@@BladedAngel You also have enough self-respect to continually enjoy the cars you have without feeling the need to sell and buy every three months, so fuck the other youtubers
@@BladedAngel honestly eff the YT standards especially other car YT channel's standards because they are mostly clout chasers chasing the hype of the next new enthusiast car everyone is talking about. Most of the time they're driving and paying high interest on cars they don't really like. Atleast you love the cars you have and thats what matters most, driving what you love.
I got 0.9% APR on a special for Ford Credit; only paying about 550$ in interest for the entire loan. The dealer tried to get me on a lower monthly payment at 7.99 % APR through another bank but I did my research beforehand and confronted them about it. Take a look at manufacturer specials people, be patient and you’ll end up with a good deal.
Patience and not being fooled by "Lower monthly payments" are two great tips some ppl need to hear. They'll just hone in so hard on "I owe less each month" not realizing less of it goes to principal and more goes to interest, so they're paying more over the whole loan period.
Yeah never answer a salesman when they ask “what kind of payment are you looking for”. Because that’s exactly what they’ll be trying to pull. Always get your own financing. 0.9% is great. Damn near a free loan.
I know automaker banks typically do 0% or rebates without 0% finance, but "7.99%" to me is absurd. And the idea is that if you're able to pay it off sooner, it's less going to the interest and more to the principal. APR actually works on a per-day rate (I'm watching my loan grow about a dollar a day from PNC). But typically, if credit is good enough to qualify for 0% or for that low-APR from Ford Credit, it should qualify for 2-4% with another bank. Dealers get commission from banks for setting them up with loans. To me, 7.99% meant that bank was paying the highest commission to he F&I guy.
Manufacturer specials are a thing of the past lmao, they dont don't need to negotiate or offer good APR. They even mark up the price of cars these days, want a $55,000 base model C8? That will be $90,000 please
@@stickyoxtail buy a car that you can pay off rn. Save up and buy it outright. It’s what I’ve done with both my first and my current car. $700 for a first car(Parents, DON’T BUY YOUR 16 YEAR OLD A $30,000 “SAFE” Vehicle! That car WILL get bumped and scratched and crashed. Better to spend $2000 on a beater Honda Pilot than $30,000 on a brand new Bronco Sport or Acura MDX.) it got dents and rust. No TC or ABS. But with 4wd, the winters were drivable and I could do however much stupid stuff to it and learn what works and what doesn’t. It was a hand-me-down ‘95 tacoma. Standard cab with 4wd. I now have a 2011 Honda Ridgeline RTS and couldn’t be happier. It’s not exactly what I wanted, (V8 4Runner Limited.) but it’s what I could afford to buy with cash after saving 10,000 in 5 years. I also did research on what issues these cars had, so anything from Ford, GM, and Korea were out. Because it was my first Car I bought with my own money, I wanted it to last at least 10 years after my purchase of it.
This is terrible financial advice. Dealers can't hold that much rate and WANT you to buy the car, why the hell would they give you a high apr if they could get you a lower one, lower payment, and make you more likely to buy the car? That interest is paid to the banks not the dealers. The thing about a credit card with very small purchases building your credit better than a car loan is also completely wrong and when i worked at dealerships, I saw that misinformation hurt people DAILY. It might build your SCORE, but your "high credit" is shit, and that matters a lot. It's called being a thin file, and a bank sees you the same as a no score. Funnily enough financing is actually one of the few places dealers DON'T try to screw you, because they can't control it
90% of challenger and charger owners are paying over 20% interest. I don't gave an actual source....but I'd totally put money on this being surprisingly accurate.
The US public school system does absolutely nothing to educate its students on finances. People who have never been exposed to finances but need a car because theirs broke/whatever the case may be are left trusting the bank/dealership blindly because both will insist "this is a great deal and the best you can get." It half the fault of the state/federal government for having essentially zero consumer protection laws and half the fault of the states/counties for having zero financial literacy education in school.
If you're paying cash, they won't drop the price as low because they don't make it back on finance interest. Letting them assume you're borrowing just because you don't say you're not is a great way to get them to agree on a low price, then reveal you were paying cash (they just assumed you weren't).
RIGHT? I always assumed the worst someone could F up would be 10% or 15% AT most. But SO MANY TIK TOK MF'S post up their 29% APR and get DRAGGGGGGEDDDDDDDD over it. Then they go on saying, "it's my money, my life, my choice" Like no MF, it's not your money, it's the BANK'S, since Interest _exceeds_ principal.
Yeah man when I was buying my first car they tried to get me into a 2016 impala at 32% interest, I took it being dumb and 20 BUTTTTTTTT I got to drive the car for free for 6 months and then they repod it. They never once sent me a bill, I tried to pay my monthly bill for 6 months, they did not accept it and declined my money and my loan never finalized. So they let me off the lot before they even finalized my loan and I just drove around for 6 months, I tried to sue them but the lawyer said it wouldn't be worth it, but that I was legally in the right for trying to sue.. oh and they took my possessions because I left my jacket and Oakley gloves in the car. Never got those back so I always tell.people my car was stolen... final point, don't buy a car off Hertz
One big thing that you can do is to have a pre-approved loan from a bank or a credit union before you even walk into the dealership. I walked in with a 1.99% pre-approved loan for ~75% of the car's value when I bought my Audi and made it clear through our conversation that I knew finances. Dealer went to his finance guy and got me a deal of 1.65% on 85% of the car's value, so I took it. It pays to have options.
^THIS WORKS TOO. Get pre-approved by an institution you trust, negotiate the rates there, then have them send the papers to the dealer. IF the dealer doesn't like it, keep sending it around until you find one who takes it, since you're already pre-approved by the bank for loan. be patient, someone WILL BITE!
Depends, sometimes they have special finance offers from the manufacturer. But you have to be qualified first. And you may have to pay msrp. Always gppd to have options though.
@@fatalgravity Nice! You MUST be a Ronald Finger subscriber. 94 Probe GT coming up on 13 years of ownership. Still worth about what I paid for it. $900 Grand Marquis too, 4 years, got another 20 in it.
Here in Australia 15-20 year old cars are often $3-4000, which is a bad deal compared to say, a new cheap car. I sold my 2002 Ford Focus in 2018 for $3,000, bought a new (Chevy) Holden Spark for $14,000. The Focus was costing about $1,000 a year in repairs. It needed $3,000 to return it to good shape. So $6,000 for an old, unreliable car.
@@lundsweden holy shit. Its already bad here in Denmark, but that shit is just dumb. Atleast you guys have cool cars that you can actually modify, if you win the lottery.
I have good credit and this dealership really tried to give me 11%, I brought up that I’m with a credit union and they could give me 2.39%, all of a sudden they came back 5 mins later with a 1.9% rate, and boom deal done. ALWAYS NEGOTIATE 👏🏽
could i hypothetically lie about having a credit union with a low apr and do the same for a lower one with them ? do they and will they have the resources to look up if i’m being truthful ?
@Roberto Vidal Garcia i wana avoid them running my credit score and have the risk of them lowering it on me . my main 2 goals are getting the lowest apr possible and them not lowering credit score , especially when i can show them on my banks app
Happened to me! I financed a 2020 C63 for 80k. I had a 720 credit score. APR was 10.99% and monthly payment was $1509.98 a month. In interest alone I would have payed $31,789 at the end of the 72 months. I stuck it out for 4 months paying for it then once i finally thought to myself. I’m paying way to much. I refinanced the car last week with a credit union. Now I’m at a 2.89% interest and monthly payments went down to $1,187. Still a high payment but I’ll only be paying $8k in interest.
@@BladedAngel yeah after about 2 months of financing the car I just realized. Plus this was the exact spec I wanted for my car that was within a 300 miles radius. At the same time I found a brand new 2021 C63 but had a 50k mark up. Which I was not going to pay for
I never understood why people would buy a car that expensive if they can’t pay cash. Just drive something cheap and efficient until you can actually afford it.
@@Hi_Its_Chris I make 150k a year, I’m more than capable to afford it, why drop 86k on a car in cash right there and then. I’d rather pay monthly and be able to do other nice things in life, go on vacations and have multiple nice cars and still have plenty of money on the side. I just personally don’t find it worth paying cash.
This is actually extremely informative and practical beyond all else. Not all of us can afford to mod or get a dream car, but we will all come across APR at some point, so this will be useful for a LOT of people watching who haven't encountered this. Very nice work at making one of the most boring 3-letter combos into something actually watchable and entertaining while informing and educating people.
Obvoiusly the faster you pay it, the less the APR matters. Some dealers will punish you with fees for paying off early OR become a stiff brick wall on the price if you say, "i'm paying in full". Think of it this way. WHy would I sell to you and make the list price (You buying it in full as listed) when I can get interest off a sucker? You should never underestimate the snake mind of dealers, so IMO, the best deal possible is to still negotiate with them as if it were a normal financing transaction. Then before you sign the last paper (and already did most the other shit) you ask, "Are their any early pay off fees?" if they say no, then you sign it, and pay it off literally the first payment. That way, you still got them to nudge the price down THINKING you were gonna loan it the whole period. NEVER announce you're paying in full to a dealer, that actually PISSES THEM OFF!!!! I was showed the door 2 times for trying to buy a Mustang in Full (With Check) then I went home and googled why that was the case.
If your credit is bad enough that you have to worry about APR, don't consider buying anything that you can't pay with what you can afford with money in your accounts. But if your credit is good, it can make more sense for you to loan even if you can afford it outright. Doug DeMuro has a video on that where he explains that if your principle can go into investments that earn higher interest than what you're paying, then that's what you should do.
As a canadian here I never seens an APR 9f more then 9% ( and that was in a worse case scenario) im just shocked seeing this and even more shock seein people think its a good deal.
Easy way to describe is, "you pay 30% of what you originally owed, per year that the loan isn't paid off." Simple numbers, 30% of 9000 is 3000, a 5 yr loan at ~30% apr means you pay 3000 for 5 years on top of the 9000 original loan (3000x5=15000) final cost is 9000+15000=24000
I’m lucky to know and understand all this at my age - 23 yrs old , bought a 16k bmw from dealer at 1.99 apr. they were gonna give me 15-20% and think I wouldn’t know the difference bc of my first time financing of a vehicle . Keep pumping out this advice , make it known to more and more ppl
I had no idea about any of this APR stuff. I’m 21 with a credit score of 680. I’m going to be looking for a new car pretty soon. Thank you for educating me on this stuff!
If you’re stuck in a high interest loan, either double up on payments and refinance or just refinance immediately. Anything more than 5% is insane. I remember they gave me 15% on my very first auto loan. I doubled up payments and my credit score skyrocketed in three months and I refinanced for 2%. My monthly payment went from $160 to to 60ish if I remember right.
i understand people not caring about cars as anything more than transportation devices, but come on people how do you make a massive purchase like this and not do the math. Im not a house guy but when i go to buy a house you bet your ass I'm gonna calculate exactly how much I'm gonna be paying
RIght??? They're just one "APR Calculator" Google search away from knowing what their car loan/house mortgage is actually gonna be. But then again, most of the new youth don't even know wtf APR even is, so they don't bother searching it.
There are way too many idiots who that don't even BOTHER about making the math to see if the numbers match. In my country, there are hundreds of thousand's of people that are Black Listed because they weren't able to pay the loan.
@@BladedAngel absolutely, im 16 and recently bought my first car back in august and when figuring out my payment plan i took everything into account im glad i had parents that taught me finance basics.
I know someone that bought a duramax a couple years ago and he didnt know how long the payment plan was for. Then I asked what the interest rate was and he couldn't answer that without going and looking at the paperwork again. I was mindblown. Pretty sure i was making similar money and just didn't understand the blatant ignorance of some people but i guess it happens.
1. Don’t let dealerships run your credit when talking numbers. Your credit score will take a hit every time they do, resulting in higher APR rates. 2. If possible set up weekly payments. This will pay of the loan faster with less money going to interest and more into principal. Ex: $300 monthly payment at $100 a week can total $400-500 a month with less money payed in interest.
your #2 is just increasing your payments. which is the secret to reducing how much interest you pay, of course, but it's not the breaking it into weekly bites that increases it, it's that 30 days at $100 every 7 days is more money than $300 every 30 days.
@@kenbrown2808 Interest accrues and compounds daily. Paying more frequently than monthly cuts down on its opportunity to compound on top of itself. Their numbers are off but the idea is not.
I’ve been trying to buy a Mustang for basically the past six months; what makes it worse is I’ve been saving since I was 13 and if inflation hadn’t have happened I could’ve paid cash. It seems like the more I make, the higher the price goes. WHY DOES A 2013 MUSTANG WITH 80,000 MILES COST NEARLY $30,000!?!?! It doesn’t add up. Good video man, thanks for the advice.
I’m definitely gonna reference this video and others when I’m finally ready to go to a dealership for a car and have my credit card paid off and have my score boosted up so I have better room to negotiate my apr and the other key points addressed in this video
Got mine at 2.9% apr on a 7yr to lower the monthly payments with the intention to pay double the monthly payments so more goes to the principal balance. Paying it off faster and costing me way less in interest.
Thank goodness, that Leasing or Financing a car or house or any thing in general in my country is rare. Majority of the cars we own are bought from cash and paid in full. It might not sound financially responsible to just use your money in one place, but at least it keeps us out of debt. This video is very helpful and informative indeed, for the people it is meant to.
Greatly appropriate your content Bladed. Though your content might not be what most consumers want to hear, its much more helpful and mature compared to other youtubers/content creators. Keep up the great work and I hope to see more from you in the future.
These are great videos for your young audience Bladed, super informative for the most vulnerable enthusiast group. Thankfully I was able to go the cash buy route (used Porsche at auction). It was for a resto, so I now insure for double what I paid. There are still ways to be smart in this market!
I had recently purchased my dream car. I negotiated the total price of the vehicle first, then managed to whip out a pre-approval for 45k from a credit union. Sales man didn’t look too happy, and asked me what I could do to finance with them. He said he guarantees he can beat their monthly payments. I asked him can he beat 2.08% apr? He gave up after that haha.
@@BladedAngel I bought my car outright. For 8k. I have been looking at loans but don't have enough down payment yet for a good one. People can also get cheap cars to use while they save for a better down payment/build credit. My 370hp 09 Genesis (v8) I got for 8k. So you can still have fun on a budget. However. If I had a gas efficient car I could afford a car payment with the difference in gas money these days... Everybody has flaws...
If your credit is that bad and you don't qualify for a lower APR, you should not be looking at $40k vehicles. You should be looking more at cars in the $5-10k range
On the other hand the APR for someone with good credit is very close to nothing. I was using a online calculator like this when deciding to buy a car and I liked the monthly payment until I realized the APR was set to zero. I set it to 3.5% and was expecting the worst but the monthly payment went up less than $30.
You have to do a video on the HSV Maloo GTS-R W1, One of four maloo Holden utes made, over 636bhp, million dollar ute, ill get a bladed tattoo if you do this!
Bladed.. when I first saw one of your vids roughly 2 years ago, I got gripped into cars. I want to thank you for helping me find something I love without realising… I’ve grown, bought a race sim, gotten into JDM and I can now do what I’ve been wanting to do since I saw the video. Drift. Just a small thanks man, wouldn’t be who I am today without you.
Granted, that's a shitbox interest rate, but given the economy today, with a decent interest rate, you might end up being better off extending the loan. Inflation lowers the value of money, but the upside is that it devalues debt, too.
Can someone anywhere in Europe tell me if they know if super high APRs even exist over here? I had never even heard of it before watching D. Doug and Bladed. To my knowledge, over here it's a race on who can advertise the lowest rate - even if at the end of the day it's not exactly low either. And yes Europe varies from country to country but I feel like the EU and the non-EU countries would have put some sort of consumer protection law in place. ...I am too lazy to google it
Most places are below 5% for Car Loans in EU, some even as low as 1% and some areas are even doing DECIMALS (0.15% etc). So you're right. European Car Dealerships are competing so effectively against each other due to customer intelligence (and lack of Clout negligence) so people there are smart enough to get lower APR. Some areas in Asia though also have AWFUL APR going north of 20% on Car Loans. www.financialadvisory.com/world-car-loans.html
@@BladedAngel Very interesting, thank you Bladed for the link and the info! I gotta say though, I can't help but feel like the governments/EU played their part to help keep them low, because inevitably there's a lot of ignorance here too. And maybe gas prices also play a role, considering how much more expensive it is over here compared to the US, limiting both manufacturers and consumers in terms of choice.
i buy second hand so i always just pay full, my parents do that too just all in once, my mom even did that in america when she was there the dealer was so confused he had to look up what the price the car actually was...
@@r.i.peperoniiiiroh9625 yea buying in full is a lot more normalised over here in the EU. I think that UK schools don't teach enough finance (I'm 16, most of my finance knowledge comes from tangents in maths or business as well as outside of school stuff) but from what I can tell we end up a lot better than the US.
I bought my z06 in full payment last year. It was originally 70000 due to covid inflation, however, I was able to negotiate it down to 62,000 for paying in full in cash. Save up some money then buy the car you wish! By the way, I saved up that money throughout 4 years of military service.
G u h Well, since it's such a short loan, refinancing won't really make much a difference, but dang girl, you should FLEX THAT SEVEN HUNDO next time. Don't let em make you walk away with anything over 5. Here's a video showing how you should've been treated with that good of a score> th-cam.com/video/sDKx40fZGCI/w-d-xo.html&t
What the creater of this video doesn’t do for a living like myself is sell cars… you being a 700+ doesn’t mean you get a super low rate. If your car is older and has miles that has a huge impact on your rate as well. All lenders have rate sheets. For example a 2014 with over 100k miles won’t get you a rate that a 2018 with 30k miles will get you
I am not in the market for a car but I just wanted to compliment you on what a great service to humanity you are doing. You are really saving people from disaster.
Yeah I don’t recommend a lot of debt but I’m not one to talk. I finance a $57K truck but I had equity in my previous truck and after all taxes and fees I think I got it at $49K. Not too bad at my income level, but also I pay about 25% extra every month too, to eliminate interest as much as I can even tho I only have like a 3.6% rate
Dude, I'm not really big on cars but this advice is a life saver. My family isn't very accepting of me, so there's a lot of risks I'm left in the dark on because I can't just go to my dad or mom and be like "yoo so they're offering me 5 dollars a month with 80% APR is this a scam???"
Skimp and save is the name of the game. Usually by the time you get enough to buy a new model you could afford two of the same model two years older used. I know a guy who got a 2015 hellcat that was leased by an older man for just above half the price of a brand new 2020's. Dude saved since junior year of highschool when they announced the hellcat. Dude got the car he wanted with very few differences compared to the newer model year and with what he saved buying used didn't even break even with sticker when he updated everything to "2020" options.
This video was a massive eye opener. Haven’t financed any vehicles yet, but when it comes time to get a new vehicle I like down the line, I’ll definitely have this video saved for it!
Im so glad I got a low 2.99% APR on my new Suzuki GSXR, although as much as I hate Auto loans, definitely want to yeet this debt off in few months lol. This video is so educational and on point 👍
Happy with my Mustang GT. 48 months of $474 @ 1.49% APR. Did the math and my loan is costing me $700. Got it for 7k under MSRP too. All about being a shrewd negotiator lol. Did all my negotiations over the phone, never walked into a dealer until I had my price. Ordered my car so I didn't have to worry about finding a car with similar options, could just get exactly what I want.
@@tutoszn $46k CAD, or $36.5k USD. 2021 GT Base 6 Speed Manual 301A Performance Package Active Exhaust Spoiler Delete Forged Wheels with Nickel finish. MSRP in the states was $47k, but $53k in Canada.
It is definitely worth making sure that any extra payment is applied directly to loan principal rather than just advancing payments (and thus mostly paying interest ahead)
With a < 550 credit score I was offered a 29.99% on a v6 loaded Camaro. They would only sell the one they had on the lot, it was a loaded sunroof leather interior Camaro that was 36.9. After the term I think I was looking at either 52k or 62k over the life of the Loan. I ran. Surprisingly enough, after improving all me credit scores to over 700, I couldn’t get financing for a ~26k Mustang GT with a plan Discount and a 5k down payment. The reason being my income. It hadn’t change since the approval for the 29% interest for the Camaro. I was turned off of credit in general after that experience and been paying cash for every car I’ve brought since.
This right here is quality life advice. Thanks a lot. Haven't financed a car yet but it's ingrained into my brain now that I need to build credit first then I may do it.
Thank you for explaining this to people... They are completely clueless of how finances work. My credit is immaculate because of stuff like this!! 🙏🏽👀❤❤
I got hit pretty hard on my first car from a dealer, it was 24% for a 2014 hyundai elantra at $12k which was base model, but I got hit by an israeli bank, so that 24% was quarterly, before I traded it in I owed $16k on a car I was paying into for 3 years, my second dealer car is my V6, AWD Chrysler 200 S with less miles than the elantra had when I bought it, but with 5% apr
100% honestly, I've enjoyed your content for a couple months now, but this vid got me to Sub. Showing that you are someone wanting to truly help people out with vids and still making watchable content. LFG my dude
Also make sure you read the documents. One dealership tried to add the amount that you would have paid on an APR and add that to the original price. So even know you may pay it off early you still pay the same amount because the percent was already calculated in put into the loan
My dream car, a Dodge Challenger SRT Hellcat, costs around $58-70k in the US. When imported to my country and all taxes etc. Are paid for, it ends up at $150,000… which is almost 3x the original price… Because taxes. And that’s without a loan.
I've never bought a car on credit, partly for this reason. It just always made more sense to me to go buy a $1,300 Saturn and my only payment being to fill it with oil (not gas XD). I can't imagine a universe where a 5yo car is old. My Dakota just turned 23, and my Civic was 31 when it got stolen and molested to death (RIP).
I was told when they run your credit it goes down. So I was told if this was the car u wanted then get it and don’t look for another because ur credit will go down
great content bladed love it would you be willing to do one on credit cards to help teach the young car guys including myself who has never had a credit card ever to actually get a good credit card I do know there are some terrible ones out there also I'm doing an Itasha on my 69 Cadillac
I have a credit score over 700 an im saving money for a down payment to buy a new sports car. Thank you for this video. I didn't know too much. Feeling more confident knowing more about the APR
When you started talking about not being married to a car, It was very relatable because I had to let go a bunch of cars because the dealership would not take the price me and my dad wanted
I'm considering buying a car from a dealership for the first time. I want a BRZ but can't just buy one outright. You doing God's work man, I don't know anything about interest or dealerships.
I was one of them, I bought a car worth 10k with the APR at 22% annually, but when I went to the finance office to make the first payment the lady at the counter looked over my loan and said I was paying way too much interest and advise me to pay the car off before the year ended which saved me thousands of dollars
I swear APR in UK sucks or maybe I'm bad at searching. Got 894 score (out of 999) on experian, no overdrafts and the lowest I'm being offered is 20% to 25% by my bank and on experian some even offering 60%+ like no way I'm taking a loan like that, just gonna have to save up few years not worth paying the price like that. Maybe it's my age since I'm still only 23 but it feels like a rip off.
Yup, fell into that trap buying my first car, finding out mere months later that even people with worse credit than mine didn't have interest as high, ended up owing about 30 grand on a car that cost 15k
The only problem with the car searching strat is dealerships have (at least last year) no cars to compete against each other with. I ordered my Mustang in December and it finally came in early March. There literally were NONE at the dealers. I had to wait for them to even order-build one for me since they were so backed up and didn't want to take my supplier discount (I walked away at that point, sure enough a month later they came back wanting my business). They got me with 2.79% apr which for my credit is meh. But I'll just pay it off over the next few months and it won't end up more than a couple hundred in interest (no early repayment fees is a thing to look out for too). As a side note, I wasn't approved for the first loan they tried to get, apparently not because of my credit score, but because of a lack of large loans in my history. Credit score itself is not necessarily the only thing that matters! Honestly now is a great time to hold debt anyway due to high inflation. I envy people who bought houses over the past year with these APRs... they are making out great on mortgages despite the heightened principle.
I had absolutely no idea what you were talking about at the start but as you kept explaining it I slowly understood what you were talking about. Thanks
I have found a mx5 for € 7.900 (8677.75$) with 159.719 km (99.185 miles) and build in 1991, so does the APR also goes for used cars? I mean I guess not, but still
A friend of mines is on this boat. 2 years later, he just realizing the scam & wants someone else to buy it from him. But the feel he had when he bought it & agreed to this terms was like, "no worries, i know what im doing"
I’ve done all this getting my mustang I saved 3k .their original apr was 5.99% got it down to 3.2% should’ve seen their faces they really tried to finesse me also I put 22% down
Bladed saying that his cars are outdated made me cry because I love those cars they are literally my back up plan if I can't buy a Regera
Bruh I have broke boi cars by YT Standards
F
@@BladedAngel You also have enough self-respect to continually enjoy the cars you have without feeling the need to sell and buy every three months, so fuck the other youtubers
@@BladedAngel Broke boi cars or not to me it's a personal preference
@@lrballistics true dat
@@BladedAngel honestly eff the YT standards especially other car YT channel's standards because they are mostly clout chasers chasing the hype of the next new enthusiast car everyone is talking about. Most of the time they're driving and paying high interest on cars they don't really like. Atleast you love the cars you have and thats what matters most, driving what you love.
I got 0.9% APR on a special for Ford Credit; only paying about 550$ in interest for the entire loan. The dealer tried to get me on a lower monthly payment at 7.99 % APR through another bank but I did my research beforehand and confronted them about it. Take a look at manufacturer specials people, be patient and you’ll end up with a good deal.
Patience and not being fooled by "Lower monthly payments" are two great tips some ppl need to hear.
They'll just hone in so hard on "I owe less each month" not realizing less of it goes to principal and more goes to interest, so they're paying more over the whole loan period.
I couldn't believe that there are such APR people are stupid. Like wtf 28% thats robbery
Yeah never answer a salesman when they ask “what kind of payment are you looking for”. Because that’s exactly what they’ll be trying to pull. Always get your own financing. 0.9% is great. Damn near a free loan.
I know automaker banks typically do 0% or rebates without 0% finance, but "7.99%" to me is absurd. And the idea is that if you're able to pay it off sooner, it's less going to the interest and more to the principal. APR actually works on a per-day rate (I'm watching my loan grow about a dollar a day from PNC).
But typically, if credit is good enough to qualify for 0% or for that low-APR from Ford Credit, it should qualify for 2-4% with another bank. Dealers get commission from banks for setting them up with loans. To me, 7.99% meant that bank was paying the highest commission to he F&I guy.
Manufacturer specials are a thing of the past lmao, they dont don't need to negotiate or offer good APR. They even mark up the price of cars these days, want a $55,000 base model C8? That will be $90,000 please
Honestly, even ignoring the whole car culture backdrop, this is just good financial advice.
Great, but not the best.
@@chada75 what is the point of this comment? What's the best financial advice Mr Buffet?🙄
@@stickyoxtail buy a car that you can pay off rn. Save up and buy it outright. It’s what I’ve done with both my first and my current car. $700 for a first car(Parents, DON’T BUY YOUR 16 YEAR OLD A $30,000 “SAFE” Vehicle! That car WILL get bumped and scratched and crashed. Better to spend $2000 on a beater Honda Pilot than $30,000 on a brand new Bronco Sport or Acura MDX.) it got dents and rust. No TC or ABS. But with 4wd, the winters were drivable and I could do however much stupid stuff to it and learn what works and what doesn’t. It was a hand-me-down ‘95 tacoma. Standard cab with 4wd. I now have a 2011 Honda Ridgeline RTS and couldn’t be happier. It’s not exactly what I wanted, (V8 4Runner Limited.) but it’s what I could afford to buy with cash after saving 10,000 in 5 years. I also did research on what issues these cars had, so anything from Ford, GM, and Korea were out. Because it was my first Car I bought with my own money, I wanted it to last at least 10 years after my purchase of it.
This is terrible financial advice. Dealers can't hold that much rate and WANT you to buy the car, why the hell would they give you a high apr if they could get you a lower one, lower payment, and make you more likely to buy the car? That interest is paid to the banks not the dealers. The thing about a credit card with very small purchases building your credit better than a car loan is also completely wrong and when i worked at dealerships, I saw that misinformation hurt people DAILY. It might build your SCORE, but your "high credit" is shit, and that matters a lot. It's called being a thin file, and a bank sees you the same as a no score.
Funnily enough financing is actually one of the few places dealers DON'T try to screw you, because they can't control it
@@willhutton1516 this country is based on cash and credit. What you’re saying will screw people when they want to make a big purchase such as a house
For the longest time, I thought the +20% interest was a joke. Never knew people actually agreed with those terms on a car
90% of challenger and charger owners are paying over 20% interest.
I don't gave an actual source....but I'd totally put money on this being surprisingly accurate.
Desperation is a terrible cologne
@@EPTRotorsports 89% of the time yes (work for a very very large dealership)
@@maldenfoster lol well
@@maldenfoster wow
29%!? You have to be stupid to buy a car with that much APR
The US public school system does absolutely nothing to educate its students on finances. People who have never been exposed to finances but need a car because theirs broke/whatever the case may be are left trusting the bank/dealership blindly because both will insist "this is a great deal and the best you can get." It half the fault of the state/federal government for having essentially zero consumer protection laws and half the fault of the states/counties for having zero financial literacy education in school.
Stupid people need cars as well.
@@thebigpicture2032 😂
@@thebigpicture2032 GODDDDDD
DAMNNNNNNN
That had me rolling
@@thebigpicture2032 And apparently a right to vote...
If you're paying cash, they won't drop the price as low because they don't make it back on finance interest. Letting them assume you're borrowing just because you don't say you're not is a great way to get them to agree on a low price, then reveal you were paying cash (they just assumed you weren't).
I can imagine dealers cowering in fear when a customer whips out a piece of paper, pen and a calculator.
We literally don't care. The bank gives us a rate and we might mark it up a percent or two
@@wesidk5662 I'll take shit that doesn't fucking happen for 500$ Rick!
@@ballsywhiteguy1557 that's literally what they do though lmao
Jesus thats insane. I knew I fucked up on my first car and learned my lesson at 10% but 29?? I'll stick with my 2.9 instead
Also when buying a car- credit unions are going to be wayyy better to work with than a bank
RIGHT? I always assumed the worst someone could F up would be 10% or 15% AT most.
But SO MANY TIK TOK MF'S post up their 29% APR and get DRAGGGGGGEDDDDDDDD over it.
Then they go on saying, "it's my money, my life, my choice" Like no MF, it's not your money, it's the BANK'S, since Interest _exceeds_ principal.
And NEVER put it on the house mortgage - you are now paying for it for 20 years!
Yeah man when I was buying my first car they tried to get me into a 2016 impala at 32% interest, I took it being dumb and 20 BUTTTTTTTT I got to drive the car for free for 6 months and then they repod it. They never once sent me a bill, I tried to pay my monthly bill for 6 months, they did not accept it and declined my money and my loan never finalized. So they let me off the lot before they even finalized my loan and I just drove around for 6 months, I tried to sue them but the lawyer said it wouldn't be worth it, but that I was legally in the right for trying to sue.. oh and they took my possessions because I left my jacket and Oakley gloves in the car. Never got those back so I always tell.people my car was stolen... final point, don't buy a car off Hertz
One big thing that you can do is to have a pre-approved loan from a bank or a credit union before you even walk into the dealership. I walked in with a 1.99% pre-approved loan for ~75% of the car's value when I bought my Audi and made it clear through our conversation that I knew finances. Dealer went to his finance guy and got me a deal of 1.65% on 85% of the car's value, so I took it. It pays to have options.
Nice
How do you learn more about finance?
Did the same thing and got 2.49%
Excellent.
@@MarchedYeti96 just look into APR & compound interest and familiarize yourself with the formula and you’re already ahead of the game
When buying a car, PLEASE go with funding from a bank and not get it at the dealer.
^THIS WORKS TOO. Get pre-approved by an institution you trust, negotiate the rates there, then have them send the papers to the dealer. IF the dealer doesn't like it, keep sending it around until you find one who takes it, since you're already pre-approved by the bank for loan. be patient, someone WILL BITE!
Depends, sometimes they have special finance offers from the manufacturer. But you have to be qualified first. And you may have to pay msrp. Always gppd to have options though.
funding from self>>
@@dangerouspickle69420 agreed, but not feasible for the average person
That's not always true
Simple solution: outright buy cheap shitboxes that banks won’t lend you money for.
That's what I did.
$350 86 Pontiac fiero.
@@fatalgravity cars are a bit more expensive over here in Denmark, but i bought a 2001 VW polo w/ one year till inspection for 740$
@@fatalgravity Nice! You MUST be a Ronald Finger subscriber. 94 Probe GT coming up on 13 years of ownership. Still worth about what I paid for it. $900 Grand Marquis too, 4 years, got another 20 in it.
Here in Australia 15-20 year old cars are often $3-4000, which is a bad deal compared to say, a new cheap car. I sold my 2002 Ford Focus in 2018 for $3,000, bought a new (Chevy) Holden Spark for $14,000. The Focus was costing about $1,000 a year in repairs. It needed $3,000 to return it to good shape. So $6,000 for an old, unreliable car.
@@lundsweden holy shit. Its already bad here in Denmark, but that shit is just dumb. Atleast you guys have cool cars that you can actually modify, if you win the lottery.
I have good credit and this dealership really tried to give me 11%, I brought up that I’m with a credit union and they could give me 2.39%, all of a sudden they came back 5 mins later with a 1.9% rate, and boom deal done. ALWAYS NEGOTIATE 👏🏽
Literal confidence tricksters.
could i hypothetically lie about having a credit union with a low apr and do the same for a lower one with them ? do they and will they have the resources to look up if i’m being truthful ?
@Roberto Vidal Garcia i wana avoid them running my credit score and have the risk of them lowering it on me . my main 2 goals are getting the lowest apr possible and them not lowering credit score , especially when i can show them on my banks app
makes me glad I bought an old reliable Camry outright.
I had a 2000 4 door civic and i regret selling it. I do like my almost new truck but i hate paying the bill lol
@@davidmopar8446 was it a K series or B
@@THESLlCK probably D.
@@THESLlCK a D series. Slow but i enjoyed it. It was just a daily
I know rite, paying out right is the way to go.. regardless of buying a car in America new or old it looses value the minute u sign..
Happened to me! I financed a 2020 C63 for 80k. I had a 720 credit score. APR was 10.99% and monthly payment was $1509.98 a month. In interest alone I would have payed $31,789 at the end of the 72 months. I stuck it out for 4 months paying for it then once i finally thought to myself. I’m paying way to much. I refinanced the car last week with a credit union. Now I’m at a 2.89% interest and monthly payments went down to $1,187. Still a high payment but I’ll only be paying $8k in interest.
@The Real Cat of 2020 right??? They got him good...thankfully he questioned it and refinanced
@@BladedAngel yeah after about 2 months of financing the car I just realized. Plus this was the exact spec I wanted for my car that was within a 300 miles radius. At the same time I found a brand new 2021 C63 but had a 50k mark up. Which I was not going to pay for
@@PrimuIas Don’t gotta justify it/explain urself bro it was an L we all take em at times
I never understood why people would buy a car that expensive if they can’t pay cash. Just drive something cheap and efficient until you can actually afford it.
@@Hi_Its_Chris I make 150k a year, I’m more than capable to afford it, why drop 86k on a car in cash right there and then. I’d rather pay monthly and be able to do other nice things in life, go on vacations and have multiple nice cars and still have plenty of money on the side. I just personally don’t find it worth paying cash.
This is actually extremely informative and practical beyond all else. Not all of us can afford to mod or get a dream car, but we will all come across APR at some point, so this will be useful for a LOT of people watching who haven't encountered this. Very nice work at making one of the most boring 3-letter combos into something actually watchable and entertaining while informing and educating people.
What if you buy a shitbox first, and then buy a car and pay it off instantly? No APR bullshit right?
(I'm only 16, idk much about car dealing)
Obvoiusly the faster you pay it, the less the APR matters. Some dealers will punish you with fees for paying off early OR become a stiff brick wall on the price if you say, "i'm paying in full". Think of it this way. WHy would I sell to you and make the list price (You buying it in full as listed) when I can get interest off a sucker? You should never underestimate the snake mind of dealers, so IMO, the best deal possible is to still negotiate with them as if it were a normal financing transaction. Then before you sign the last paper (and already did most the other shit) you ask, "Are their any early pay off fees?" if they say no, then you sign it, and pay it off literally the first payment. That way, you still got them to nudge the price down THINKING you were gonna loan it the whole period. NEVER announce you're paying in full to a dealer, that actually PISSES THEM OFF!!!! I was showed the door 2 times for trying to buy a Mustang in Full (With Check) then I went home and googled why that was the case.
@@BladedAngel should I take this as good advice for the future?
this is the best way to do things, bought a civic for 1500$ and sold if for 900$ years l8r when i got my E55 AMG.
If your credit is bad enough that you have to worry about APR, don't consider buying anything that you can't pay with what you can afford with money in your accounts. But if your credit is good, it can make more sense for you to loan even if you can afford it outright. Doug DeMuro has a video on that where he explains that if your principle can go into investments that earn higher interest than what you're paying, then that's what you should do.
The shitbox? WTH
As a canadian here I never seens an APR 9f more then 9% ( and that was in a worse case scenario) im just shocked seeing this and even more shock seein people think its a good deal.
As a fellow Canadian, same
Used cars (5 years old) apr in canada is u to 29.99%. I think you only saw new cars.
This is a great video. Great Job Sir.
This should be required viewing in all high schools....
I'm glad I only like old cars, I never have to deal with dealerships lol
My DD is a 1983 Pontiac Grand Prix. I consider it a late model.
78 Thunderbird survivor 6000 dollars up front and done
Buy something old you like, modify and customize to your liking, happy life.
I got me an 02 3rd gen 4runner for 12k borrowed 16k at 2.4% so I took it, plan on paying my toy sooner though
Until it comes to fixing an old car. You’ll never get around dumping money into a car.
Easy way to describe is, "you pay 30% of what you originally owed, per year that the loan isn't paid off." Simple numbers, 30% of 9000 is 3000, a 5 yr loan at ~30% apr means you pay 3000 for 5 years on top of the 9000 original loan (3000x5=15000) final cost is 9000+15000=24000
I’m lucky to know and understand all this at my age - 23 yrs old , bought a 16k bmw from dealer at 1.99 apr. they were gonna give me 15-20% and think I wouldn’t know the difference bc of my first time financing of a vehicle . Keep pumping out this advice , make it known to more and more ppl
I had no idea about any of this APR stuff. I’m 21 with a credit score of 680. I’m going to be looking for a new car pretty soon. Thank you for educating me on this stuff!
U have the disease for which this video is cure
If you’re stuck in a high interest loan, either double up on payments and refinance or just refinance immediately. Anything more than 5% is insane. I remember they gave me 15% on my very first auto loan. I doubled up payments and my credit score skyrocketed in three months and I refinanced for 2%. My monthly payment went from $160 to to 60ish if I remember right.
wdym by double up on payments?
@@tutoszn pay twice more than your monthly payment I assume. For example, if you’r car payment is $100, then pay $200 each month.
Now this is Real Car Community. Thank you so much.
i understand people not caring about cars as anything more than transportation devices, but come on people how do you make a massive purchase like this and not do the math.
Im not a house guy but when i go to buy a house you bet your ass I'm gonna calculate exactly how much I'm gonna be paying
RIght??? They're just one "APR Calculator" Google search away from knowing what their car loan/house mortgage is actually gonna be.
But then again, most of the new youth don't even know wtf APR even is, so they don't bother searching it.
There are way too many idiots who that don't even BOTHER about making the math to see if the numbers match.
In my country, there are hundreds of thousand's of people that are Black Listed because they weren't able to pay the loan.
@@BladedAngel absolutely, im 16 and recently bought my first car back in august and when figuring out my payment plan i took everything into account im glad i had parents that taught me finance basics.
Usually either that person is ignorant and uneducated on finances or is in a very bad spot and needs the car or loan right now.
I know someone that bought a duramax a couple years ago and he didnt know how long the payment plan was for. Then I asked what the interest rate was and he couldn't answer that without going and looking at the paperwork again. I was mindblown. Pretty sure i was making similar money and just didn't understand the blatant ignorance of some people but i guess it happens.
7:53 I ain’t even watch the whole vid had to pause n sayyyyyy dam.
THANK YOU ! x100 ! See proof good humans still exist! 😭😭😭 and I subbed !
1. Don’t let dealerships run your credit when talking numbers. Your credit score will take a hit every time they do, resulting in higher APR rates.
2. If possible set up weekly payments. This will pay of the loan faster with less money going to interest and more into principal. Ex: $300 monthly payment at $100 a week can total $400-500 a month with less money payed in interest.
your #2 is just increasing your payments. which is the secret to reducing how much interest you pay, of course, but it's not the breaking it into weekly bites that increases it, it's that 30 days at $100 every 7 days is more money than $300 every 30 days.
credit score checks negatively affecting ur score has been debunked
@@zephyr.r Hard inquiry will... Soft inquiry wont... not worth a risk though
@@kenbrown2808 Interest accrues and compounds daily. Paying more frequently than monthly cuts down on its opportunity to compound on top of itself. Their numbers are off but the idea is not.
@@BTrain-is8ch paying ahead of schedule or paying over the scheduled payment is what reduces the interest, not how finely you subdivide the schedule.
I’ve been trying to buy a Mustang for basically the past six months; what makes it worse is I’ve been saving since I was 13 and if inflation hadn’t have happened I could’ve paid cash. It seems like the more I make, the higher the price goes. WHY DOES A 2013 MUSTANG WITH 80,000 MILES COST NEARLY $30,000!?!?! It doesn’t add up. Good video man, thanks for the advice.
Isn't a new 5.0 in the 35-39 range?? What 9yr old 80k mile mustang is costing 30k?
I’m definitely gonna reference this video and others when I’m finally ready to go to a dealership for a car and have my credit card paid off and have my score boosted up so I have better room to negotiate my apr and the other key points addressed in this video
Got mine at 2.9% apr on a 7yr to lower the monthly payments with the intention to pay double the monthly payments so more goes to the principal balance. Paying it off faster and costing me way less in interest.
Thank goodness, that Leasing or Financing a car or house or any thing in general in my country is rare. Majority of the cars we own are bought from cash and paid in full. It might not sound financially responsible to just use your money in one place, but at least it keeps us out of debt.
This video is very helpful and informative indeed, for the people it is meant to.
Greatly appropriate your content Bladed. Though your content might not be what most consumers want to hear, its much more helpful and mature compared to other youtubers/content creators. Keep up the great work and I hope to see more from you in the future.
These are great videos for your young audience Bladed, super informative for the most vulnerable enthusiast group. Thankfully I was able to go the cash buy route (used Porsche at auction). It was for a resto, so I now insure for double what I paid. There are still ways to be smart in this market!
I had recently purchased my dream car. I negotiated the total price of the vehicle first, then managed to whip out a pre-approval for 45k from a credit union. Sales man didn’t look too happy, and asked me what I could do to finance with them. He said he guarantees he can beat their monthly payments. I asked him can he beat 2.08% apr? He gave up after that haha.
I’m so proud of bladed taking on challenging topics in a very digestible way and trying to educate people
Glad this video exists. Lots of great information that my parents nor teachers in school never taught me
This is a great video. It always hurts my soul a little to hear people talk about their loans like this.
it needs to be said.
@@BladedAngel I bought my car outright. For 8k. I have been looking at loans but don't have enough down payment yet for a good one. People can also get cheap cars to use while they save for a better down payment/build credit. My 370hp 09 Genesis (v8) I got for 8k. So you can still have fun on a budget. However. If I had a gas efficient car I could afford a car payment with the difference in gas money these days... Everybody has flaws...
If your credit is that bad and you don't qualify for a lower APR, you should not be looking at $40k vehicles.
You should be looking more at cars in the $5-10k range
Bladed, I love you. Thank you for explaining this to me! I'm going to show this to my friend and family!
On the other hand the APR for someone with good credit is very close to nothing. I was using a online calculator like this when deciding to buy a car and I liked the monthly payment until I realized the APR was set to zero. I set it to 3.5% and was expecting the worst but the monthly payment went up less than $30.
You have to do a video on the HSV Maloo GTS-R W1, One of four maloo Holden utes made, over 636bhp, million dollar ute, ill get a bladed tattoo if you do this!
Bladed.. when I first saw one of your vids roughly 2 years ago, I got gripped into cars. I want to thank you for helping me find something I love without realising… I’ve grown, bought a race sim, gotten into JDM and I can now do what I’ve been wanting to do since I saw the video. Drift. Just a small thanks man, wouldn’t be who I am today without you.
Haven’t paid over 4% interest in years now, highest I ever had was 18% and I was done with it and got it refinanced after 4 months
Granted, that's a shitbox interest rate, but given the economy today, with a decent interest rate, you might end up being better off extending the loan. Inflation lowers the value of money, but the upside is that it devalues debt, too.
Can someone anywhere in Europe tell me if they know if super high APRs even exist over here? I had never even heard of it before watching D. Doug and Bladed. To my knowledge, over here it's a race on who can advertise the lowest rate - even if at the end of the day it's not exactly low either.
And yes Europe varies from country to country but I feel like the EU and the non-EU countries would have put some sort of consumer protection law in place.
...I am too lazy to google it
Interested in how the UK does it for sure
Most places are below 5% for Car Loans in EU, some even as low as 1% and some areas are even doing DECIMALS (0.15% etc). So you're right. European Car Dealerships are competing so effectively against each other due to customer intelligence (and lack of Clout negligence) so people there are smart enough to get lower APR.
Some areas in Asia though also have AWFUL APR going north of 20% on Car Loans.
www.financialadvisory.com/world-car-loans.html
@@BladedAngel Very interesting, thank you Bladed for the link and the info! I gotta say though, I can't help but feel like the governments/EU played their part to help keep them low, because inevitably there's a lot of ignorance here too. And maybe gas prices also play a role, considering how much more expensive it is over here compared to the US, limiting both manufacturers and consumers in terms of choice.
i buy second hand so i always just pay full, my parents do that too just all in once, my mom even did that in america when she was there the dealer was so confused he had to look up what the price the car actually was...
@@r.i.peperoniiiiroh9625 yea buying in full is a lot more normalised over here in the EU. I think that UK schools don't teach enough finance (I'm 16, most of my finance knowledge comes from tangents in maths or business as well as outside of school stuff) but from what I can tell we end up a lot better than the US.
LOL you fail. Assuming people that buy a dodge have enough brain cells to even read their loan contract. HAHA that's a good one.
Bladed you are the best. Thank you and please never get discouraged and keep making these videos. I love you-
-no homo
I bought my z06 in full payment last year. It was originally 70000 due to covid inflation, however, I was able to negotiate it down to 62,000 for paying in full in cash. Save up some money then buy the car you wish!
By the way, I saved up that money throughout 4 years of military service.
At about 700 credit score I guess I should’ve negotiated that 7.14% interest rate :/ luckily it’s a $11000 loan
G u h
Well, since it's such a short loan, refinancing won't really make much a difference, but dang girl, you should FLEX THAT SEVEN HUNDO next time. Don't let em make you walk away with anything over 5. Here's a video showing how you should've been treated with that good of a score> th-cam.com/video/sDKx40fZGCI/w-d-xo.html&t
How?? My cred is 600 and mine was 5% on a 64k truck with $15k down
I dunno if my age and how long I’ve had my license affects that. I’m 22 and I got my license January 2019.
What the creater of this video doesn’t do for a living like myself is sell cars… you being a 700+ doesn’t mean you get a super low rate. If your car is older and has miles that has a huge impact on your rate as well. All lenders have rate sheets. For example a 2014 with over 100k miles won’t get you a rate that a 2018 with 30k miles will get you
This is the best and most simplified explanation I've ever seen 👏
Wooop highlight to my day let’s watch the video
I am not in the market for a car but I just wanted to compliment you on what a great service to humanity you are doing. You are really saving people from disaster.
Yeah I don’t recommend a lot of debt but I’m not one to talk. I finance a $57K truck but I had equity in my previous truck and after all taxes and fees I think I got it at $49K. Not too bad at my income level, but also I pay about 25% extra every month too, to eliminate interest as much as I can even tho I only have like a 3.6% rate
Dude, I'm not really big on cars but this advice is a life saver. My family isn't very accepting of me, so there's a lot of risks I'm left in the dark on because I can't just go to my dad or mom and be like "yoo so they're offering me 5 dollars a month with 80% APR is this a scam???"
Skimp and save is the name of the game. Usually by the time you get enough to buy a new model you could afford two of the same model two years older used. I know a guy who got a 2015 hellcat that was leased by an older man for just above half the price of a brand new 2020's. Dude saved since junior year of highschool when they announced the hellcat. Dude got the car he wanted with very few differences compared to the newer model year and with what he saved buying used didn't even break even with sticker when he updated everything to "2020" options.
This video was a massive eye opener. Haven’t financed any vehicles yet, but when it comes time to get a new vehicle I like down the line, I’ll definitely have this video saved for it!
"Business and Finances with Professor Bladed"
Yo, this is one of my favorite classes!
yknow this is actually really good advice, thanks bladed
It's insane how these dealerships are allowed to get away with this practice
I learned more about credit, APR, and interest more from this video than I have in my entire life
Im so glad I got a low 2.99% APR on my new Suzuki GSXR, although as much as I hate Auto loans, definitely want to yeet this debt off in few months lol. This video is so educational and on point 👍
When I bought my 2019 civic Si I got a 3.7% and put 15k down. Ended up only financing for 10k after I added a warranty and roadside
Happy with my Mustang GT. 48 months of $474 @ 1.49% APR. Did the math and my loan is costing me $700. Got it for 7k under MSRP too. All about being a shrewd negotiator lol. Did all my negotiations over the phone, never walked into a dealer until I had my price. Ordered my car so I didn't have to worry about finding a car with similar options, could just get exactly what I want.
woahhh what was the total cost of everything?
@@tutoszn $46k CAD, or $36.5k USD.
2021 GT Base
6 Speed Manual
301A
Performance Package
Active Exhaust
Spoiler Delete
Forged Wheels with Nickel finish.
MSRP in the states was $47k, but $53k in Canada.
It is definitely worth making sure that any extra payment is applied directly to loan principal rather than just advancing payments (and thus mostly paying interest ahead)
With a < 550 credit score I was offered a 29.99% on a v6 loaded Camaro. They would only sell the one they had on the lot, it was a loaded sunroof leather interior Camaro that was 36.9. After the term I think I was looking at either 52k or 62k over the life of the Loan. I ran.
Surprisingly enough, after improving all me credit scores to over 700, I couldn’t get financing for a ~26k Mustang GT with a plan Discount and a 5k down payment. The reason being my income. It hadn’t change since the approval for the 29% interest for the Camaro.
I was turned off of credit in general after that experience and been paying cash for every car I’ve brought since.
This right here is quality life advice. Thanks a lot. Haven't financed a car yet but it's ingrained into my brain now that I need to build credit first then I may do it.
This is so useful for future me,I really appreciate the effort for all the work that put into this video.
Thank you for explaining this to people... They are completely clueless of how finances work. My credit is immaculate because of stuff like this!! 🙏🏽👀❤❤
I got hit pretty hard on my first car from a dealer, it was 24% for a 2014 hyundai elantra at $12k which was base model, but I got hit by an israeli bank, so that 24% was quarterly, before I traded it in I owed $16k on a car I was paying into for 3 years, my second dealer car is my V6, AWD Chrysler 200 S with less miles than the elantra had when I bought it, but with 5% apr
100% honestly, I've enjoyed your content for a couple months now, but this vid got me to Sub. Showing that you are someone wanting to truly help people out with vids and still making watchable content. LFG my dude
my 135i got totaled by a dude who rear ended me and can’t get any of my mods back :/
Also make sure you read the documents. One dealership tried to add the amount that you would have paid on an APR and add that to the original price. So even know you may pay it off early you still pay the same amount because the percent was already calculated in put into the loan
I did that refinancing with the bank. I went from 4.3% to 2.9%. The bank also lowered the payments by 50-75 dollars.
My dream car, a Dodge Challenger SRT Hellcat, costs around $58-70k in the US. When imported to my country and all taxes etc. Are paid for, it ends up at $150,000… which is almost 3x the original price…
Because taxes. And that’s without a loan.
Where you from Jesus
@@rodriguez58996 Norway, of course.
They are going away in 2024, so they price is going up
I've never bought a car on credit, partly for this reason. It just always made more sense to me to go buy a $1,300 Saturn and my only payment being to fill it with oil (not gas XD).
I can't imagine a universe where a 5yo car is old. My Dakota just turned 23, and my Civic was 31 when it got stolen and molested to death (RIP).
I was told when they run your credit it goes down. So I was told if this was the car u wanted then get it and don’t look for another because ur credit will go down
great content bladed love it would you be willing to do one on credit cards to help teach the young car guys including myself who has never had a credit card ever to actually get a good credit card I do know there are some terrible ones out there also I'm doing an Itasha on my 69 Cadillac
I have a credit score over 700 an im saving money for a down payment to buy a new sports car. Thank you for this video. I didn't know too much. Feeling more confident knowing more about the APR
When you started talking about not being married to a car, It was very relatable because I had to let go a bunch of cars because the dealership would not take the price me and my dad wanted
I'm considering buying a car from a dealership for the first time. I want a BRZ but can't just buy one outright. You doing God's work man, I don't know anything about interest or dealerships.
I was one of them, I bought a car worth 10k with the APR at 22% annually, but when I went to the finance office to make the first payment the lady at the counter looked over my loan and said I was paying way too much interest and advise me to pay the car off before the year ended which saved me thousands of dollars
I have 2.5% intrest! Paying about $1500 in total on my 45K car!
I swear APR in UK sucks or maybe I'm bad at searching. Got 894 score (out of 999) on experian, no overdrafts and the lowest I'm being offered is 20% to 25% by my bank and on experian some even offering 60%+ like no way I'm taking a loan like that, just gonna have to save up few years not worth paying the price like that. Maybe it's my age since I'm still only 23 but it feels like a rip off.
The commentation. The PowerPoint. The Realness. Earned my sub.
Yup, fell into that trap buying my first car, finding out mere months later that even people with worse credit than mine didn't have interest as high, ended up owing about 30 grand on a car that cost 15k
The only problem with the car searching strat is dealerships have (at least last year) no cars to compete against each other with.
I ordered my Mustang in December and it finally came in early March. There literally were NONE at the dealers. I had to wait for them to even order-build one for me since they were so backed up and didn't want to take my supplier discount (I walked away at that point, sure enough a month later they came back wanting my business). They got me with 2.79% apr which for my credit is meh. But I'll just pay it off over the next few months and it won't end up more than a couple hundred in interest (no early repayment fees is a thing to look out for too).
As a side note, I wasn't approved for the first loan they tried to get, apparently not because of my credit score, but because of a lack of large loans in my history. Credit score itself is not necessarily the only thing that matters!
Honestly now is a great time to hold debt anyway due to high inflation. I envy people who bought houses over the past year with these APRs... they are making out great on mortgages despite the heightened principle.
I had absolutely no idea what you were talking about at the start but as you kept explaining it I slowly understood what you were talking about. Thanks
Literally could not be anymore perfect. Spent last night looking for your auto loan videos and look what we got here today :)
I’m both happy you took the time to make this video and sad humans needed this video. Who doesn’t know this?
This is beautiful. So many people may gloss over this but I’ll be saved ! Thanks man!
I managed to get 7% apr on my first car, and refinanced with the same bank down to 3.5% apr. Always look out to refinance.
If your credit was good beforehand then it makes sense or you know someone
Ah yes, Gran Turismo music goes well with this car topic.
I have found a mx5 for € 7.900 (8677.75$) with 159.719 km (99.185 miles) and build in 1991, so does the APR also goes for used cars? I mean I guess not, but still
Dang bro, I'm 17, one year left I'm on my own. It's very nice you shared this information. I'll remember when I go to get a car on my own!
A friend of mines is on this boat. 2 years later, he just realizing the scam & wants someone else to buy it from him. But the feel he had when he bought it & agreed to this terms was like, "no worries, i know what im doing"
Well done and Thank You Sir. for educating the public. You Buy a car with cash, period.
I’ve done all this getting my mustang I saved 3k .their original apr was 5.99% got it down to 3.2% should’ve seen their faces they really tried to finesse me also I put 22% down
Wish this video dropped 2 weeks earlier😂😂 great video and explanation, im going to refinance next year.
This is a must see for everyone looking to finance ANYTHING!!!!
bladed has single-handedly taught me everything i know about apr, loans, down payments, and credit score