Biggest misdirection/ lie in car buying dealership: Salesman says "I have to leave to talk to my manager about that" Truth: All they do is go to the bathroom and stare at the ceiling for 15 or 20 minutes
The best car buying experience I ever had was when I was able to write a check for the full amount. Once you do it, there is no going back to car loans.
Before I bought my car, I saved enough to pay it up front (around 30k). I financed a car at .9% and I down paid 50%. The rest was all credit building and it really help me get a good mortgage
Ezequiel Renovato yes sir. I got it on one of those offers they do. I didn’t mention I was going to pay half down until they brought out the .9% just in case. They tried to put me on those long term finance plans that are BS (I guess that’s how they get you to believe it’s low APR).
Putting down 50% was stupid unless that bought down your Interest, which sounds like it didnt. 0.9% Interest rate sounds like a promo the dealer was offering, and you could've gotten that with putting 0% down. You could've put that whole 50% in a 2% savings account every bank has nowadays and come out ahead
HidetoraToujou just to answer a bit, no it wasn’t a promo. That wouldn’t make any sense since it was my first big purchase. I had no credit (well nothing built up) as I’ve never bought anything using credit. They came back asking for 6-7% apr. I didn’t get the 0.9% until I told them I’d be putting half down
@@cheekyballs3496 even fuller answer: NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
i wouldnt say so, for example lets say i have 30k saved and i want to buy a car which costs 24k, but i also wanna buy a house, id much rather put a down payment on the house. get a car that isnt brand new so it will not lose too much of its value just because its not the newest anymore. get APR that is under 2%. i'd be losing alot more money buying the car straight up and living at rented apparent while i save the money to get the down payment.
Not really true, you need to build and maintain credit with various types of credit lines. And to a certain extent if you've negotiated the best deal that you can for APR vs the down payment, the rest of the money will serve you better in investments or even a savings account at times depending on the cost of the car and inflation. And that's in a hypothetical scenario where someone saved up 10k minimum for a somewhat reliable car, when you need a reliable car to get to your job to make said money in the first place.
I’m in the market for a CLS63 AMG, Audi RS7, or BMW M6 and I’m worried when I buy one of those that they’ll cost me a fuck ton more for all the future bills for maintenance and shit :/
I’m okay with financing my ride, my down payment was like 30% and I’m paying extra on my monthly payments so I can pay it off sooner! I’ll be payed off in 2 years 🤘🏼
Dayton Pomeroy Yeah same mine was 30% roughly as well. $8k down on a $25k Infiniti Q50. Payments are $302 a month for like 6 years but I’m going to do around $800 a month once I start making more money.
@@jakepokemonman1227 oh you got a q50? Nice man hey can i ask you this hope you respond but im thinking of getting a Q50S or red sport as my first car im young ik I just want to know if they are reliable and do they have a lot of problems since someone said they have transmission problems dont know if thats true and are they expensive to fix if something breaks? Hope you respond
Jacka The Cracka I have aHUS so by the time I build my credit since I am 18 I will probably have 4 years to enjoy a car. That’s my plan and when I die the bank can take the car back
@@thefirebirdflock3440 Never pay that for a crown vic, vics are cool but they are not worth anything. On my street there is the mercury version for sale for only 900$.
I started off with a '07 civic. Didn't pay it off fully, rolled 8k onto a '12 wrx and had a 30k loan. Just recently traded that in for a new '19 civic si. Rolled over 11k. 33k loan. It just adds up man. I was smart enough to get the warranty to last the full term this time, so I'm just gonna wait this one out to avoid digging myself into a deeper hole.
This came at the perfect time for me.. I was literally googling "explain APR for car financing for an idiot" yesterday, because I'm thinking about buying my first new car. You answered my biggest question, which is "is this a stupid idea, self?" Lol
I was in the rough position of having to buy my current car with no down payment. Long story, but I actually needed it. I got lucky on my car loan (2% APR) but I wish I had the time to get something other, and cheaper, than my Camry. Lessons learned.
Mixing passion with obsession was my mistake. I was keep saying to myself self "if I do this I should be able to afford a Vw Touareg V10 and E36 M3 at my mid 40's " and always kept dreaming and doing calculations instead of studying for my lessons exams etc. Glad I have changed. This video was a good reminder though. Thanks.
I've seen this video at least 10 times and if I hadn't seen it so much I would've done a lot worse on my car loan. Thanks Bladed, I obsessed instead of had pure passion but I'm still in the green. I regret my choice yes but I've learned a ton since getting it.
I’m watching your channel so I can understand what my “car loving” bf says and hearing you say your first car was a Nissan Sentra (same, what I have atm) made me feel so much better. Thank you 😭
As a guy who used to sell cars, here's my advice. Don't finance. But if you absolutely must, make sure it is UNDER 1/4 of your anual income, after tax and after your mortgage / rent. Don't go beyond 5 years of financing, try to keep it as close to 3 or even under that. Last, but not least, federal law REQUIRES that the highest interest rate be 21%. If you are getting beat up with an interest rate higher than that, leave immediately and don't look back. The best way to stay away from that sort of dealership is to go a well known dealership that is publicly traded. Be REALISTIC with your budget too. 1/4 of your income is still way too high, as it is the same amount as rent. And never EVER trade your car without paying it off first, as those monthly payments will just get stacked in the new one and will raise your interest rate by a lot. PS: The mistake I made.... I forgot to check with my insurance what my rate would be and booooy was I surprised. Always check with your insurance before you buy. Oh! And the cars do fly of the lot, but don't be stupid to buy one on impulse. Let the math on paper do the thinking for you. Hope you all have a good day. 😂
I financed my 2014 mustang gt because i loved the car and couldnt pay 21k at one time. I put 1/4 down and my apr is 6% has 35k miles and i have no regrets i make decent money and can easily afford it for the term.
Yeah, that's because that's a really average thing for people to do lmao The "advice" in this video is honestly awful, unless it's strictly aimed at people who for some reason think they can afford to finance a high end luxury car. Otherwise, financing cars is completely fucking common and probably the most normal route to go when buying a car in general unless you're buying very old and very used.
Sameer Ishaque you’re literally going to get the same depreciation if you finance for 3 years or pay up front and own the car for 3 years. Financing is dumb for exotic and luxury cars, but for cheaper cars, like a Mustang, it’s not bad.
I don't like putting specific percentages on loans to take. Make certain of two things, put a big enough down payment that you'll never be underwater on the loan. And don't take a longer term than what the warranty is for. Never owe more than the car's worth. And don't owe anything on a car with no warranty.
@@louisharleyaguilar4003 Yeah I'm glad I have one I'm not meaning to complain or anything and hes loving and non abusive so that in my opinion is better then having lots of money...
Damn. They grow up so fast, I remember it like it was just yesterday that you were talking about that old Nissan of yours like it was the greatest thing on earth. Ah, good times, but seriously Bladed, you’re knocking it out of the park. You deserve all the success that comes your way
MBA in financial economics: Don’t ever buy a car in cash. You’ll love 25% of your money that same day. Use the banks money so you don’t tie up a large amount of money. When hard times fall it’s better to have the cash than a depreciating asset. Buy a used CPO and finance what you can. That’s the best way to save money.
When you have a low apr, buy the car financed, put the balance in an index fund You come out ahead over the long term if you do nothing, have a nest of cash for potential emergency, and you can pay the loan off at any time if you need to.
As a car salesman (Honda) myself I can confirm this. BUT the only thing to keep in mind is not all salesmen/women are assholes. Some are just doing what their dealer is asked to do of them and that’s plain and simple. Just be respectful and patient and you’ll have a much better experience overall honestly.
Dave Ramsey's always watching I'M DEAD 😂😂😭😭 I bought my 1990 Celica GT with cash in hand because for my needs (a sporty and versatile car that can be cheaply modified and repaired at home). I actually took the Dave Ramsey classes and I now have the car I can beat up and repair at home to save money for the future that I would use to pay for my vehicle.
The first scenario was me when I bought my Avendator back in 2017, then added a huracan, i8, and M4 to the lineup - that promotion from Mcdonalds should come any day now🔥💯
Honestly, working at a bank. We try to tell ppl DON'T DO this. It's not a good idea and ppl just continue anyways. Banks are ran by good ppl who also try to help others get financially stable
“Listen to me guys. I’m a super well off financial advisor that knows everything there is to know about car loans, oh but I bought my car cash so all of this is just info I gathered from the internet”
Ok I'm just 21. Why is paying full cash worse than getting into a finance system? I understand it can help you build up your credit score but that's as far as my knowledge goes.
Bruuuuuh!!! I was really about to make a stupid decision. I was about to buy my “dream” car because i wanted it now and the APR was through the roof but i told myself it doesn’t matter, it my “passion”.🤦🏾♂️ THANK YOU FOR UPLOADING IN TIME TO SAVE ME!!!!!
I really appreciate the effort here to make people understand that it's not about flexing but enjoying your car. Don't stretch too much just to buy an exotic car which will will make it difficult for you retract financially. Long story short do not stretch beyond your capacity and you will not only enjoy your ride but also your life too !!! Great work bladed angel
The only problem with this video is that the dealership gets paid in full from your lender . They don’t care about the length of the loan term unless it’s in house financing. Also you forgot to mention the “Protection packages “ and “extended warranties “
A typical hard inquiry will take 2 points off your credit score and will stay on there for a max of 2 years. It wont "kill it", it will just affect it a little. If you have a 750+ beacon, this will not affect you near as hard as a less than 600 beacon. YOU KNOW WHICH ONE YOU ARE.
Typically most dealers will only take a single hit (which drops your credit 1-2 points and goes away USUALLY very quickly) until all the financing terms are hammered out. Then they'll submit you to a few banks they know will work with you to get the best rate. And by the time you finish your credit goes up anyways after making your first payment. Unless your credit is already 750+, then it would take a while to really raise.
It's OK to finance if you have the cash to afford to buy it in full. Especially at 2-3%. Your cash can go into investments. Most CDs pay over 2%, so you're actually getting a discount if you can get 2% and put the actual cash in the CD. You can also invest the cash into the markets, index funds, mutual funds and the return there is usually closer to 8% but higher risk... but be prepared and with the understanding it could go up or down unlike a CD. You will want to make sure you watch it or set a stop loss order to auto-sell if the funds drop below a point where it'll be difficult for you to pay off your loan as needed.
I know it's an old video but I find it funny how he self-inserts in the video demonstration as his Corvette and how expressive that Corvette is with just MS Paint-looking eyebrows, all while giving legit advice 😂😂 , that's honestly my favorite part of these noob's guides
This style of video is fun to watch. I am a strong believer in the 100% down payment so when I saw Dave Ramsey I couldn't stop myself from laughing a little. Keep up the good work Bladed Angel!
Nowadays, even paying for the whole car on the spot, a new vehicle is a horrible choice... depreciation will hit you in the nuts... cars that are 1-2 years old are better options, usually under full warranty, low mileage but at 2/3 or 3/4 or the original MRSP... yes the APR will be a little higher when financed, but the dollar cost will be dollar considering the fees and taxes added to a new one on a 0-1% new (most will do a 0%*) I bought my 2016 ecoboost, that’s as originally sold in March, on January 2018. It’s the premium version with all the bells and whistles, the original price was around 37K, My original al sale price was 24k dropped to 22k and financed for 60 months.. still under warranty and low mileage.
@@Apetry143 years huh So fast lol I take the 97 stepwagon lol Student in Canada i guess i dont have the luxury to choose higher It's fine at least i wont f up
i feel with this so much, i had my old car break down a couple years back, and i needed a car to travel for work and i caved in and got a car financed beecause i didnt have enough capitol to just buy out a car, and i went out and got a 13 civic. i love the car, its made my life easier, nothing mechanical ever happened with it, i know these cars lasted forever but the insurance (maxed out because its financed) and the insurance rate is crazy cause im in atl aswell. year 3 into my loan i really wish i'd just buy a used cheap car and not pay like 800+ per month. not fun
Bought a used 2015 Mazda 3 for 14k with 40k miles. I financed. Lowest payment. I don't have a credit card. I need one. On the plus side I don't own a Mustang, which the dealer had 2 of. It was a Honda dealer. Payments are setup for auto withdraw so I don't have to make trips to pay every month. I just keep my account loaded with money I make from my job. Also, I paid 6k up front so that cuts my monthly payment down despite bringing in money based on whether I work overtime or not. If you're looking to get a new car, get something that is cheap on gas and light on your wallet and save up for that sweet ride down the line, but also consider your financial future and retirement life. You want a daily that get 30+ fuel economy highway. Don't spend your money on car mods if you can help it.
Good video. I bought a 2017 Audi RS3 Sedan last year which only had like 3,000 miles on it and when I asked the Salesman why the guy traded it in it turns out he done exactly what you mentioned in this video. Guy bought the car brand new and couldn't afford the £896 per month (holy shit) PCP payment. Crazy. Dude apparently traded it in for a Volkswagen Up.
A car salesman cares more about making the sale and getting his commission than he does about how much the car sells for. He gets paid either way, so making the sale matters more to him so he actually gets that money
@@filmandfirearms Yeah I see. Problem is many car enthusiasts will be going after very desirable or possibly even limited production cars that are easier to sell. A dealer will have a number in their head for almost every car in the lot based on their knowledge of the desirability(and other factors ofc.) If we're gonna go out looking at a new pony car or sports sedan/hatchback, you bet the dealer isn't gonna budge much on the price, and if they do they'll try to screw you somewhere else. So my point is, if the dealer is smart and/or you're being too aggressive with finding a number, they won't hesitate to halt bargaining. However they do have monthly quotas, and I have confirmed it will be just a tad easier to persuade a lower price on a car towards the end of the month, again depending on the car.(Edit: and obviously depending on the dealer, too.)
"Live like no-one else so you can live like no-one else." -Dave Ramsey He means live cheap in the beginning while you invest in long-term mutual funds and then as you age the investment gains significant value so you can live like no-one else and be a millionaire.
@Fresh Bagels How do you invest? You get a good job and invest some of the money that you get from that job. Also starting a business is easier said than done because you need invent a product that you think people will buy and it may work or it may flop and if the product has potential then it may just need some improvement i.e. WD-40. But if you strive for a good job and increase your pay then you can invest more or save up for something i.e. a nice car, two options to choose. Having a good career is always a good thing to go for but when paired with a long term investment you build wealth on the money that you have sitting around.
@Fresh Bagels Well there you go just like I said, you just made your own version of a service that has a demand for it. Also with mutual funds you can pull money out of them but some funds are less liquid than others. Good job on your business btw.
Really great video, been doing some research on used sports cars and I agree with all of this advice! If you can't put half down on the car don't do it! The more down the lower interest rate!
I’m planning on getting a loan after I pay off my current car, which will be in three years, trading in my 2013 Acura ILX premium and tech package as well as bring a 30% down payment. I wanted to move from something I can’t mod, to a 2018 Honda Accord 2.0T 6spd that I can modify slightly to make it more like what I want. This video literally told me that I hit the jackpot on loans with my first car and I did the right thing the first time. ❤️❤️❤️ love ya bladed
Can agree, live in Atlanta and besides SoCal, these are the most shallow defined people I’ve ever met. Everything is superficial and no one works hard to get what they want
Great video and great advice for the near future. The first car I'm financing is a C300. Put 2k down only financing it for $4800 with a minimum payment of $109 on decent APR of 7% since I didn't use a cosign or any of that. But for a total of 44-49 months it'll be paid off way before that. Great video again I'm def using this advice next time I buy a more upgraded car 👌
on a serious note: i have been building a down payment for 3 years now and this video helped me understand what a good down payment looks like for my attainable dream car.
If you like this style of video, make sure to check out my Guide to Modding! It's Hilarious, I promise! th-cam.com/video/hi9ma_l46sI/w-d-xo.html
Make more of these "storytime animations" like this with the car
Bladed Angel are you going to make a video on need for speed heat on your gaming channel
Bladed Angel when I get a job when I grow up I want a Sentra like you waifu
@@Xrex-li1yb yes yes yes yes...
*YES!*
Do you not like credit cards or any form of debt
The 84 month loan is frightening, considering some modern cars don't even have a lifespan of 6 years.
Oz?????? WHAT??????
this being he’s a car guy. He’s mentioned it before.
My car’s 6 years old and still going strong. No mechanical failure. No issues.
Well this sure is a surprise but a welcomed surprise
That’s true af
Biggest misdirection/ lie in car buying dealership: Salesman says "I have to leave to talk to my manager about that" Truth: All they do is go to the bathroom and stare at the ceiling for 15 or 20 minutes
I want to buy a McLaren just to have a license plate that says “HI DEBT”
Hear me out...
How about don't. 😂
I saw a photo of a tuned GT86 with a "Debt" plate and "financial mistake" sticker
Claudio Bizama it doesn’t cost a Lamborghini for that car so why would it be so hard to pay back a gt86?
pleasse do...
Pie yield _ what is that mean? english is my second language 🥺
Me: god I just love the 1970 challengers, so sleek
My insurance rate: I’m gonna stop you right there
Too true lmfao
Shawn James life hurts
My dream car is the 1969 Charger R/T. I really wanna get one one day.
SF1NX my dream („luxury“) car is a bmw i8,perfect cruiser.
But my fav import car is a rx7.
The 69 rt is beautiful!
@@fenn_fren mine is a 69 mustang boss 302
The eyebrows make it for me.
I thought they were short stubby arms
You are my long lost brother
🤣🤣🤣🤣🤣
XD
😂 looool
😂😂😂😂😂
I like the new way he’s doing his “noobs guide to...” videos
ye, is all good
Next stop "noob's guide to.....petrolhead weeaboos" ?
@@masashiiino6914 *_Initial D fans playing Eurobeat from the distance_*
The best car buying experience I ever had was when I was able to write a check for the full amount. Once you do it, there is no going back to car loans.
Before I bought my car, I saved enough to pay it up front (around 30k). I financed a car at .9% and I down paid 50%. The rest was all credit building and it really help me get a good mortgage
.9% apr?
Ezequiel Renovato yes sir. I got it on one of those offers they do. I didn’t mention I was going to pay half down until they brought out the .9% just in case. They tried to put me on those long term finance plans that are BS (I guess that’s how they get you to believe it’s low APR).
Putting down 50% was stupid unless that bought down your Interest, which sounds like it didnt. 0.9% Interest rate sounds like a promo the dealer was offering, and you could've gotten that with putting 0% down. You could've put that whole 50% in a 2% savings account every bank has nowadays and come out ahead
HidetoraToujou ok, go do it then...
HidetoraToujou just to answer a bit, no it wasn’t a promo. That wouldn’t make any sense since it was my first big purchase. I had no credit (well nothing built up) as I’ve never bought anything using credit. They came back asking for 6-7% apr. I didn’t get the 0.9% until I told them I’d be putting half down
Short answer: No
Long answer:
Noooooooooooooooooooooooooooo
Full answer: nooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo
Fuller answer: noooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo
@@cheekyballs3496 even fuller answer:
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
I love how bladed accepts his mistakes and learns from them.
Because bladed is smart unlike mopar owners with their 28% APR havin ahh
Here's the best tip you'll ever get about car financing :
-"Don't"
i wouldnt say so, for example lets say i have 30k saved and i want to buy a car which costs 24k, but i also wanna buy a house, id much rather put a down payment on the house.
get a car that isnt brand new so it will not lose too much of its value just because its not the newest anymore. get APR that is under 2%. i'd be losing alot more money buying the car straight up and living at rented apparent while i save the money to get the down payment.
Not really true, you need to build and maintain credit with various types of credit lines. And to a certain extent if you've negotiated the best deal that you can for APR vs the down payment, the rest of the money will serve you better in investments or even a savings account at times depending on the cost of the car and inflation. And that's in a hypothetical scenario where someone saved up 10k minimum for a somewhat reliable car, when you need a reliable car to get to your job to make said money in the first place.
I just financed a E63 AMG this is the greatest 4 days of my life lmao.
camdog124 just wait ten years and let the 20k extra spent on repairs start coming in 😂
Say hello to electrical, steering, hub, I can keep going on.... PROBLEMS
I’m in the market for a CLS63 AMG, Audi RS7, or BMW M6 and I’m worried when I buy one of those that they’ll cost me a fuck ton more for all the future bills for maintenance
and shit :/
Marc Lloyd that’s why I just wanna lease for enjoyment and for deductions
You financed an E63 and lost $63,000 in value over those 4 days
“Become somebody successful first then buy a dream car” bro I’ve been saying that for a while.
Should be the same with reproduction but this is a car channel lol
I’m okay with financing my ride, my down payment was like 30% and I’m paying extra on my monthly payments so I can pay it off sooner! I’ll be payed off in 2 years 🤘🏼
Dayton Pomeroy Yeah same mine was 30% roughly as well. $8k down on a $25k Infiniti Q50. Payments are $302 a month for like 6 years but I’m going to do around $800 a month once I start making more money.
I don’t have to pay financing on my rc gtr
@@jakepokemonman1227 oh you got a q50? Nice man hey can i ask you this hope you respond but im thinking of getting a Q50S or red sport as my first car im young ik I just want to know if they are reliable and do they have a lot of problems since someone said they have transmission problems dont know if thats true and are they expensive to fix if something breaks? Hope you respond
Thank you a smart person debt is good as long as you keep up with the payments
how nothing happen to you.... or repo man will come fast...
I have 10-12 years to live... I am okay with going in debt to get my dream car before I die
A soul for a soul
whats wrong?
Carson Dss I am
Jacka The Cracka I have aHUS so by the time I build my credit since I am 18 I will probably have 4 years to enjoy a car. That’s my plan and when I die the bank can take the car back
@@jointaimbot55 Sorry to hear man. Good luck in the future with getting that car.
If I'm able to drive safely, I want a Crown Vic first.
YEAH BOI. CROWN VIC 4 LYFEEEEEEEEE
$500 NEVER HAS BEEN BETTER SPENT!
Bladed Angel too bad they’re always over $1,500
Bladed Angel thats my first car a 1991 crown vic i paid a 1000 for it and i love it
@@thefirebirdflock3440 Never pay that for a crown vic, vics are cool but they are not worth anything. On my street there is the mercury version for sale for only 900$.
Yeah, Crown Vics and Town Cars rule!
I started off with a '07 civic. Didn't pay it off fully, rolled 8k onto a '12 wrx and had a 30k loan. Just recently traded that in for a new '19 civic si. Rolled over 11k. 33k loan. It just adds up man. I was smart enough to get the warranty to last the full term this time, so I'm just gonna wait this one out to avoid digging myself into a deeper hole.
"yeah yeah yeah wanna listen to my mixtape"-Aventador
1980s: Cocaine
2019: Clout
Jeberted cloutcane
Bladed is the type of guy to Rice a car than is already cool and does it well.
Next step: Transform your Corvette into a Countach.
NTY
How about Aventador instead?
Bladed Angel
oH mA gAd bLaDed sEmpAï cOMMenTed mE
Yeah an Aventador would be pretty
But does the Aventador have Pop-up Headlights?
@@penelopeboivin3191 popup up and down headlights, intensifies in the distance
Dope Quote 👀 "Passion is build with love, Obsession is build with desire"
I mean he has butterfly doors on a corvette
Why would he be wrong if he did that and did it good
REEEEE SCISSOR, NOT BUTTERFLY.
I'VE GOT A GUIDE FOR YOUUUUUUUU th-cam.com/video/-IaiJNF9q6U/w-d-xo.html
Bladed Angel dang Thas cold
Lol get it right
Bladed Angel Reeeee butterflys are better im sorry
Scissor
Could have bought a Mustang gt for my first car but insurance said “Ight imma go up”
Did you expect otherwise lmao
Don't buy a gt as a first car that sounds like a dumb idea
Sees new car that I really like
Dealer and banks: I’m about to end this whole mans career
This came at the perfect time for me.. I was literally googling "explain APR for car financing for an idiot" yesterday, because I'm thinking about buying my first new car. You answered my biggest question, which is "is this a stupid idea, self?" Lol
What car did you save up for after this commment
I was in the rough position of having to buy my current car with no down payment. Long story, but I actually needed it. I got lucky on my car loan (2% APR) but I wish I had the time to get something other, and cheaper, than my Camry. Lessons learned.
Why would you drop such a large down payment on something that depreciates in value?
Your money is best left in your pocket for as long as possible.
I agree, finance it so you can keep the money in your bank and use that to make more money. Either in investments or a home.
If you are going to keep the car for the entirety of its life does it really matter?
Listening to Dave Ramsey about finances is like listening to an alcoholic about what to drink.
love the eyebrows on your corvette lol
Mixing passion with obsession was my mistake. I was keep saying to myself self "if I do this I should be able to afford a Vw Touareg V10 and E36 M3 at my mid 40's " and always kept dreaming and doing calculations instead of studying for my lessons exams etc. Glad I have changed.
This video was a good reminder though. Thanks.
Bro oh hell naw that Lamborghini just stupid that corvette got sense
No, it got dollars
Not cents
I've seen this video at least 10 times and if I hadn't seen it so much I would've done a lot worse on my car loan. Thanks Bladed, I obsessed instead of had pure passion but I'm still in the green. I regret my choice yes but I've learned a ton since getting it.
I’m watching your channel so I can understand what my “car loving” bf says and hearing you say your first car was a Nissan Sentra (same, what I have atm) made me feel so much better. Thank you 😭
2:45 y’all just going to ignore the Bentley license plate on the SLS?
Swagnation345 I actually saw it
Its the dealership. I went to a bentley dealer and I seen Ferrari's and a Rolls Royce with Bentley plates
1:32 he put my boi Dave Ramsey 😭
Don't finance that Lambo by any means.
Or else it's beans and rice and rice and beans!
Fr I see him everyday in my financial fitness class💀💀
@@NeededGR13F Dave Ramsey's an old fool
Rice and beans
Shinobi Shade lmao I notice that too
As a guy who used to sell cars, here's my advice. Don't finance. But if you absolutely must, make sure it is UNDER 1/4 of your anual income, after tax and after your mortgage / rent. Don't go beyond 5 years of financing, try to keep it as close to 3 or even under that. Last, but not least, federal law REQUIRES that the highest interest rate be 21%. If you are getting beat up with an interest rate higher than that, leave immediately and don't look back. The best way to stay away from that sort of dealership is to go a well known dealership that is publicly traded. Be REALISTIC with your budget too. 1/4 of your income is still way too high, as it is the same amount as rent. And never EVER trade your car without paying it off first, as those monthly payments will just get stacked in the new one and will raise your interest rate by a lot.
PS: The mistake I made.... I forgot to check with my insurance what my rate would be and booooy was I surprised. Always check with your insurance before you buy. Oh! And the cars do fly of the lot, but don't be stupid to buy one on impulse. Let the math on paper do the thinking for you. Hope you all have a good day. 😂
Bladed, I find it so hilarious that right before I go to finance, you make a video for a noob just like me to finance. You’re awesome 😂
I love the new editing with your corvette and the eyebrows xddd it's great
I financed my 2014 mustang gt because i loved the car and couldnt pay 21k at one time. I put 1/4 down and my apr is 6% has 35k miles and i have no regrets i make decent money and can easily afford it for the term.
Yeah, that's because that's a really average thing for people to do lmao
The "advice" in this video is honestly awful, unless it's strictly aimed at people who for some reason think they can afford to finance a high end luxury car.
Otherwise, financing cars is completely fucking common and probably the most normal route to go when buying a car in general unless you're buying very old and very used.
@@SUPERxNOVA17 paying 8000 for a car that will be worth 3000 when u have paid it off doesn't seem worth it
Sameer Ishaque you’re literally going to get the same depreciation if you finance for 3 years or pay up front and own the car for 3 years. Financing is dumb for exotic and luxury cars, but for cheaper cars, like a Mustang, it’s not bad.
@@danielvisintainer3352 or you could buy a 1980s BMW or merc and use that
@@sameerishaque7635 try finding parts for that fossil of a bmw 😩
I don't like putting specific percentages on loans to take. Make certain of two things, put a big enough down payment that you'll never be underwater on the loan. And don't take a longer term than what the warranty is for. Never owe more than the car's worth. And don't owe anything on a car with no warranty.
I took a loan through my dad so no interest when I bought my 350z, I did a down of 5k and pay 400 a month till it's payed for
@Vapr Kng Lol same my dad is like sorta poor...
@@guyontheinternet8891 bruh at least you have a dad...
@@louisharleyaguilar4003 Yeah I'm glad I have one I'm not meaning to complain or anything and hes loving and non abusive so that in my opinion is better then having lots of money...
@@guyontheinternet8891 i know bud, good to hear didnt mean it a bad way, a joke as you will
Hr?
Damn. They grow up so fast, I remember it like it was just yesterday that you were talking about that old Nissan of yours like it was the greatest thing on earth. Ah, good times, but seriously Bladed, you’re knocking it out of the park. You deserve all the success that comes your way
so basically...
grind cash and buy a used toyota yaris
or used citroen c1
You got it bro. Everyone is in debt these days trying to look rich instead of trying to become rich. Good luck 👍
@@jond8013 you can get a nicely used Miata or Celica for a good price. Will you win any car shows? No, but you look good for a poor guy.
I’m looking to finance a car and I got recommended this. Thanks FBI man
MBA in financial economics:
Don’t ever buy a car in cash. You’ll love 25% of your money that same day. Use the banks money so you don’t tie up a large amount of money. When hard times fall it’s better to have the cash than a depreciating asset.
Buy a used CPO and finance what you can. That’s the best way to save money.
You are 100 percent correct
When you have a low apr, buy the car financed, put the balance in an index fund
You come out ahead over the long term if you do nothing, have a nest of cash for potential emergency, and you can pay the loan off at any time if you need to.
As a car salesman (Honda) myself I can confirm this. BUT the only thing to keep in mind is not all salesmen/women are assholes. Some are just doing what their dealer is asked to do of them and that’s plain and simple. Just be respectful and patient and you’ll have a much better experience overall honestly.
Thought this was hilarious. Is there really 144 month loans ? Lmao
Depends on what you're financing I guess lol my camper is financed for 10 years
Never thought eyebrows on cars would make me smile
Dave Ramsey's always watching I'M DEAD 😂😂😭😭
I bought my 1990 Celica GT with cash in hand because for my needs (a sporty and versatile car that can be cheaply modified and repaired at home). I actually took the Dave Ramsey classes and I now have the car I can beat up and repair at home to save money for the future that I would use to pay for my vehicle.
Love the fade-in of Dave on the chalkboard at the beginning there
When you love the car so much you misspelled the word "finance" to fiancé in the thumbnail
The first scenario was me when I bought my Avendator back in 2017, then added a huracan, i8, and M4 to the lineup - that promotion from Mcdonalds should come any day now🔥💯
I fucking love this art style, everybodys a car, thats hilarious lmao
bladed has taught me more about finance in 9:11 than 10 years or school
I swear this channel is so underrated 😡
Honestly, working at a bank. We try to tell ppl DON'T DO this. It's not a good idea and ppl just continue anyways. Banks are ran by good ppl who also try to help others get financially stable
“Listen to me guys. I’m a super well off financial advisor that knows everything there is to know about car loans, oh but I bought my car cash so all of this is just info I gathered from the internet”
Ok I'm just 21. Why is paying full cash worse than getting into a finance system? I understand it can help you build up your credit score but that's as far as my knowledge goes.
Bruuuuuh!!! I was really about to make a stupid decision. I was about to buy my “dream” car because i wanted it now and the APR was through the roof but i told myself it doesn’t matter, it my “passion”.🤦🏾♂️ THANK YOU FOR UPLOADING IN TIME TO SAVE ME!!!!!
“You on the other hand buy a car once every 10 years”.
>looks at the 9 cars I have chilling outside.
Hmmm yeah so I’m probably gonna die soon?
weird flex but ok
I really appreciate the effort here to make people understand that it's not about flexing but enjoying your car. Don't stretch too much just to buy an exotic car which will will make it difficult for you retract financially.
Long story short do not stretch beyond your capacity and you will not only enjoy your ride but also your life too !!! Great work bladed angel
I love the rcf in the thumbnail
The only problem with this video is that the dealership gets paid in full from your lender . They don’t care about the length of the loan term unless it’s in house financing.
Also you forgot to mention the “Protection packages “ and “extended warranties “
Don’t forget to tell everybody NOT to let the dealer run you’re credit 5+ times it will kill your score for at least a year
Finance through your credit union or bank, just 1 hit.
Anything with the same type of hit only hits once if you do it with 30 days. I was in sales and ran credit daily
A typical hard inquiry will take 2 points off your credit score and will stay on there for a max of 2 years. It wont "kill it", it will just affect it a little. If you have a 750+ beacon, this will not affect you near as hard as a less than 600 beacon. YOU KNOW WHICH ONE YOU ARE.
Typically most dealers will only take a single hit (which drops your credit 1-2 points and goes away USUALLY very quickly) until all the financing terms are hammered out. Then they'll submit you to a few banks they know will work with you to get the best rate. And by the time you finish your credit goes up anyways after making your first payment. Unless your credit is already 750+, then it would take a while to really raise.
Credit is for poor people lol
It's OK to finance if you have the cash to afford to buy it in full. Especially at 2-3%. Your cash can go into investments. Most CDs pay over 2%, so you're actually getting a discount if you can get 2% and put the actual cash in the CD. You can also invest the cash into the markets, index funds, mutual funds and the return there is usually closer to 8% but higher risk... but be prepared and with the understanding it could go up or down unlike a CD. You will want to make sure you watch it or set a stop loss order to auto-sell if the funds drop below a point where it'll be difficult for you to pay off your loan as needed.
As someone who got an MBA in finance, paying in cash is the dumbest thing you could possibly do. Unless your APR is higher than 9%.
I know it's an old video but I find it funny how he self-inserts in the video demonstration as his Corvette and how expressive that Corvette is with just MS Paint-looking eyebrows, all while giving legit advice 😂😂 , that's honestly my favorite part of these noob's guides
I love the intro
You can only afford something if u can buy it twice
make a video about all the stories you have about "insane financial idiots." That would be entertaining.
This style of video is fun to watch. I am a strong believer in the 100% down payment so when I saw Dave Ramsey I couldn't stop myself from laughing a little. Keep up the good work Bladed Angel!
im so glad my parents thought me not to do this
Nowadays, even paying for the whole car on the spot, a new vehicle is a horrible choice... depreciation will hit you in the nuts... cars that are 1-2 years old are better options, usually under full warranty, low mileage but at 2/3 or 3/4 or the original MRSP... yes the APR will be a little higher when financed, but the dollar cost will be dollar considering the fees and taxes added to a new one on a 0-1% new (most will do a 0%*)
I bought my 2016 ecoboost, that’s as originally sold in March, on January 2018. It’s the premium version with all the bells and whistles, the original price was around 37K, My original al sale price was 24k dropped to 22k and financed for 60 months.. still under warranty and low mileage.
He made his Corvette a character
Awesome
This was about the most informative video I've ever found on TH-cam.
Welp
Good advice dude
Also not all cheap cars not meaning it not fun
Ex: a *FREAKING* miata
Same. Fun drive to work honestly
@@Apetry143 years huh
So fast lol
I take the 97 stepwagon lol
Student in Canada i guess i dont have the luxury to choose higher
It's fine at least i wont f up
i feel with this so much, i had my old car break down a couple years back, and i needed a car to travel for work and i caved in and got a car financed beecause i didnt have enough capitol to just buy out a car, and i went out and got a 13 civic. i love the car, its made my life easier, nothing mechanical ever happened with it, i know these cars lasted forever but the insurance (maxed out because its financed) and the insurance rate is crazy cause im in atl aswell. year 3 into my loan i really wish i'd just buy a used cheap car and not pay like 800+ per month. not fun
Where did happy anime girl bladed go *cries in debt*
Bought a used 2015 Mazda 3 for 14k with 40k miles. I financed. Lowest payment. I don't have a credit card. I need one. On the plus side I don't own a Mustang, which the dealer had 2 of. It was a Honda dealer. Payments are setup for auto withdraw so I don't have to make trips to pay every month. I just keep my account loaded with money I make from my job. Also, I paid 6k up front so that cuts my monthly payment down despite bringing in money based on whether I work overtime or not.
If you're looking to get a new car, get something that is cheap on gas and light on your wallet and save up for that sweet ride down the line, but also consider your financial future and retirement life. You want a daily that get 30+ fuel economy highway. Don't spend your money on car mods if you can help it.
Just get a rotary powered car if you wan't to be broke instantly.
I not even close to being able to get a car (in age and finances) but I still find myself watching these
Great content!
by far the best video bladed has made. this really is important stuff
35 seconds in. Clout is a helluva drug 😂😂 bruh I’m dead
I don't know why this popped in my recommendations, guess the Algo just knows me too well.
Was that Dave Ramsey at 1:59? 😂
Yes
Honestly, you really can't argue with this advice
Lmao I got a loan when I was 17 for my 350z and I’m 19 now and still have another year left on it and I hate myself for it still to this day
Good video.
I bought a 2017 Audi RS3 Sedan last year which only had like 3,000 miles on it and when I asked the Salesman why the guy traded it in it turns out he done exactly what you mentioned in this video. Guy bought the car brand new and couldn't afford the £896 per month (holy shit) PCP payment. Crazy. Dude apparently traded it in for a Volkswagen Up.
A car salesman cares more about making the sale and getting his commission than he does about how much the car sells for. He gets paid either way, so making the sale matters more to him so he actually gets that money
Not totally true. I have a friend who is a car dealer, he works on strictly commission, and if he sells no cars in a week he made $0.
@@njoythedrive That's just proving my point. They care more about making the sale so they can get their commission, even if it is small
@@filmandfirearms Yeah I see. Problem is many car enthusiasts will be going after very desirable or possibly even limited production cars that are easier to sell. A dealer will have a number in their head for almost every car in the lot based on their knowledge of the desirability(and other factors ofc.) If we're gonna go out looking at a new pony car or sports sedan/hatchback, you bet the dealer isn't gonna budge much on the price, and if they do they'll try to screw you somewhere else.
So my point is, if the dealer is smart and/or you're being too aggressive with finding a number, they won't hesitate to halt bargaining.
However they do have monthly quotas, and I have confirmed it will be just a tad easier to persuade a lower price on a car towards the end of the month, again depending on the car.(Edit: and obviously depending on the dealer, too.)
"Live like no-one else so you can live like no-one else." -Dave Ramsey
He means live cheap in the beginning while you invest in long-term mutual funds and then as you age the investment gains significant value so you can live like no-one else and be a millionaire.
@Fresh Bagels How do you invest? You get a good job and invest some of the money that you get from that job. Also starting a business is easier said than done because you need invent a product that you think people will buy and it may work or it may flop and if the product has potential then it may just need some improvement i.e. WD-40. But if you strive for a good job and increase your pay then you can invest more or save up for something i.e. a nice car, two options to choose. Having a good career is always a good thing to go for but when paired with a long term investment you build wealth on the money that you have sitting around.
@Fresh Bagels Well there you go just like I said, you just made your own version of a service that has a demand for it. Also with mutual funds you can pull money out of them but some funds are less liquid than others. Good job on your business btw.
7:06 “Dont tolk me, im angy”
Really great video, been doing some research on used sports cars and I agree with all of this advice! If you can't put half down on the car don't do it! The more down the lower interest rate!
I want to save up for a used Ferrari or lambo when I’m older
tylerthenormal you watch Scotty Kilmer? I would watch his videos before doing that
Demon Love I mean like a 458, not a junky old F355
Demon Love fuck scotty, he doesn’t know how to live life with his boring ass
@@tylerthenormal9059
Junky old F355? There classics!!
Fucking blasphemy.
I’m planning on getting a loan after I pay off my current car, which will be in three years, trading in my 2013 Acura ILX premium and tech package as well as bring a 30% down payment. I wanted to move from something I can’t mod, to a 2018 Honda Accord 2.0T 6spd that I can modify slightly to make it more like what I want. This video literally told me that I hit the jackpot on loans with my first car and I did the right thing the first time. ❤️❤️❤️ love ya bladed
I’m part of the paid off squad
Can agree, live in Atlanta and besides SoCal, these are the most shallow defined people I’ve ever met. Everything is superficial and no one works hard to get what they want
"What car do you own?"
A red one
Like bruh😒
Great video and great advice for the near future. The first car I'm financing is a C300. Put 2k down only financing it for $4800 with a minimum payment of $109 on decent APR of 7% since I didn't use a cosign or any of that. But for a total of 44-49 months it'll be paid off way before that. Great video again I'm def using this advice next time I buy a more upgraded car 👌
This is the most intelligent corvette I ever seen
on a serious note: i have been building a down payment for 3 years now and this video helped me understand what a good down payment looks like for my attainable dream car.