I took a loan out with 36% interest to end my homeless streak and another loan for 20% interest for a car to drive for Lyft since i can't get a job. My life was actually a lot worse when i was homeless for several years. This is what happens when your desperate and everybody denies you except the corporate sharks.
Lord you people are naive. Unless this person got a lot of money free from someone they're probably not doing very well. We all know that. Desperation doesn't change facts.
@@joelsilverman6899 I kinda disagree. I bought my car in university. I put a large downpayment and selected the 6 year option because it made my payments affordable. It's at 0% financing, but I'll double up on payments when I can afford to.
@@joelsilverman6899 I like my family to be in something safe. And safe modern cars cost money that's just how it is. But I've also been responsible with credit and can get 0 or close to 0% rates on a new car. So if you want to drive your family around in a rusty old Dodge Shadow I just hope you don't get into an accident.
@@thelastmemphian 75 is decent money but it's not like incredible, also if he lived like a millionaire he wouldn't have car payments millionaires dont need payments those 2 stupid cars plus insurance must be idk more than 1500 a month plus whatever else hes making payments on , I'm finally, finally at a point on my life were I might be making that this or next year and I've decided i am not going to get more debt, start making like 2 grand more a month and right away want to get things now and they will approve you too!
Joshua Tate Totally Agree. That was me a year ago before I found Dave. I make good money and had nothing in savings. Not a dollar. And $40k in debt! Next month I’ll be debt free. Then i start building up my emergency fund.
If he keeps this up. Car salesmans are gonna have to find a new job because car dealerships are gonne be outta business. Keep it up Dave! Lets put these tricks outta business!! Theyr ruining lives
Self-driving car service companies will put these shady dealers out of business. TH-cam search "tony seba freightwaves" for a really interesting presentation.
A line of credit is not a credit card. A line of credit is backed by a physical asset as collateral (usually a house), that's why you get such a low interest rate as it's secured. This guy has a credit card interest rate on a loan that is secured by an asset. And that is dumb.
When you get a car loan they go through all financial loan paperwork with you. How did he NOT know his interest rate and monthly payment until he got his first bill? Either he wasn't paying any attention at all or they went to a less than reputable roadside car dealership, my money is on the latter.
Michael B. People DON'T understand interest rates, or the seriousness of bad credit car loans (including me, 3 years ago). Most are just happy to get approved period. These interest rates DESTROY peoples lives financially!!!!! And they act like they're doing people a favor 😂😂😂
A lot of people don't care and just look at the monthly payment amount. It's amazing how dumb people are with loans not even bothering to look at how much they'll wind up paying over the life of the loan. I had a buddy of mine brag to me what a great deal he got on a brand new KIA and he showed me his purchase order and I showed him the part on his financing where he was going to pay like $25,000 over 7 years for a $14,000 new car and suddenly his deal didn't look so good, lol.
Karen Ro he was honest. I live in Atlanta. He went to DriveTime which is a nationwide car dealership for those with bad or no credit. Some people need a car ASAP or they lose their job basically
when I got to that part of my loan the guy rushed through the details of the loan and asked me what my Max payment would be and never said what the loan was for or told me the interest rate was just sign here here and here and here's the keys
I have been on both side of this I have had high interest loans before because my credit was not up to par and I learned from it. I have made high interest loans to people who has honestly begged me to do so because they needed a car, I did not mess up their credit they did. They are not listening when the high interest loan is being covered during the contract signing they are just reaching for the keys and most of them still are not going to pay and lie about what happened after that high interest vehicle has been repossessed, a different excuse every month. I have tried to advise them but very few listen and I have had more of them try to take advantage of me than I can take advantage of. I thought the same too until I got to work on the other side of the desk. Irresponsibility is the only way 65% of the people in the state of Georgia ends up with bad credit. That's not the dealer's fault. Take responsibility for your own actions.
When the mob loans you money at 25 percent interest they are “loan sharks” when a big bank does the same thing it’s “providing low income people with access to capital”
You end up paying 24% when you don't pay your bills. Lesson Learned is pay your bills on time every time. 65% of the people in Georgia have bad credit. Most people don't want what they can afford, they want what they see others with.
Bullshit. I got stuck with a 21% after putting 8k down for a vehicle. Never had a credit card, or loan. Just debit and saving. They told me since I had no history it was the best they could do. I had to get to work without relying on anyone after my dad died. So yeah, they'll take advantage anytime they can.
Never missed or been late on a payment but have paid 7k for the thing. Only paid off 1500 of the principal. Maybe, maybe less I'll have to add. It's absolutely criminal
That’s exactly what I did for my recently wed wife a a couple months ago. He must have went to DriveTime which is what she went to with a 24% car loan. We got it reduced to 5 percent by refinancing.
@Anthony VanVolkinburg tell me more? I'm in a similar situation and would like to refinance. I was told my credit was not very good, its approved a bit - upper 600 - how/where do i go to refinance?
He pry doesn't pay his debts or already burned his bank or credit union. Most times people go to dealerships offering those high interest rates because no one else will take a chance on them.
I've got stuck with a 24% loan twice... The first was my fault but i paid it off within a year. The second time i signed with a sibling ( i did so because i was in extreme dispersion and feeling dead) i was sucker in... I am now stuck with a car work $4500 that's was sold a $9000 and doesn't even run and drive that well. This is a unique situation.
22% interest rate on my car over here, this gives me hope to pay it off sooner 😂 I’m doing exactly what he said, cut everything off, pay the big screw up first.
The guy is laughing when he says you can't have a life, but it's more like you can't have a SOCIAL life cause it's very expensive. Stick to your fam, focus on your goals as a fam, live within your means as a fam, find things to do that don't require you to spend a plethora of money as a fam, and lay low. Instill that belief in your children. I'm not saying you do that for the rest of your life, just until you really learn hiw to manage your cash flow. Before you know, you commit to a much cleaner life, a more fulfilling life, and a much more tranquil and prosperous life. If you have a family or are married, the words "I'm bored should never exist". You can always find something to do.
wtf..i make 36k a year and only been at my current job for 1 year..started the job with $0 in my bank account and now have $10k saved up..I hope this pandemic taught everyone a lesson
Not everyone can live on 26k a year (subtracted your savings) maybe when I was 20. But when I grew up and had actual responsibilities (26 y.o. currently), like a family, I had to get real serious about my career. I went to a job I dont enjoy quite as much, but am making 100k/yr. In most parts of California, thats fairly comfortable. Not lavish or wealthy at all. In fact, a little low. 100k is the new 50k..
Raise your credit score by eliminating negative marks and making your car payments on time. Once your credit is up to 720 refinance your cars. Use yhe extra money to save for down payment on a house. Ooooor live like a peasent for 2 years your choice.
A lot of the "Buy here, pay here" places have interest rates well above 20%. They are subprime lenders. If the buyer can't pay, it's no big deal. They can remotely immobilize the car, and immediate repossess it and begin the same process with another fool.
Mike D I'm 18 and bought a brand new $15,000 motorcycle with no credit history whatsoever. I had more than enough saved up at the bank to pay cash for the bike. The dealer wanted 15% interest on a $12,000 loan while the bank only charged me 3.2%.
@@naveedquadeer3752 u would be amazed but most big dealerships finance those with bad credit as well and ur walking out the place with a 20% interest rate easily. As long as you have a fair amount of income just about any place can finance u
Guy must have bought it at one of those "buy here pay here" second rate car dealers that are a dime a dozen around Atlanta. Should have gone to Carmax...even if you have bad credit they can usually get you approved under 10%, much better than going to a loan shark to get a vehicle at one of these roadside dealerships that will be gone in 2-3 years.
@@PrOdRgZ Wow, that's nuts, I had bad credit under 600 and got 12%, but I was putting a pretty sizable down payment on the car. I guess that plays into it somewhat.
Its good to know iam not the only one that got hammered lol...we all got problems we can get out of them there are good and bad times sooo good times will arrive.
what I notice in a lot of these cases where they make good money is that they don't know how to save. I think people get into this mentality that I make 75k, I should get a car worth 40k. The answer most of the time is that they end up in debt to a car. They are what's considered car poor, they have a nice new car, but it's keeping them poor and not being able to save money due to its expensive interest and monthly car payments. Never buy a car that will cause that to happen to you. You should spend something close to the 20-25 range if you're making 75k a year since that way you can pay it off and not worry about that payment over a number of years. It's also a stress reliever since your not worrying how you can afford it if you lose your job and can't make the car payments.
A loan with a 24 percent interest is not bad when you have NOTHING , giving you a loan is a risk and with no credit that's what you have to take to build your credit yes you will pay more but guess what after 6 years you have good credit and a car !
Having good credit doesn't outweigh having to pay so much in interest for 6 years. His borrowing power mainly depends on his income, type of job. It's good to have a decent credit score.
I’m 21 no credit the only option for financing a car is a 2017 car with 25% APR and $380 and month for 69 months. Is apr the same as interest? The car is $14,000 so does that mean I’ll be paying $25,000 in total for the car? Or how does it work?
Claudia Grimaldi I’m in the exact same boat, I was 21 & bought a 2017 car my APR is 22.9% for 63 months... I “bought” the car for $14,389 but my bank app says $24,000!!! 😭😭😭 (my credit at time of buying was 542) & no credit cards.
Brianna leigh that’s horrible I also decided to finance a car, tremendous monthly payments and apr is HORRIBLE. They told me credit should show in 6 months and that’s when I plan to refinance. I have a secured credit card too. So please look into refinancing and see what other banks offer you. I want to refinance as low as 5% APR. not happening now but in time yes.
Claudia Grimaldi oh wow really!!? I’ve been paying the car for about 8 months now!! Does refinancing affect your credit? How do I get started that sounds great!!!
WhillieMan23 .... say that to a black man face then if and when u see one... don’t be All about it on you tube guy, just saying, respect goes both ways even if you don’t agree with how he takes advice
Right. Different states have different APR rate caps. For example, Indiana’s is 24%. It is illegal for a bank to give you a loan at anything higher than 24%.
hey i have a $40000 truck loan i been paying for 3 years with a 6 year contract and i have around $17000-19000 left on this pay-off amount. I want to finish paying the amount in a year or maybe 1 and a half, what do you recommend? make larger payments? refinance?
@@Metal7771 I was in the Navy's submarine training school and saw a kid mess up his security clearance this way. Brand new E-4 got a $48,000 loan on a pickup truck, and all of a sudden the Navy wanted to look at his bank records and they're giving him polygraph exams. The Navy has a bad history of guys with money problems selling secrets to the highest bidder.....
How does that work mathematically? If it’s 24% and you loan it for 5 years... you pay 1/5 (or 20%) every year. Doesn’t that mean the loan will never end?
Never pay more then 5% apr on a car, Never look at how much the payments are, just because it's easy payments , do the math and see how long and how much you be paying in the long run. I say stick to a 3 or 4 year car loan if you can't pay in cash. Last see if you can get a 0%Apr from the dealer , of course your credit has to be excellent
Dumb question I have a car payment $420 interest rate is 5.2 points should I refinance to get a rate if 2.74 I’m worried that someone I’m getting scammed or something ! Oh also I send in $800-1000 depending how I’m doing that month and I would keep doing that if the rate was lowered
This is practical advice! Why do people need Dave to tell them this stuff? Cut out the $65 a night for wingstop. The $200 every Sunday for Sunday Dinner After Church!
@@triniwondawoman That should be outlawed. You never know a person's ability to pay, so why assume bad? Whatever I hate people that think to assume the worst seriously go f off
Trump has cut corporate taxes and the Fed is raising interest rates! How will the United States pay bills with less tax revenue and more interest expense?
by having more people work and pay tax an by corporations that make profit and pay taxes . also it saves employed people to live of government hand outs . furthermore he is little by little reducing idiotic government spending . however , he inherited an astronomic debt to begin with , it will be a long time to correct , especially with the democrats promising to be , against EVRYTHING he proposes , out of spite !
D. Leonhardt idk about a home. We are looking for a home and are being offered 4.375 and I’m not sure if it’s good. But for a car loan I bought a car in June for 3.99% once again not sure if it’s good but we can easily afford both.
Barrett Simmons, My credit union advertises as low as 1.99% on auto loans for approved buyers. I'm young & establishing credit. My car is paid for.. I wouldn't get a 30 year home loan, but I will get a 20 year loan. Trying to see what's out there & what's a good APR for 20 year home loan.
Hello Matt Glidewell , Email gina@creditmasterfixllc,com she would help you clear your truck loan just like she did to mine or you can text her directly on 6788098488 and dont forget to thank me later?
Man I just bought me a 2006 Chevy Impala for $200 with 250,000 miles on it I don't mind doing work on the car as long as I don't make a car payment like 90% of America is a great feeling knowing all my money is going back in the bank every paycheck but don't get it twisted I still have my sexy Yukon Denali I'm making payments on I wish I can get rid of it but it's so nice I'm in this deep I might as well as pay it off
same here...i have 3 cars all paid for...they are old and i do not mind turning wrenches knowing my paycheck goes all in my account not back to the bank.
24% interest rate on a auto loan? I’d run from that ! I’d rather buy an old beater & pay cash . & be done & no loan ect ! Dealerships like to try & take advantage of people. One time a sales person tried to pound off a truck on Me with a high payment of $329.00 a month I started laughing 😂 I asked are you serious? I said I don’t think so . Besides it was a preowned one at that . I never bought it & walked out .
I wouldn't knock Carvana; it works both ways. I thought about trading in/selling my car at one point. They offered me $1,100 more for my car than the Ford dealer I bought it new from did.
Okay guys I need help I’m 21 just bought my first car. 2017 car my APR is 22.9% and 63 months to pay... I “bought” the car for $14,389 however it says I owe 24,000!!! 😭😭 (at the time my credit was 542) no credit cards. my credit was 542 due to a stupid 18 year old choice to get a phone and not pay it. (yes I got disputed months later) & now after 8 months of on time car payments my credit is now 643. did I make the right decision?? if not what do I do? Also was very desperate for a reliable new car (started a new professional job in the medical field) and needed a way to build credit.
I sincerely hope you were able to impress the people you wanted to impress with that purchase.. You probably didn’t follow Dave’s advice.. Gonna get stuck in baby step one for a good minute..
KingQuad Bott because he is embarrassed maybe or out of disbelief in the situation he got himself in. 24% does happen. I know someone that got a car for that interest rate in Atlanta through DriveTime.
KingQuadBott - maybe he’s thinking the suggestions Dave is making regarding “no life” are too extreme for him. Seemed like he laughed when Dave said. “no life, no vacation . . . “. The guy DOES sound serious, though, about cleaning up the mess by wanting to sell the car.
I took a loan out with 36% interest to end my homeless streak and another loan for 20% interest for a car to drive for Lyft since i can't get a job. My life was actually a lot worse when i was homeless for several years. This is what happens when your desperate and everybody denies you except the corporate sharks.
Well, you likely did what you had to do. Are you making drastic progress on paying them down?
Sometimes when your at the bottom u haft to do what you haft to do
Update?
Lord you people are naive. Unless this person got a lot of money free from someone they're probably not doing very well. We all know that. Desperation doesn't change facts.
I hope things are looking up for you.
James sounds like such a nice guy, hope they made it on their debt free journey!
a nice dude but seems a stupid one
I got a 2.99% interest rate on my car for a 6 year loan.... and I'm paying it off tomorrow... 2 years early on the loan!
How much a month?
6 year car loan? seriously? I've always paid cash.. you guys buy way more car than you can afford
@@joelsilverman6899 I kinda disagree. I bought my car in university. I put a large downpayment and selected the 6 year option because it made my payments affordable. It's at 0% financing, but I'll double up on payments when I can afford to.
@@joelsilverman6899 I like my family to be in something safe. And safe modern cars cost money that's just how it is. But I've also been responsible with credit and can get 0 or close to 0% rates on a new car. So if you want to drive your family around in a rusty old Dodge Shadow I just hope you don't get into an accident.
@Z Jones Even at 0% financing for a new car, you're taking a big hit on depreciation. They're plenty of "safe" 1 or 2 year old vehicles out there.
If I could get 24% interest on my investments that would be dope
@Richard Dixon lol
You can lend USDT for 50% right now. :P
KUCOIN!!!! USDT lending fluctuates between 10-50%!!! Check it out. No B.S.
Real estate
“You sell so much stuff, the kid thinks he’s next” 😂😂😂😂😂😂😂
That part 😂
😂😂😂
How on earth do you make $75k and not even have $1000 emergency fund?!?
Joshua Tate No concept of savings. Its amazing how people shoot themselves in the foot.
Joshua Tate DEBT, that is how.
He probably lives like a millionaire
@@thelastmemphian 75 is decent money but it's not like incredible, also if he lived like a millionaire he wouldn't have car payments millionaires dont need payments those 2 stupid cars plus insurance must be idk more than 1500 a month plus whatever else hes making payments on , I'm finally, finally at a point on my life were I might be making that this or next year and I've decided i am not going to get more debt, start making like 2 grand more a month and right away want to get things now and they will approve you too!
Joshua Tate Totally Agree. That was me a year ago before I found Dave. I make good money and had nothing in savings. Not a dollar. And $40k in debt! Next month I’ll be debt free. Then i start building up my emergency fund.
If he keeps this up. Car salesmans are gonna have to find a new job because car dealerships are gonne be outta business. Keep it up Dave! Lets put these tricks outta business!! Theyr ruining lives
Self-driving car service companies will put these shady dealers out of business. TH-cam search "tony seba freightwaves" for a really interesting presentation.
Dumb millennials.
In other words, he has a credit card.
My line of credit is 3.5% with $120,000 limit. Still haven't used it once.
A line of credit is not a credit card. A line of credit is backed by a physical asset as collateral (usually a house), that's why you get such a low interest rate as it's secured.
This guy has a credit card interest rate on a loan that is secured by an asset. And that is dumb.
The problem with a credit card interest rate on a car is that asset only depreciates in value.
Daviel James in other words he went to DriveTime. That is the interest rates they charge. Usually people with terrible credit go there.
Traditionalist exactly. I’ve been in that situation. Not everyone has the option of buying a cash car so u get what u have to.
I'm in the same situation. The lesson I have learned is not to be haste for anything. If you work hard, everything will come in its time.
I can’t find something to give me 24% interest, I sure as heck ain’t gonna give a bank 24% interest!!!!
Marcus M. I'll slap my banker before I give a bank 24% interest .
be credit cards out there lower than that... like most of them... god
When you get a car loan they go through all financial loan paperwork with you. How did he NOT know his interest rate and monthly payment until he got his first bill? Either he wasn't paying any attention at all or they went to a less than reputable roadside car dealership, my money is on the latter.
Michael B. People DON'T understand interest rates, or the seriousness of bad credit car loans (including me, 3 years ago). Most are just happy to get approved period. These interest rates DESTROY peoples lives financially!!!!! And they act like they're doing people a favor 😂😂😂
A lot of people don't care and just look at the monthly payment amount. It's amazing how dumb people are with loans not even bothering to look at how much they'll wind up paying over the life of the loan. I had a buddy of mine brag to me what a great deal he got on a brand new KIA and he showed me his purchase order and I showed him the part on his financing where he was going to pay like $25,000 over 7 years for a $14,000 new car and suddenly his deal didn't look so good, lol.
He wasn’t honest
Karen Ro he was honest. I live in Atlanta. He went to DriveTime which is a nationwide car dealership for those with bad or no credit. Some people need a car ASAP or they lose their job basically
when I got to that part of my loan the guy rushed through the details of the loan and asked me what my Max payment would be and never said what the loan was for or told me the interest rate was just sign here here and here and here's the keys
I like to watch this show to make me feel better about my financial decisions
😂 I like your honesty! 🇨🇦
I have been on both side of this I have had high interest loans before because my credit was not up to par and I learned from it. I have made high interest loans to people who has honestly begged me to do so because they needed a car, I did not mess up their credit they did. They are not listening when the high interest loan is being covered during the contract signing they are just reaching for the keys and most of them still are not going to pay and lie about what happened after that high interest vehicle has been repossessed, a different excuse every month. I have tried to advise them but very few listen and I have had more of them try to take advantage of me than I can take advantage of. I thought the same too until I got to work on the other side of the desk. Irresponsibility is the only way 65% of the people in the state of Georgia ends up with bad credit. That's not the dealer's fault. Take responsibility for your own actions.
Moral to the story... If your credit sucks you pay high interest rates!
😁That's right
When the mob loans you money at 25 percent interest they are “loan sharks” when a big bank does the same thing it’s “providing low income people with access to capital”
Amen
You end up paying 24% when you don't pay your bills. Lesson Learned is pay your bills on time every time. 65% of the people in Georgia have bad credit. Most people don't want what they can afford, they want what they see others with.
Bullshit. I got stuck with a 21% after putting 8k down for a vehicle. Never had a credit card, or loan. Just debit and saving. They told me since I had no history it was the best they could do. I had to get to work without relying on anyone after my dad died. So yeah, they'll take advantage anytime they can.
Never missed or been late on a payment but have paid 7k for the thing. Only paid off 1500 of the principal. Maybe, maybe less I'll have to add. It's absolutely criminal
Uhhhhh why doesn’t he just refinance his car at a local credit union for 3%?
Anthony VanVolkinburg I have feeling his credit is 3% worthy. I have a score in the mid 700 and I still pay 3.99 for a car.
That’s exactly what I did for my recently wed wife a a couple months ago. He must have went to DriveTime which is what she went to with a 24% car loan. We got it reduced to 5 percent by refinancing.
I'm 18 and got a 3.4% from a credit union on a $40K car
@Anthony VanVolkinburg tell me more? I'm in a similar situation and would like to refinance. I was told my credit was not very good, its approved a bit - upper 600 - how/where do i go to refinance?
He pry doesn't pay his debts or already burned his bank or credit union. Most times people go to dealerships offering those high interest rates because no one else will take a chance on them.
Could be worse, he could be in Argentina. They have a central bank 40% interest rate. Imagine what they get in loans.
Must have hyper inflation.
fsmoura they get the shaft
I've got stuck with a 24% loan twice... The first was my fault but i paid it off within a year. The second time i signed with a sibling ( i did so because i was in extreme dispersion and feeling dead) i was sucker in... I am now stuck with a car work $4500 that's was sold a $9000 and doesn't even run and drive that well. This is a unique situation.
How did you get it paid off within a year? I’m in the same situation 24% rate and I want to get it paid off as soon as possible.
22% interest rate on my car over here, this gives me hope to pay it off sooner 😂 I’m doing exactly what he said, cut everything off, pay the big screw up first.
When Dave asked him how much he owed I was honestly surprised it was only 14k. I thought he was going to say 50k or more.
The guy is laughing when he says you can't have a life, but it's more like you can't have a SOCIAL life cause it's very expensive.
Stick to your fam, focus on your goals as a fam, live within your means as a fam, find things to do that don't require you to spend a plethora of money as a fam, and lay low. Instill that belief in your children. I'm not saying you do that for the rest of your life, just until you really learn hiw to manage your cash flow. Before you know, you commit to a much cleaner life, a more fulfilling life, and a much more tranquil and prosperous life. If you have a family or are married, the words "I'm bored should never exist". You can always find something to do.
Great advice!
wtf..i make 36k a year and only been at my current job for 1 year..started the job with $0 in my bank account and now have $10k saved up..I hope this pandemic taught everyone a lesson
Same 10k in the account trying to get rich from that point
Thats easy when you only have you to take care of.
@@TheKimQuan thats true..you have to take care of your parents?
Not everyone can live on 26k a year (subtracted your savings) maybe when I was 20. But when I grew up and had actual responsibilities (26 y.o. currently), like a family, I had to get real serious about my career. I went to a job I dont enjoy quite as much, but am making 100k/yr. In most parts of California, thats fairly comfortable. Not lavish or wealthy at all. In fact, a little low. 100k is the new 50k..
Mind your business.
These rates are CRAZY!!!!
Raise your credit score by eliminating negative marks and making your car payments on time. Once your credit is up to 720 refinance your cars. Use yhe extra money to save for down payment on a house. Ooooor live like a peasent for 2 years your choice.
That's almost what MY interest rate is, only mine has a decimal point in between. Where do they find these interest rates?
A lot of the "Buy here, pay here" places have interest rates well above 20%. They are subprime lenders. If the buyer can't pay, it's no big deal. They can remotely immobilize the car, and immediate repossess it and begin the same process with another fool.
Mike D I'm 18 and bought a brand new $15,000 motorcycle with no credit history whatsoever. I had more than enough saved up at the bank to pay cash for the bike. The dealer wanted 15% interest on a $12,000 loan while the bank only charged me 3.2%.
@@naveedquadeer3752 u would be amazed but most big dealerships finance those with bad credit as well and ur walking out the place with a 20% interest rate easily. As long as you have a fair amount of income just about any place can finance u
@@austina4189 yoo im literally in that same boat!! 19 and need 15k loan with no credit, can you give me any tips?? What bank did you use??
@@CZE3 if you're watching a dave ramsey video, you dont need a 15k loan.
most car accidents happen in the show room !
I laughed way too hard at this. I’m going to borrow this ☝️!
When the Dude Said 24% interest on his Loan, looked like he gave Dave an Uppercut to his head.
Guy must have bought it at one of those "buy here pay here" second rate car dealers that are a dime a dozen around Atlanta. Should have gone to Carmax...even if you have bad credit they can usually get you approved under 10%, much better than going to a loan shark to get a vehicle at one of these roadside dealerships that will be gone in 2-3 years.
CarMax got me at 20%
They offered me 21% I walked away, only test drove the car.
@@PrOdRgZ Wow, that's nuts, I had bad credit under 600 and got 12%, but I was putting a pretty sizable down payment on the car. I guess that plays into it somewhat.
Its good to know iam not the only one that got hammered lol...we all got problems we can get out of them there are good and bad times sooo good times will arrive.
what I notice in a lot of these cases where they make good money is that they don't know how to save. I think people get into this mentality that I make 75k, I should get a car worth 40k. The answer most of the time is that they end up in debt to a car. They are what's considered car poor, they have a nice new car, but it's keeping them poor and not being able to save money due to its expensive interest and monthly car payments. Never buy a car that will cause that to happen to you. You should spend something close to the 20-25 range if you're making 75k a year since that way you can pay it off and not worry about that payment over a number of years. It's also a stress reliever since your not worrying how you can afford it if you lose your job and can't make the car payments.
A loan with a 24 percent interest is not bad when you have NOTHING , giving you a loan is a risk and with no credit that's what you have to take to build your credit yes you will pay more but guess what after 6 years you have good credit and a car !
Having good credit doesn't outweigh having to pay so much in interest for 6 years. His borrowing power mainly depends on his income, type of job. It's good to have a decent credit score.
I’m 21 no credit the only option for financing a car is a 2017 car with 25% APR and $380 and month for 69 months. Is apr the same as interest? The car is $14,000 so does that mean I’ll be paying $25,000 in total for the car? Or how does it work?
Claudia Grimaldi I’m in the exact same boat, I was 21 & bought a 2017 car my APR is 22.9% for 63 months... I “bought” the car for $14,389 but my bank app says $24,000!!! 😭😭😭 (my credit at time of buying was 542) & no credit cards.
Brianna leigh that’s horrible I also decided to finance a car, tremendous monthly payments and apr is HORRIBLE. They told me credit should show in 6 months and that’s when I plan to refinance. I have a secured credit card too. So please look into refinancing and see what other banks offer you. I want to refinance as low as 5% APR. not happening now but in time yes.
Claudia Grimaldi oh wow really!!? I’ve been paying the car for about 8 months now!! Does refinancing affect your credit? How do I get started that sounds great!!!
Smh I'm jealous of a 24% rate. I'm paying 387% on my skateboard loan
There are $4000~6000 good cars on Craiglist sometimes.
Imagine making 75k and not having 1000 saved and you buy a car at 24% interest. Smh
Question is how did he wind up with a 24% rate? Is his credit score 120?
Sounds like it. Big banks love people like him. If he had a brain he'd walk away from that loan offer.
500s probably.
It’s so funny to me how two people can’t pay their bills with two incomes coming in.
Exactly
You must have a silver spoon to suck on mama
75k in Atlanta and doesn't have 1000 fund. Wow!?
I make $110k-120k in atlanta and dont have a 1000 fund I'm always broke
The caller will not do what Dave says. He laughs over this insane mistakes he has made
Karen Ro - I thought the same thing as well. He doesn’t seem to serious enough about it to make the sacrifices Dave was recommending.
YES!!! It was ANNOYING 😲😲😲😲
WhillieMan23 .... say that to a black man face then if and when u see one... don’t be All about it on you tube guy, just saying, respect goes both ways even if you don’t agree with how he takes advice
Dave gave him a plan and that is what's important.
IKR?! I’d be telling the caller “Dude, seriously! Stop laughing, this is destroying your financial well-being.”
Hey you! Yeah you reading this. I hope you're having a great day! :)
Thanks Carlos! Same to you.
Imagine getting 24% interest rate on a bond or a equity mutual fund, that's insane...
The people willing to accept this rate are super high risk of not paying
Iv sold a car working for Carmax
@ 29.98
It’s illegal to sell over 30% lol
Right. Different states have different APR rate caps. For example, Indiana’s is 24%. It is illegal for a bank to give you a loan at anything higher than 24%.
You live and you learn
Then you get Luvs
i learned a lot from watching this kind of videos, i just started this a year ago
I do not agree with Dave's financial strategies but I love his encouragement to be frugal. I used to live like a pauper and NEED to get back to that.
yeah I'm in the same boat but my interest rate is 19% on my car loan😥
Ur supposed to refinance around the 6 month mark to get a lower rate😂🙈
@@TreyGoose is it easy to refinance? Does the dealer help a lot ?
hey i have a $40000 truck loan i been paying for 3 years with a 6 year contract and i have around $17000-19000 left on this pay-off amount. I want to finish paying the amount in a year or maybe 1 and a half, what do you recommend? make larger payments? refinance?
Couldn’t he also refinance for a better interest rate? Bring that 24% down to a better number?
Do you have more information on this?
Pretty much what every Marine out of boot camp does
I was thinking the same thing, saw it a lot in the Navy. 🤣
@@Metal7771 I was in the Navy's submarine training school and saw a kid mess up his security clearance this way. Brand new E-4 got a $48,000 loan on a pickup truck, and all of a sudden the Navy wanted to look at his bank records and they're giving him polygraph exams. The Navy has a bad history of guys with money problems selling secrets to the highest bidder.....
@@herodotus53 I am guessing he needed a Top secret clearance then, but yeah, did that disqualify him from his rate?
All branches. All kinds of dealerships and tatt shops on the outskirts of the base. Stay away from strippers!! Dumb azzes
How does that work mathematically? If it’s 24% and you loan it for 5 years... you pay 1/5 (or 20%) every year. Doesn’t that mean the loan will never end?
Never pay more then 5% apr on a car,
Never look at how much the payments are, just because it's easy payments , do the math and see how long and how much you be paying in the long run.
I say stick to a 3 or 4 year car loan if you can't pay in cash.
Last see if you can get a 0%Apr from the dealer , of course your credit has to be excellent
My ex gf had 34% interest rate on a 7 year loan for her car!
Zyzzus Christ That loan was designed to never be paid off.
Anything over 30% is illegal
Jose G not in some states. I have seen 36%
Happy that she is an ex. Smart guy.
Well thank you I was waiting for someone to beat my 27.59%
I find it funny how all the adds on these are car advertisements! Haha
My is 26%%
Dumb question I have a car payment $420 interest rate is 5.2 points should I refinance to get a rate if 2.74 I’m worried that someone I’m getting scammed or something ! Oh also I send in $800-1000 depending how I’m doing that month and I would keep doing that if the rate was lowered
This is practical advice! Why do people need Dave to tell them this stuff? Cut out the $65 a night for wingstop. The $200 every Sunday for Sunday Dinner After Church!
Check the credit score first!😢
“And the man in the suit has just bought a new car on the profits he’s made from your dreams.”
Traffic
The lo spark of hi heeled boys
It cracks me up how often Dave references biscuits.
This guy had it coming, they don't charge you 24% unless you didn't make a lot of bad decisions regarding your credit history.
scorpiomaj27 fer real
Not true my wife just bought a 12 Ford Explorer for 14k put 4k down and never had any credit she has 24.9 percent interest
Baylen the dogg sadly no credit is still considered “bad credit” doesn’t make sense, i know, but it’s true.
@@triniwondawoman
That should be outlawed. You never know a person's ability to pay, so why assume bad? Whatever I hate people that think to assume the worst seriously go f off
get gap insurance and have an oopsie moment on the freeway
sidharth chand
That’s a felony
These dealers muscle you through these bogus loans, forcing you to sign the paperwork right there without thinking about the numbers.
Yeah no one makes you walk into dealer to buy a new car
It's the lack of financial knowledge, and desperation to own a car.
Sell the car!
Who calculates interest on a per day basis??
Trump has cut corporate taxes and the Fed is raising interest rates!
How will the United States pay bills with less tax revenue and more interest expense?
We will not be able to.
by having more people work and pay tax an by corporations that make profit and pay taxes .
also it saves employed people to live of government hand outs .
furthermore he is little by little reducing idiotic government spending .
however , he inherited an astronomic debt to begin with , it will be a long time to correct , especially with the democrats promising to be , against EVRYTHING he proposes , out of spite !
I think he’s infatuated with being on the phone with Dave
Why doesn't he give some realistic advice.the guy calls for help and tells not to live for two years.who is going to do that?
Is it legal to have 24% interest？ I do not know about that.
of course it is legal. they also add 2-4% behind your back.
So what is a good interest rate on a car loan?
Well then what is a good interest rate on a home loan?
D. Leonhardt idk about a home. We are looking for a home and are being offered 4.375 and I’m not sure if it’s good. But for a car loan I bought a car in June for 3.99% once again not sure if it’s good but we can easily afford both.
0 to 2-3%
Barrett Simmons, My credit union advertises as low as 1.99% on auto loans for approved buyers. I'm young & establishing credit. My car is paid for.. I wouldn't get a 30 year home loan, but I will get a 20 year loan. Trying to see what's out there & what's a good APR for 20 year home loan.
D. Leonhardt 69%
Ok mr Phil Dave man got no hair! Rogaine Buddy! Lol
Why do people take so high of an interest rate? My interest on my truck loan is on 9%
Hello Matt Glidewell
, Email gina@creditmasterfixllc,com she would help you clear your truck loan just like she did to mine or you can text her directly on 6788098488 and dont forget to thank me later?
Man I just bought me a 2006 Chevy Impala for $200 with 250,000 miles on it I don't mind doing work on the car as long as I don't make a car payment like 90% of America is a great feeling knowing all my money is going back in the bank every paycheck but don't get it twisted I still have my sexy Yukon Denali I'm making payments on I wish I can get rid of it but it's so nice I'm in this deep I might as well as pay it off
same here...i have 3 cars all paid for...they are old and i do not mind turning wrenches knowing my paycheck goes all in my account not back to the bank.
And I was thinking today that I should save for 8 years and pay for a car cash, and saw how insane how much money it is.
24% interest rate on a auto loan? I’d run from that ! I’d rather buy an old beater & pay cash . & be done & no loan ect ! Dealerships like to try & take advantage of people. One time a sales person tried to pound off a truck on Me with a high payment of $329.00 a month I started laughing 😂 I asked are you serious? I said I don’t think so . Besides it was a preowned one at that . I never bought it & walked out .
I don't think the interest on the car is 24%, makes no sense.
or file a bankruptcy
24% darn I would have shot myself...
I thought my loan was bad. Jesus Christ.
What up Dave . Better then it could be
Wouldn’t refinance be a good idea ?
Ironic that a carvana commercial played right before this video
I wouldn't knock Carvana; it works both ways. I thought about trading in/selling my car at one point. They offered me $1,100 more for my car than the Ford dealer I bought it new from did.
Okay guys I need help I’m 21 just bought my first car. 2017 car my APR is 22.9% and 63 months to pay... I “bought” the car for $14,389 however it says I owe 24,000!!! 😭😭 (at the time my credit was 542) no credit cards. my credit was 542 due to a stupid 18 year old choice to get a phone and not pay it. (yes I got disputed months later) & now after 8 months of on time car payments my credit is now 643.
did I make the right decision?? if not what do I do?
Also was very desperate for a reliable new car (started a new professional job in the medical field) and needed a way to build credit.
Try go through local credit union to get refinance for lower interest rate.
It because of taxes for the dealer... I just got a 2020 for 26,000 all together and planning on paying it off in 3 years 😩 5 apr 🙃
Hmm. I like that like "interest rates matter" it's almost like your saying your CREDIT SCORE matter? 🤔 But that couldn't be. Credit cards are evil 😂
Visa financing cars now?
3:10 😂😂😂
That’s insane!!!!
I said wow 😨🤯😱 at the title. And Dave TH-cam put a Car ad before this video they messed up.
Wait a minute how much is the insurance
Probably 4-500 a mo
He could just refinance it problem solved
I just bought a 2009 Toyota Camry with 65k miles. I paid $5800 dollars for it. My payment is $121 a month. Did I get a deal??
u got ripped off you paid $5800 already and there is still a car payment?
Good Lord! What’s the credit score????
Baby step 1 😂 😭
I sincerely hope you were able to impress the people you wanted to impress with that purchase.. You probably didn’t follow Dave’s advice.. Gonna get stuck in baby step one for a good minute..
Fake call . The caller is laughing
KingQuad Bott why fake??
Yipyo1986 sounds like caller is laughing
KingQuad Bott because he is embarrassed maybe or out of disbelief in the situation he got himself in. 24% does happen. I know someone that got a car for that interest rate in Atlanta through DriveTime.
Yipyo1986 who knows .
KingQuadBott - maybe he’s thinking the suggestions Dave is making regarding “no life” are too extreme for him. Seemed like he laughed when Dave said. “no life, no vacation . . . “. The guy DOES sound serious, though, about cleaning up the mess by wanting to sell the car.
I wonder how much he is paying on this car every month
$403 if on a 60-month loan and the price is 14% after taxes
Why do these people keep buying cars ???
Really 🤔🤔🤔 you really don't know how it takes to get to work and college at the same time
@@guerdlinemompoint4883 in the words of Morgan freeman " the bus runs everyday "
@@byronbranch4645 trust me it's a lot of pressure if they are far away and uber right now or 15$ for a 6$ drive
Who can burn my high apr car ?
Some peoples brains dont work properly.
i would be laughing too cycles my crazy
I have a higher interest % than that on my car loan.
Nancy Davieau 😲😲😲
No way! :O
We’ve all been there
No, not all of us.
Tonya Henry Nope.
Yup, been there, 19.75% was my first car loan 26 years ago, and it was a used car. I bet they're still talking about that!!
Nope, never been there. Must be thinking about it for 10 seconds. I've made bad financial choices before, but not getting a 24% APR loan.
JDave Foster dump decision not particularly the car payment