I really like your content. I love how you have a variety of information and you don’t use clickbait like Car Questions Answered and how he shares information off the news and overuses the word “Shocked” I really love that you use correct and proper English and that you don’t have music playing in the background & you’re always objective and don’t make cheesy jokes in between statements. Your channel is growing and keep up the great work!
I have a 800+ score with multiple car loans and no mortgage. With 7 figure total CL’s. Not interested in carrying many loans or balances at the age of 55. I’m winding down my business life. Have another 5 years at max then selling my business and riding off into the sunset. I do love that E63S though. That train left the station years ago. Almost bought one 10 year ago but, wife made me buy a Honda Accord. Very happy we did that cause haven’t had payments now for years. I do have multiple loans on trucks for my business though. Was very aware of this as I’m a credit freak. Thanks though for the detailed explanation very informative.
@ if anything I’d be in the market for a preowned one. And pay cash. My wife refuses to want any debt when we retire. Happy wife happy life right. Thank you for your quick reply. Have a great night and happy new year. 🎆 oh and also you will be the dealer I buy from for sure.
In would add here credit score is important, next your ability to have sufficient income to make your payments, history of foreclosures, repos, and bankrupty.
Love the channel!! Thanks for sharing your insights. My only advice is that if your credit score sucks, regardless of approval, perhaps you shouldn't be rolling into the benz dealer!
But credit score is not a reflection of the person's current situation. Someone may have had terrible credit while in college. After graduating and working a professional job, two years later they're still going to have a below average credit score. If they're making good money then go ahead and go buy that Benz. There is this weird stigma around financing and interest rates. If you can afford a 20% interest rate while repairing your credit then sometimes paying the high interest is worth enjoying the experience of whatever it is you bought. Saving every dime through life suddenly hits home when you're 80 and you realize you never enjoyed anything.
Nonsense. Dealerships will get you behind the wheel of that brand new G wagon no matter what situation. bad credit, no credit , unverifiable income. As long as your breathing your riding.
Really depends on the rest of your credit profile. If you’ve had car loans in the past and your credit is generally diverse and well paid, it shouldn’t be an issue
I guess when the vast amount of depreciation is taken immediately, dealers really don't care. They made their money. When the car is repoed, they'll just write it off and start the cycle all over again.
Good information. I haven't had an auto loan since 1998 when I paid off my 1996 Infiniti. Would a loan that old show up on my credit report? I made all of the payments on time and paid off the balance early. Does paying off a loan early negatively affect a lender's decision? I appreciate that lenders are in business to make money and people who pay loans off early are not as profitable as those who pay the full amount of interest the lender expected.
The loan would be on your report but would be too old to be considered. Loans paid off early generally won’t have a negative impact unless you repeatedly finance cars and pay they off quickly. At that point banks will not want to underwrite a loan that will be paid off in a matter of months.
@@BenzsandBowTies Thanks for the reply. Your channel is helping me understand dealerships and the environment in which they work. I will know what to expect when I decide to replace my 2005 C230.
Of course u would say inquiries dont effect credit. Cause as a dealership, yall wanna run the credit to 100 banks. Lol you know damn well inquiries affect your credit lol
You can verify this with the credit bureaus. All inquiries for the same type of credit (auto in this case) within a 2-week period count as 1 inquiry for your credit score.
We don’t want to do that. 75% of the time we submit 2 lenders max, we only go more if we need to. But still, inquiries are not why someone’s credit is in bad shape.
Love your content and will continue to subscribe, but this post and “cash is king” makes me question the financial advice. From a car dealership perspective, it may make sense, but for general financial advice, not so much. If I am 50 years old, have owned and sold multiple homes, have had credit cards for 30 years, never missed a payment, have a 820 credit score, and never had a car payment, does this mean I will have trouble financing a car?
Your situation would be a bit unique. Assuming you had mortgages on your homes and / or have had other installment loans, you would likely not have any issue financing a car under 100k. If you did not have mortgages and have minimal debt history outside of credit cards, it would be a bit more complicated than you might expect for anything outside of a small auto loan. This video is anecdotal from years of seeing what credit profiles get approved and what don’t. Auto loans are very different from most other loans which is why their criteria is weighted very differently than any other loan type.
Anyone who is worried about their credit should be focusing on transportation that is reliable, safe, and AFFORDABLE; they should not be paying a premium for "prestige." th-cam.com/video/-RseQfvYOfQ/w-d-xo.htmlsi=jBgJ6QoOjQzyxTqr In the above video a dealer has a prospect w/ $150K cash (I assume it was a windfall) and intends to purchase a used G-wagon. This prospect is living w/ her mother and has bad credit; rather than use this windfall to settle up her bad debts and purchase a home, she chooses to squander this opportunity for social approval. I don't hold this against the dealer anymore than I would judge a crocodile for munching on a cute baby zebra that swam in front of him while crossing a river.
I really like your content. I love how you have a variety of information and you don’t use clickbait like Car Questions Answered and how he shares information off the news and overuses the word “Shocked”
I really love that you use correct and proper English and that you don’t have music playing in the background & you’re always objective and don’t make cheesy jokes in between statements. Your channel is growing and keep up the great work!
Wow! Thank you for the kind words and feedback, I greatly appreciate it. Also, thank you for the support, I’m having a blast!
I have a 800+ score with multiple car loans and no mortgage. With 7 figure total CL’s. Not interested in carrying many loans or balances at the age of 55. I’m winding down my business life. Have another 5 years at max then selling my business and riding off into the sunset. I do love that E63S though. That train left the station years ago. Almost bought one 10 year ago but, wife made me buy a Honda Accord. Very happy we did that cause haven’t had payments now for years. I do have multiple loans on trucks for my business though. Was very aware of this as I’m a credit freak. Thanks though for the detailed explanation very informative.
Maybe in a few years it will finally be time for that E63!
@ if anything I’d be in the market for a preowned one. And pay cash. My wife refuses to want any debt when we retire. Happy wife happy life right. Thank you for your quick reply. Have a great night and happy new year. 🎆 oh and also you will be the dealer I buy from for sure.
In would add here credit score is important, next your ability to have sufficient income to make your payments, history of foreclosures, repos, and bankrupty.
You’re killing it lately! Keep up the good work!
Thank you for the kind words!!
Wow great information! Keep the great content coming!!
Thank you!! Will do 🫡
My dad always said good credit is so important so I passed that on to my kids.
I got declined for an E43 lease back in 2017, with a 760+ credit score and an auto loan from Lexus on my history.
I got another Lexus lease 😅
I’m fortunate to have great score and history but didn’t realize the history was as important as the score…TY!
Good info thanks for taking the time to do this.
Glad it was helpful! Thank you as always, Dean!
Thank you for finally holding the camera the correct way. So tired of looking at that sliver of a video.
I got you! Any more vertical videos you see will be older, repurposed content.
Every ford dealership wants to run my credit as soon as I start talking to them they suck!
That’s not cool at all, dealers should not operate this wat
Love the channel!! Thanks for sharing your insights. My only advice is that if your credit score sucks, regardless of approval, perhaps you shouldn't be rolling into the benz dealer!
Absolutely true! That said, I get this question A LOT for people looking to buy any manner of automobile so I hope this helps!
But credit score is not a reflection of the person's current situation. Someone may have had terrible credit while in college. After graduating and working a professional job, two years later they're still going to have a below average credit score. If they're making good money then go ahead and go buy that Benz.
There is this weird stigma around financing and interest rates. If you can afford a 20% interest rate while repairing your credit then sometimes paying the high interest is worth enjoying the experience of whatever it is you bought. Saving every dime through life suddenly hits home when you're 80 and you realize you never enjoyed anything.
Nonsense. Dealerships will get you behind the wheel of that brand new G wagon no matter what situation. bad credit, no credit , unverifiable income. As long as your breathing your riding.
Maybe it seems that way, but that’s not how it works!
Great info here Doug!
Glad it was helpful! Thank you!!
What if you haven’t financed a car in the past 7 years? What are the options? High down payment or pre-paid lease?
Really depends on the rest of your credit profile. If you’ve had car loans in the past and your credit is generally diverse and well paid, it shouldn’t be an issue
Does a mortgage count as comparable credit or does it have to be a auto loan?
Mortgage is good but it’s not an auto loan so it doesn’t carry the same weight
2025 dealers with check your IQ score to determine how much they can make on margin
I guess when the vast amount of depreciation is taken immediately, dealers really don't care. They made their money. When the car is repoed, they'll just write it off and start the cycle all over again.
No. Once the car is repoed it’s game over. It will take years of repairing your credit perfectly before you’ll be able to buy much of anything again.
Good information. I haven't had an auto loan since 1998 when I paid off my 1996 Infiniti. Would a loan that old show up on my credit report? I made all of the payments on time and paid off the balance early. Does paying off a loan early negatively affect a lender's decision? I appreciate that lenders are in business to make money and people who pay loans off early are not as profitable as those who pay the full amount of interest the lender expected.
The loan would be on your report but would be too old to be considered. Loans paid off early generally won’t have a negative impact unless you repeatedly finance cars and pay they off quickly. At that point banks will not want to underwrite a loan that will be paid off in a matter of months.
@@BenzsandBowTies Thanks for the reply. Your channel is helping me understand dealerships and the environment in which they work. I will know what to expect when I decide to replace my 2005 C230.
once a salesman, always a salesman :) Don't do it if you can' afford it AND it's not worth it
Of course u would say inquiries dont effect credit. Cause as a dealership, yall wanna run the credit to 100 banks. Lol you know damn well inquiries affect your credit lol
You can verify this with the credit bureaus. All inquiries for the same type of credit (auto in this case) within a 2-week period count as 1 inquiry for your credit score.
We don’t want to do that. 75% of the time we submit 2 lenders max, we only go more if we need to. But still, inquiries are not why someone’s credit is in bad shape.
Thanks but this isn’t the time to borrow at 10 % interest for a car. Buy the car you can pay without borrowing from charlatan institutions.
Love your content and will continue to subscribe, but this post and “cash is king” makes me question the financial advice. From a car dealership perspective, it may make sense, but for general financial advice, not so much. If I am 50 years old, have owned and sold multiple homes, have had credit cards for 30 years, never missed a payment, have a 820 credit score, and never had a car payment, does this mean I will have trouble financing a car?
Your situation would be a bit unique. Assuming you had mortgages on your homes and / or have had other installment loans, you would likely not have any issue financing a car under 100k. If you did not have mortgages and have minimal debt history outside of credit cards, it would be a bit more complicated than you might expect for anything outside of a small auto loan. This video is anecdotal from years of seeing what credit profiles get approved and what don’t. Auto loans are very different from most other loans which is why their criteria is weighted very differently than any other loan type.
Thanks for the respond, really enjoy your videos!
Pay less, Pay CASH! Cash Is King! :)
😂
Anyone who is worried about their credit should be focusing on transportation that is reliable, safe, and AFFORDABLE; they should not be paying a premium for "prestige."
th-cam.com/video/-RseQfvYOfQ/w-d-xo.htmlsi=jBgJ6QoOjQzyxTqr
In the above video a dealer has a prospect w/ $150K cash (I assume it was a windfall) and intends to purchase a used G-wagon. This prospect is living w/ her mother and has bad credit; rather than use this windfall to settle up her bad debts and purchase a home, she chooses to squander this opportunity for social approval. I don't hold this against the dealer anymore than I would judge a crocodile for munching on a cute baby zebra that swam in front of him while crossing a river.
Good info … 🫡
Glad you think so!