option for me?
Im in a pickle. My son is now 3 months. I have 600 credit no bank no income besides a check from school nd have a 3k budget. I’m figuring my option is a lease cheaper monthly but i don’t wanna get stuck in a 72’month $600mo payment totaling $43k but i need a car to earn money doing Uber while i remain in school.
What if you are retired, on a fixed income, only receiving ss benefits, with a low credit score (because you've paid cash most of the time) but you have equity in your paid property?
My question would be let’s say you make great money but you live with your family you have bills in your name but there’s nothing showing you own the house or anything what happens then?
I would think that some might want a cosigner, but one should NEVER cosign a loan for someone else. I have stressed the importance of paying your bills on time and all three have great credit score. The two in college might charge their gas and come home and go on line and pay it the same day. Also we all have our credit cards set up to take the money out of the bank if any of us forget. A great hack is when a parent has a great credit score they can make their children authorized user and that will help their score. My youngest hit 800 before he was 20. What is the lowest credit score you have ever seen?
Great information !!!! I went with my credit union and had a very low APR and monthly payments BUT !!!!!! I forgot to ask and also didnt find out until i was almost finished paying it off that they had just started reporting to the credit bureau the month before SMH !!!! Any payments before that didnt count towards what they reported
Every time a dealership pulled my credit they never give details about why it wouldnt be approved. Is there a requirement to let the potential customers know why they did not approve it? Btw, how many credit agencys do they pull your credit from or does the lender never let you know? I looked at my credit report and it shows that the 3 credit bureaus have a wide difference in my credit score.
You don't necessarily have to be a member of a credit union to get a loan through them, but it helps (like America First said, joining is a very small fee) because members get subvented rates. That's literally required of them as a credit union. And no, if you have another account somewhere else they won't be mad or stop you from getting loans there.
@Arrma Army RC Of course people need transportation. That's not what I'm saying. Bad credit is typically the result of a pattern. Lots of people buy new cars when they don't need "new". They "upgrade" because of a "want", not a "need". They buy more car than they can afford. People should take an honest look at what they need and why. People who do that right are a lot less likely to have bad credit in the first place.
I just wanted a 10k loan with 3k down. Still didn’t get a car because of credit was at 560 because I don’t use credit cards often and my loan amount is under 500 bucks making 40k a year. Wtf is going on?
How to buy a car with bad credit: save your money and pay cash for a car you can afford. If you have $3000 and bad credit, don’t buy a $10000 car on credit, buy a $3000 car and drive that for 6 months or a year while you save up for a $10000 car.
Thats not a good finacial tactic......So buy a car that probably needs some kind of repairs into it,then sell it in 6 months for 2k?So in 6 months you are out $2k,leasing a car for 250 a month at six weeks is $1,500.leasing a car for 36 months is 9k and a peace of mind that your car is safe.
@@Ojisan642 Buy a 40k car,sell it in 3 years and you get lets say 50% back so you spent 25k in 3 years.leasing the same car would have cost you @450 a month for 36 months 16,200......bam
Hey guys great info as usual and great channel. I would really like to see a start to finish overvue or walk through on how to buy a car. Research, trade in value, finance rate from bank or CU, are all obvious to do before going to the dealer. But once you arrive to test drive to negotiate to finance and closing what is the procedure ? Also whats the best way to buy a new or used car that is special or rarer? Say like Golf R,BMW M car or Some Subarus that have low inventory or limited numbers of dealers in an area?
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So.. I was in an accident where my car was totaled.. I've been out of work since the accident.. 2 years later, finally reached a settlement.. My question is basically Can I get a new car 🚗 with bad credit (I'm in the 510-580 range) I'll have a big down-payment more than $7k But I have not been able to find a job or work since my accident.. i have been working until this accident.. So I do have tax returns from the previous 2 years... All in all, I'm worried because my idea was that as soon as I got this settlement, I was going down to the dealership to get the car I wanted! Does no credit No job but big down-payment help?
I’m not totally sure what “buy here pay here” dealers are. Can someone explain/clarify? I think they are used car shops like Bud’s Used Cars on the edges of Auto Rows of brand dealers.
Along the lines of this video, what if I have decent credit (high end of tier 2), but I don't have a w-2 job? I work in the gig economy, and make a good amount of money every month doing things like door dash, Uber eats, grub hub, roadie, etc. But I don't have "pay stubs" per say. I was denied a loan at a credit union, wondering if there are any tricks for going straight to a dealership. I've got a car in mind, and 1/3 of the asking price in my trade in, is there anything else **I** can do before going into the dealership?
@@jensenlukematar i guess it depends on the dealership. When I went (Galaxy Toyota in Toms River, NJ) the people in finance didn't know what to do with me. I brought all my 1099's, and bank statements showing deposits from the last 4 months. They didn't even look at the bank statements, they basically photocopied my "most prominent" one and listed that as my employer, which they didn't tell me they were doing. Which sucks, because now I have to fight with my credit report to get that removed as an employer, but I did get me the loan. Unfortunately, my "auto loan credit score" was quite a bit lower than what my credit carma and experian apps were showing me, and it was such a long process I forgot to ask them about a tier bump. But whatever. I got the car, now I don't have to worry about my older cars breaking down anymore while I'm working (a common occurrence).
Over tens of thousands Americans suffer from bad credit records and many have fallen for different scammers due to the pathetic situation. Don't fall for scammers!!! Make a better choice today by choosing Credit Patch LLC over other credit repair specialists here. It’s all about the trust, getting what you want and the best you deserve. I am happy writing this not only because of what they did for me, my family and friends but also to save people here from scammers. I know how it feels to lose your hard earned money to fake credit repair specialists and I won't want that to happen to anyone seeking for credit help. I assure you a real and effective credit repair service if you employ the service of Jon@creditpatchup🔘com God Bless America.
i have a question. my credit is bad about 580. i got a lease car of 60k i put down my other car which was esimated 16k. now i wanna buy out my lease. they are telling me im not approved. i need a cosigner. i dont have a cosigner. what can i do in this case?
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I have 550 credit and prequalified with cap one. Should I let dealer know my down payment amount *PRIOR to submitting credit app* or should withhold letting them my down payment amount as you have suggested in your other videos? Hope you can help when I should reveal my down payment amount
Question: Is there such a thing as car credit? Also, what are my chances of getting another loan from the same finance company if I have already paid off a loan with them?
Bro your car gonna be in the ground after a year with all that delivering! Trust me I’ve done it and it’s not worth it! Find a job where you drive to the job location and park your car. After gas and maintaining the car your going to be down 6k a year on a brand new car.
Also remember, you have to have delivery insurance on your car if you work for DoorDash or any of those apps. If you don’t have it on your insurance and you get into a wreck your going to be down bad. Happened to me and regret even using my car.
@@maximumdetail4809 I'm buying a new car every year.....and right now, dealerships will pay top dollar for used trade ins. I owe $12k on my car and am getting offers of 18k for it. Crazy.
Just my opinion. A nice point... No. If you can put 100% down, do that. Great credit needs no help. The Jones' down the street are probably up to their eyebrows in debt and are barely(maybe) hanging on. They can't keep up with themselves. Keep up with the good history.
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I was rear ended back in May. I'm in the Gainesville fl area waiting on a check from my insurance company. We are haggling over a blue ox tow bar package I paid for the day I purchased the car. Do you have any advice on how to deal with the tight wads at state farm ?
I went to a car dealership to get a car for $6k. They said that my credit was bad (620) but they can see that with my job I can afford the car. But they told me that the banks won't finance me unless I get a newer car that's 5 years or younger. My question is: Is that really a thing or was the dealership trying to scam me into getting a more expensive car?
I know that a lot if unions and some banks won't loan on vehicles over so many years old or with so many miles on it. know that's not exactly what you question. was but it sounds similar. with the numbers you have I'd say that was false info
I've encountered the same and it was explained to me like this. The financial institution giving the loan wants to protect their loan by getting you into a vehicle that is newer. With a newer vehicle you are less likely to have car issues that would cause you to default.
Banks do not give out loans on cars that is 10years old,so it's 2020 that means if it's a 2010 with real low miles your good because it didn't not pass the 10 year mark and if u don't pay on the car any more they can resell it but it HAS to have low miles or have a good warranty or the banks won't even look at the loan if u have bad credit
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Ok I got a car from carmax had a lot of electrical issues , within one year lost my job and voluntarily surrendered car , was on unemployment for 9 months. It has been 3 years now , my uncle gave me his truck as long as I made the payments. So when I got new job I took over the payments. So I have 3 years of payment history from my checking account and a good amount of cash for money down. Will I be able to get a car loan ?
Can you negotiate below a friend or family discount on a new car? Can you try to get an A plan price or below A plan price without having an A plan discount code? I’m looking at 2020 F 150”s and I’m trying to figure out how low I can get the dealership to go without having an A plan discount myself.
Your Auto Advocate but you may refinance it once your credit score improves to lower interest rate? I hope you would do an episode regarding this matter. I enjoy your show - it truly enlightens me how dealers can be brutal with unnecessary fees. Thank you for the advice and Happy Thanksgiving to your family Sir.
That’s what’s wrong with this country. A car is necessity but they will let a college student go into debt with 50 to 60 K student loans but won’t let someone get a $30,000 car loan… doesn’t make sense.
and the car can be repo'd
Back in 2013 I purchased a certified used 2010 Honda Accord with a 550 credit score. My income was good and I put $5,000 down on a $22,000 car. That was the out the door price. I got a 7% or 8% interest rate. Having over 20% down was the saving grace that got me the car at a reasonable rate. I still have my Honda Accord now and it has over 150,000 miles and still runs great. My advice, buy a 3 year old Honda or Toyota and put as much down as you can. Pay it off early and enjoy it for 10 to 15 years.
How much is/was your monthly payment? And did your credit go up fast? I’m thinking of going this route to have proof of payment history and build my credit back up because no other option
@@esotericslayer6004 My credit scores went up eventually but it takes years to recover from bad credit. The best first step is pay off all the debt you can. Don't finance a car until all your credit cards are paid off.
Great advice!
That’s exactly what I was going to say. Buy a used Toyota or Honda with fairly low mileage and keep it a long time.
That wasn’t a smart move at all why would you put $5000 down on a $22,000 car with bad credit that just shows how dumb you really are because you could’ve just bought a $5000 car and drove that for the next 10 years duh
I was an F&I manager in a Mercedes dealership back when they were still tied to Chrysler in the early 2000's. Back then, Chrysler Credit would finance anyone. We had dreggs coming in with 520 scores and driving out in a new Mercedes with a 7-year balloon payment loan!
I saw a car dealership online yesterday that was advertising they were giving financing to people on unemployment, with the current economy pretty soon (proof of unemployment) would be a requirement for loans and rentals.
imam Baybars sounds like a shady place.
Even if you get your car loan approved, the car insurance will make sure they fleece you on the insurance cost from having bad credit. Just get something you can pay in cash. That way you can customized your car insurance to something you can afford.
When Zach mentioned that he did not exist because he had not ever borrowed money off and it reminded me of a friend. This was 40 years ago and she inherited nine figures. She had never bought anything on credit because she had the cash for about anything. But she decided that she needed a credit card for traveling so she had a heckuva time getting a credit card issued to her.😘
that's what secured credit cards are for, most will convert to a regular credit card after a few months of paying most/all of the monthly balance
You guys make a good team. I am not in the market for a car but I love watching your videos.
Another option is to get a cosigner, if you can get someone to cosign for/with you. Of course, the cosigner must have better credit.
Hello, Ray and Zack.
Zack, the personal experience you shared with us was very interesting. I had to get my first auto loan in 2018 from a Credit Union called Mountain America with a credit score of 550 due to the fact I was new to the country but no prior bad credit history. The bank offered 3% interest with the condition of a co signer. I used my brother’s help who had 790 but the Bank said he doesn’t exist as he doesn’t have any revolving accounts such credit card or other loans.
Finally, got the approval and it’s a good beginning of a long journey of building my credit!
I had great credit until Covid19 and way laid off from the school system. I went to go look at a 2006 Trailblazer with 111,000 miles that cost $7200 with $3000. The salesmen told me that my monthly payments would be $282.18 for 54 month plus 15 month warranty and roadside assistance. I said I know that my credit is bad but damn! I didn't know that they could finance a car that old for such a long period
They tried to screw you
Wow 😯…yea try again go somewhere else. Old ass 2006 trailblazer with more than 20% down should have been a low monthly bill. A bank won’t approve someone with bad credit unless they can furnish 20% of the vehicle. In this case you contributed wayyyy more than neccessary. I would shop somewhere els e
@@highfaminc I found a van for $3500 no outrageous monthly payments. Thank you
I’ve bought 37 cars and financed 9. Of the 9 finances, I’ve been at the dealer with an 800 score, a 550 score, and everything in between.
When I had the 800 I was in and out no questions asked and fast.
When I had the 550 and needed a car like NOW due to losing my old one in an accident. I had to spend a whole day at the dealer and give my entire address book, proof of employment beyond pay stubs, and probably a blood sample and fingerprints.... (not really). It was intense and I did not feel welcomed. To be fair, the dealer probably had to work 10x harder than normal to get me the car.
Point being, I realized in that process that I shouldn’t be buying a car with a loan at that time. I should have gone on Craigslist and bought a $1k beater to get me by until I could climb out of my mess.
Over tens of thousands Americans suffer from bad credit records and many have fallen for different scammers due to the pathetic situation. Don't fall for scammers!!! Make a better choice today by choosing Credit Patch LLC over other credit repair specialists here. It’s all about the trust, getting what you want and the best you deserve. I am happy writing this not only because of what they did for me, my family and friends but also to save people here from scammers. I know how it feels to lose your hard earned money to fake credit repair specialists and I won't want that to happen to anyone seeking for credit help. I assure you a real and effective credit repair service if you employ the service of Jon@creditpatchup🔘com
God Bless America.
Wow
How much was your interest on the 550 credit score?
@@moe1992 if I remember correctly 21.99%
You should do an entire video on just "Buy Here, Pay Here" and how scummy they are.
"We can finance anyone, even you"
Dead beat financing
That sign alone should be enough to get you running for the hills!
@@magellanmax lol
Omg why ?? What they do !
Watch the interest they want. A $13,000 car may in the end cost you $32,000! Seen that.
Happened to me
I knew someone who bought at a buy here pay here. The company would take automated payments. Her car was picked up at least 3 times because they said she didn't pay. She had to pay to get her car back each time even though she paid and it was their mistake. I felt terrible for her. They were so shady.
If I were that person, I would sue the pants off of them!! Get them to the fullest extent of the law!
That is something I must research. Good information, thanx!
News flash - Lawyers don't work for free.
@@sct913 exactly if she had lawyer money she wouldn't be at a buy here pay here. It's ridiculous how rich people and people with resources feel they can have a opinion because they might be educated on something they feel they can speak on everything. Some people in America are so delusional to the problems of others. Yeah we live in the same country but we live in 2 different places. The other side of the tracks is real.
@@therealsyxx I have a very low tolerance for people whose immediate knee-jerk response to a perceived injustice is "Sue them for everything you can get." Not defending by-here pay-here lots that engange in questionable lending practices, but that attitude is why our courts are clogged with so many lawsuits of questionable merit, and why people file such lawsuits in the hopes of getting a "settlement" from the company.
620, 6k down for a 32k bmw 3 series before tax n fee, 14% apr for 60 months but i was wondering does apr really matter if i plan on paying it off within the first 2 years
Father and Son duel, this is a great channel. I learned a lot, especially since I'm uneducated when it comes to buying vehicles.
I've been in the mortgage industry for very long time. It is my understanding....
3 credit hits in the same industry within 14 days counts as 1.
dgintzler I have a FICO score of 810 but think the whole system is a scam...
@@walidbahhur8132 It is a scam if you have a credit score of 500 to 600 you end up with 80 dollars more on your payment on a 30000 thousand dollar car at like 7 - 9 percent interest at 700 to 800 that number drops to 2.5 percent to 3.5 percent you drop 80 bucks really 80 bucks for all your effort of having good credit wow Thank You its stupid. Credit is a scam. When you have money you dont need credit think about it. The more capital you have the less credit even matters at all.
@@sbfhawk4343 Talk about scams. Loans are scams in themselves...you should research legally discharging so-called ‘debts”! Money doesn’t actually exist and banks don’t actually lend you anything!! You can legally make them prove them took a loss and in 3 legal letters dispute it and declare estoppel. What a scam securities are!
Don't do it, the high interest rates will kill you! Either build or fix your credit first! Either that, or just do it the old fashioned way.....pay ca$h!
Omg yes!!! I've only been getting quoted 23 to 25% APR. Absolutely horrible. I'm thinking of just saving up and renting cars till my credit improves more.
Would I be able to refinance after 6 months of steady payments?
@@CZE3 nope cause you'll be soo upside down with the high APR that you'll have negative equity in your car.
Paying in cash only is what has put me in a shit situation with no credit when it came down to buying a car.
@@thatcaliforniabeauty818 what do you say that?
When Zach was getting approved for a home mortgage, he suffered from what is called "thin file syndrome" Because he did not have a long track record of on time repayment of debt, the bank issuing the mortgage did not have much data on which to base their decision.
Beware of "thin file" syndrome.
This video falls way short does not discuss ramifications of Bankruptcy . Depending on the chapter you are in makes milestones of differences
bankruptcy only drops low 700s to high 600s if no payments are missed, many with only court judgments (mostly medical debt) fall into that category, and it will bounce back to 700s quickly because balances go to $0 in a Chapter 7, can even cram down a car loan to its FMV if there's
I’d like to add that if your consultant is trying to get you into a 2 or 3 year old car with low miles but isn’t sexy, don’t dig in your heels and get the 10 year old Mercedes.
I remember back in the days my credit was so 👎 when they would run my credit i would get sick to my stomach,, now when i want a vehicle, i just point to the vehicle do the paper work and off i go.
@@lynnheathcote2391
Good credit is fine but now i uselessly depend on 💸 as much as i can.
Wow that’s nice
Gents, first off I have to say I thoroughly enjoy the content of your videos, but more so the way you interact with each other. I'm in MD and my parents live in SC and I especially miss him after watching your videos.
Apologies if you've covered this in another video, but may I ask why you're no longer taking clients?
Best video on this topic I've been able to find. Thx
Really I couldn't believe my ears you said that. (Thank God for Pearl Harbour happened so I can remember my wife's birthday) Did you forget the thousands of American lifes lost that day, and you are thankful. I was subscribed to your channel not any more .
So I was in the middle of trying to buy a car. I have a 565 CS. I was putting. $5000 for a car that is $26000. I speak to rep at the dealership and he said I was approved for $596/month for 72 month. I paused did the math and saw it was about $42000 after the 72 months. Would you pay $42000 for a $26000 loan? I don't think so. I decided to go fix my credit instead.
What credit acórenos the ideal to take out a car? You said 565 what you tying to get it? 620-640?
COVID-19 has taken a big toll on peoples credit due to unexpected financial woes. I think that is important to note if someone is in the market for a vehicle, I would think it could be used as leverage especially if one in any other situation as an otherwise favorable credit history.
I have a 700 fico, and got rejected from NFCU.
Pay yourself the car payment into investments that earn you interest instead of costing you interest on a depreciating asset . Go to the dealership and pay cash . Need a car soon ? There are plenty of cheap Toyota Corollas and Buick century’s out there for cheap with years of life left in them .
I don't have bad credit, I have 730 not the best but not bad but got denied from my credit union because I don't have enough revolving credit 😢 even with half down man wth
wtf does that even mean that’s some bull schit
Fantastic video guys!
That's why you put your teenagers as an authorized user at a young age so when they're in their twenties they have some kind of credit😊
Really good discussion. I love my credit union.
only 10% in 700 to 750? didn't know I was that special, just pay my bills every month, interest free deals keep me from an even higher score because of higher balances in the first part of the repayment period
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Chicago Chi-Town has a Buy Here Sell Here hut at every block every crossroads
Heavy repossessions coming this Fall, thanks to a great uptick of car loans being approve to unemployed folks
Yeah, stupid people don't realize the car payments are going to out run the unemployment checks by a long shot.
@@bobbon6987
It works if said folks get income and return to work AND the work they do get is enough to cover the car note after their living expenses are taken care of.
@@jacobclayton2954 exactly i can say without being embarrassed I'm on unemployment but I've never been on it until now I'm a single mom and i had no choice. I actually make more working but it is what it is. My car was stolen and now i just need to get a new car. Cuz i NEED one. It's really that simple.
What a difference a year makes!
With the end of the year approaching, can a buyer typically negotiate a better deal on a used car or a new car from the current/outgoing model year (2020)?
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I have a 600 credit score and need a ram 1500 or f150 but I don't have enough for down payment and need something fast need a truck for lifestyle and where I live in the country with rough terrain and for construction work anyway I can get approved
Hooray for credit unions. They really do a good service in the community.
Not in my community lmao. I make good money right now and have made on time payments with everything else. I ruined my credit was I was 18. I’m now almost 24 and my credit score has gone up ever so slightly. Goes up 3 points one month then down 1 the next. Then up one the following then down again like 2….so In a 6 month span it goes up like 1-2 points lmao. Anyways. They always look at credit history no matter what. You can be making 100,000k a year, if your credit isn’t like at least 620 you’re screwed.
I screwed up my life so bad
If you leased a car and did one lump-sum payment for all the monthly payments, I wonder if credit would matter?
How? Pay cash for a cheap car.
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Exactly!!! Gotta heal the damage and make a new start. Save up, buy a cheap car outright and get away from the car loan burden!!
You assume people have money
@@AugustTheStag They have money for a monthly payment then?
Thanks for making this video so quick!
They want to make sure that your overwhelmed
will Bank Statements be enough?👀 I have no problem putting a nice amount of money down buuut I’m not a W-2 employee and my credit is getting better but is certainly not the best
I don't have a job right now but do have enough money saved up to buy cash but i want lease so obviously i want to not put money down.... What's the best option for me?
Thank you for this very informative.
Im in a pickle. My son is now 3 months. I have 600 credit no bank no income besides a check from school nd have a 3k budget. I’m figuring my option is a lease cheaper monthly but i don’t wanna get stuck in a 72’month $600mo payment totaling $43k but i need a car to earn money doing Uber while i remain in school.
Great topic for those who need it.
The amount of references is on the older side information wise. Usually one or two with just a phone number is good enough.
What if you are retired, on a fixed income, only receiving ss benefits, with a low credit score (because you've paid cash most of the time) but you have equity in your paid property?
Cash?
My question would be let’s say you make great money but you live with your family you have bills in your name but there’s nothing showing you own the house or anything what happens then?
I would think that some might want a cosigner, but one should NEVER cosign a loan for someone else. I have stressed the importance of paying your bills on time and all three have great credit score. The two in college might charge their gas and come home and go on line and pay it the same day. Also we all have our credit cards set up to take the money out of the bank if any of us forget.
A great hack is when a parent has a great credit score they can make their children authorized user and that will help their score. My youngest hit 800 before he was 20.
What is the lowest credit score you have ever seen?
Hi guys love the videos!! I’d like to ask how would I know if the “ Buy Here Pay Here” dealership reports to all 3 credit bureaus? Thanks 🙏
hello I know of some vendors that can help you out
you can get the car of your choice
Great information !!!! I went with my credit union and had a very low APR and monthly payments BUT !!!!!! I forgot to ask and also didnt find out until i was almost finished paying it off that they had just started reporting to the credit bureau the month before SMH !!!! Any payments before that didnt count towards what they reported
Every time a dealership pulled my credit they never give details about why it wouldnt be approved. Is there a requirement to let the potential customers know why they did not approve it? Btw, how many credit agencys do they pull your credit from or does the lender never let you know? I looked at my credit report and it shows that the 3 credit bureaus have a wide difference in my credit score.
Means you have bad bad credit fool..It’s not rocket science
So, in other words, it's hopeless unless you have at least $1000 sitting around to drop on a loan.
So if you looking at a $6k car would you putting down $1k is good enough or should you go in with $2k
Does opening a credit account with a credit union make you a member? And if so will they lend you money even tho you have a different bank account?
With most credit unions, you pay about $5 to join.
I just got a loan through a credit union I had never heard of.
You don't necessarily have to be a member of a credit union to get a loan through them, but it helps (like America First said, joining is a very small fee) because members get subvented rates. That's literally required of them as a credit union. And no, if you have another account somewhere else they won't be mad or stop you from getting loans there.
They should be asking why people with bad credit want to get a car loan. It's not a good idea. It creates the risk of only making things worse.
@Arrma Army RC Of course people need transportation. That's not what I'm saying. Bad credit is typically the result of a pattern. Lots of people buy new cars when they don't need "new". They "upgrade" because of a "want", not a "need". They buy more car than they can afford. People should take an honest look at what they need and why. People who do that right are a lot less likely to have bad credit in the first place.
I just wanted a 10k loan with 3k down. Still didn’t get a car because of credit was at 560 because I don’t use credit cards often and my loan amount is under 500 bucks making 40k a year. Wtf is going on?
Very well said. Thank you both
What about being on SSDI? I am having a hard time
How to buy a car with bad credit: save your money and pay cash for a car you can afford.
If you have $3000 and bad credit, don’t buy a $10000 car on credit, buy a $3000 car and drive that for 6 months or a year while you save up for a $10000 car.
Excellent advise. Or you will be saddled with tough payments for too long.
Thats not a good finacial tactic......So buy a car that probably needs some kind of repairs into it,then sell it in 6 months for 2k?So in 6 months you are out $2k,leasing a car for 250 a month at six weeks is $1,500.leasing a car for 36 months is 9k and a peace of mind that your car is safe.
@@canomalo3662 your math is bad which is how people stay poor.
@@Ojisan642 Buy a 40k car,sell it in 3 years and you get lets say 50% back so you spent 25k in 3 years.leasing the same car would have cost you @450 a month for 36 months 16,200......bam
Is it fair, if a car costs $35.5k and i make an offer for $33k?? Speaking on a certified model Mercedes GLC
Offer $31k - $32k. They’ll meet somewhere in the middle and you may end up at $33k. Don’t offer $33k up front or you may pay $34k
That’s one of those take it or leave it… you have to literally make em thirsty
Show pay stubs at a dealership...WHAT?/ I’ve never done that in my life , lmao 😂
Necessary for subprime loans
If you don't have paystubs can you use your 1099
Hey guys great info as usual and great channel. I would really like to see a start to finish overvue or walk through on how to buy a car. Research, trade in value, finance rate from bank or CU, are all obvious to do before going to the dealer. But once you arrive to test drive to negotiate to finance and closing what is the procedure ? Also whats the best way to buy a new or used car that is special or rarer? Say like Golf R,BMW M car or Some Subarus that have low inventory or limited numbers of dealers in an area?
i had to put 20k down for a 26k car for 3 year term now sitting above average in terms of credit score
I don't think any1 has pay stubs these days, would an export pdf from the bank work?
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Liam King more scam
So.. I was in an accident where my car was totaled..
I've been out of work since the accident..
2 years later, finally reached a settlement..
My question is basically
Can I get a new car 🚗 with bad credit
(I'm in the 510-580 range)
I'll have a big down-payment more than $7k
But I have not been able to find a job
or work since my accident..
i have been working until this accident..
So I do have tax returns from the previous 2 years...
All in all, I'm worried because my idea was that as soon as I got this settlement, I was going down to the dealership to get the car I wanted!
Does no credit
No job but big down-payment help?
I’m not totally sure what “buy here pay here” dealers are. Can someone explain/clarify? I think they are used car shops like Bud’s Used Cars on the edges of Auto Rows of brand dealers.
Lease to Own type mentality dealerships. You have be weary that some don’t include GAP or report to credit orgs
Thank you!
I absolutely love you guys
I read enough of the comments to not need too watch the video
Thank you .
You should make a video based on limited credit history with credit in the six hundreds
great video, awesome information.
Along the lines of this video, what if I have decent credit (high end of tier 2), but I don't have a w-2 job? I work in the gig economy, and make a good amount of money every month doing things like door dash, Uber eats, grub hub, roadie, etc. But I don't have "pay stubs" per say.
I was denied a loan at a credit union, wondering if there are any tricks for going straight to a dealership. I've got a car in mind, and 1/3 of the asking price in my trade in, is there anything else **I** can do before going into the dealership?
SAME. Following. Hopefully you'll/we'll get a response. The only way I can think to prove my income appropriately is by bank statements.
@@jensenlukematar i guess it depends on the dealership. When I went (Galaxy Toyota in Toms River, NJ) the people in finance didn't know what to do with me. I brought all my 1099's, and bank statements showing deposits from the last 4 months. They didn't even look at the bank statements, they basically photocopied my "most prominent" one and listed that as my employer, which they didn't tell me they were doing. Which sucks, because now I have to fight with my credit report to get that removed as an employer, but I did get me the loan.
Unfortunately, my "auto loan credit score" was quite a bit lower than what my credit carma and experian apps were showing me, and it was such a long process I forgot to ask them about a tier bump. But whatever. I got the car, now I don't have to worry about my older cars breaking down anymore while I'm working (a common occurrence).
Ha ha I just put 3000 down on 8990 SUV, but I have 740 credit (until the hard pull and loan shown up!)
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is a 710 credit score bad and what are my expected interest rates on a new car
710 is not subprime so you should get decent rate but I’m not a pro so take with grain of salt plus interest rates are high for everyone
i have a question. my credit is bad about 580. i got a lease car of 60k i put down my other car which was esimated 16k. now i wanna buy out my lease. they are telling me im not approved. i need a cosigner. i dont have a cosigner. what can i do in this case?
Why would a vin number not be in the windshield where it is suppose to be on a car lot many cars I seen this way on a new lot.
When you said bank lending a % of "loan" value - you meant "vehicle" value, right?
Hey Ray/Zach. Interesting video from Marko - Whiteboard regarding how to pay for a new vehicle on cash. Check it out. Thoughts?
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Liam King scam
I have 550 credit and prequalified with cap one. Should I let dealer know my down payment amount *PRIOR to submitting credit app* or should withhold letting them my down payment amount as you have suggested in your other videos? Hope you can help when I should reveal my down payment amount
Question: Is there such a thing as car credit? Also, what are my chances of getting another loan from the same finance company if I have already paid off a loan with them?
How can u know if the dealer reports to the credit bureau
which bureau are they dealers looking for? and do they consider the same algorithm the bureaus show on the annual credit report
Does Uber/Lyft and about 5 other delivery type gigs count as a job if it pulls in about $24k a year?
Yes
Bro your car gonna be in the ground after a year with all that delivering! Trust me I’ve done it and it’s not worth it! Find a job where you drive to the job location and park your car. After gas and maintaining the car your going to be down 6k a year on a brand new car.
Also remember, you have to have delivery insurance on your car if you work for DoorDash or any of those apps. If you don’t have it on your insurance and you get into a wreck your going to be down bad. Happened to me and regret even using my car.
@@maximumdetail4809 I'm buying a new car every year.....and right now, dealerships will pay top dollar for used trade ins. I owe $12k on my car and am getting offers of 18k for it. Crazy.
@@ghostrider2664 I’m fixing my Kia up to brand new and then going to trade it in for a Tacoma! Hope all goes well!
I was amazed I was able to buy a new 2016 $40,000 F150 with $0 down. I had 75 months @ 2.09%.
Did you have bad credit
@@kennethmatthews9416 No sirrr
how does this help anyone in the comment section. Humble yourself, you sound like you came here to brag and you look ridiculous.
what if you had great credit? Would that help if you were paying cash?
Great credit you can walk into a dealership with no down payment and a extremely low percentage rate.
Just my opinion.
A nice point... No. If you can put 100% down, do that. Great credit needs no help.
The Jones' down the street are probably up to their eyebrows in debt and are barely(maybe) hanging on. They can't keep up with themselves.
Keep up with the good history.
@@gmoops8986
You wouldn't need any credit if you had 100% down.
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If you get a car with bad credit
Your payment will be so high that I would efford it
I was rear ended back in May. I'm in the Gainesville fl area waiting on a check from my insurance company. We are haggling over a blue ox tow bar package I paid for the day I purchased the car. Do you have any advice on how to deal with the tight wads at state farm ?
I’m from there lol
I went to a car dealership to get a car for $6k. They said that my credit was bad (620) but they can see that with my job I can afford the car. But they told me that the banks won't finance me unless I get a newer car that's 5 years or younger. My question is: Is that really a thing or was the dealership trying to scam me into getting a more expensive car?
I know that a lot if unions and some banks won't loan on vehicles over so many years old or with so many miles on it. know that's not exactly what you question. was but it sounds similar. with the numbers you have I'd say that was false info
I've encountered the same and it was explained to me like this. The financial institution giving the loan wants to protect their loan by getting you into a vehicle that is newer. With a newer vehicle you are less likely to have car issues that would cause you to default.
Banks do not give out loans on cars that is 10years old,so it's 2020 that means if it's a 2010 with real low miles your good because it didn't not pass the 10 year mark and if u don't pay on the car any more they can resell it but it HAS to have low miles or have a good warranty or the banks won't even look at the loan if u have bad credit
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They want to get u into a newer car so if they have to repo it still has decent resale value
Isn't there a consumer law that states that its illegal to ask consumers for a down payment?
Greetings from California 🙋♀️
Ok I got a car from carmax had a lot of electrical issues , within one year lost my job and voluntarily surrendered car , was on unemployment for 9 months. It has been 3 years now , my uncle gave me his truck as long as I made the payments. So when I got new job I took over the payments. So I have 3 years of payment history from my checking account and a good amount of cash for money down. Will I be able to get a car loan ?
Can you negotiate below a friend or family discount on a new car? Can you try to get an A plan price or below A plan price without having an A plan discount code? I’m looking at 2020 F 150”s and I’m trying to figure out how low I can get the dealership to go without having an A plan discount myself.
What’s an APlan discount
Hi... my question is would your APR go down midway your car payments if your credit score improves? Thank you!
No, I'm afraid not. The APR is set for the entire term of the loan at signing. Happy Holidays to you and your family, Ray
Your Auto Advocate but you may refinance it once your credit score improves to lower interest rate? I hope you would do an episode regarding this matter. I enjoy your show - it truly enlightens me how dealers can be brutal with unnecessary fees. Thank you for the advice and Happy Thanksgiving to your family Sir.
@@CarEdge I have the same question as above^^ is refinancing easy / possible after 6 months of steady payments
I think credit unions give the best rates. I belong to State Dept, Labor, and FedChoice.