How to Get a Car Loan (The Right Way)

One thing he forgot to mention in the video is always pay more than your minimum payment whenever possible so that you can pay off the car earlier i paid my car off a year earlier doing this

This guy killed it! I just bought a car at 22, still in college (last car was totaled), and after watching this video I feel a lot better about the money I’m paying. One thing I might add is, if you can wait, wait until the end of the year when car companies are trying to boost their sales numbers to investors. They’ll offer some crazy deals and interest rates. For example, I got a 60 mo, 0.9% APR loan after getting $4000 off MSRP from the dealer—all because they need those year-end numbers.

This is the most stressful S**T. I don't even want to step foot into a dealership.

Thank you, this is very helpful! I've owned one car for over 12 years and payed for it outright. But now I'm stepping into the newer vehicle arena and this is definitely the area I'm a little unclear about.

Usually the best thing i like to do, is 1. Research the car you want to buy, what options does it have that you like... (bluetooth, nav, reverse camera, Etc) 2. Shop around (Get preapproved before you walk into the dealer) credit has changed where you can have inquiries on your credit (multiple) within the first two weeks. It will only count as one. 3. Make sure you have at least 2 pre approvals before going to the dealer. If you want to try the dealer financing, go for it. The worst that could happen is they offer a higher interest rate, Etc. 4. Newer cars depreciate faster but they are easier to get an MSRP on and negotiate, while as used cars typically are marked up significantly (do more research when looking for used. Prices vary wildly) 5. Don't be afraid to walk away, this is the best part about having a pre approval. You can always go somewhere else, dealers will always try to get the highest they can first. Don't let them control what you are going to pay.

Thank you for this. Walked into a dealership. I am what is deemed a "new borrower". $5,680 car after taxes fees and $1,800 down. 2014 car. These joker's gave me a 22% interest rate, $221 for 57 months. 12,680 total payments. They saw the back of my head so fast.

Wow! This guy is great. Super useful advice and down-to-Earth explanation

I'm a finance manager at a dealership, GREAT video. A lot of people don't understand how all of this truly affects them unless they watch videos like this. ONLY correction is that in some states, warranty is non-negotiable (like in Florida). I bought mine for the same price as a customer would.

Thank for simplifying the process and saying it in plain english with little jargon.

Having a longer loan (6 years+) isn't bad if you have the right game plan. If you're just going to keep your same job for the next 3+ years, it might just be bad. In that time, you can do many thing to earn more money to pay off your loan quicker to avoid big interest.

Always, always check with your insurance before buying a car, especially if you use a broker. I get so many younger drivers come into the office to get a quote only to find out that their insurance costs more than their car payment (California) and have to either take the car back or beg their parents to help them out. And if you use a broker you may have to pay another fee to switch to a cheaper company.

Helpful info as well as learning lesson in the future. I bought a car through co-signer and screwed upside down on summer 2020!

wish i could learn this stuff in high school instead of useless math formulas🤠

Great video! I did my research for a few weeks before buying and just purchased my car yesterday! Though I'm just seeing this video, I used these exact steps and was quite pleased with the outcome. Great price on the car, decent down payment and low interest rate. Take his advice, as this is solid!

A video that is right on spot. Thank u. U got new subscriber.

You were spotless in your explanation couldn't have made it any more easier to understand. Thank you!

Went through buying a used car twice last month and now I want to buy cars for others since I've learned so much. Great videos, keep them coming.

I fully own my 2008 Lexus IS 250. She’s 13 years old now but rock solid. I want a new Lexus but they’re like $40k and why would I finance when my current car still looks timeless? Lexus , some of their cars last the test of time and remain stylish years later. Good advice in this video. I sent a link to my friend who’s looking for a car now.

I’m so glad you’re here! I’m buying me first new car all by myself lonesome and I’m was SOO worried about being ripped off. (I’m a small timid female.) Your transparency and concision here are priceless. …I WILL “fake my confidence!” 🤭

This was really informative. Thank you for the break down and tips.