How to Get a Car Loan (The Right Way)

I'll explain how to finance a car loan the right way!
(I may be compensated by LightStream through this link.)

When it comes to car loan financing, you've got to understand how it all works, so you don't go upside down in your car, and get ripped off at the dealer. I'll teach you how to finance a car by teaching three simple parts to the process. Enjoy the video and feel free to leave a comment or concern. Thanks.

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#honestfinance #carbuying #carfinacing

[memoryigo]

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

[xBloodXGusherx]

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

[warbirdlover]

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.

[Greg-vqtu]

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

[SketchRC]

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.

[phillipinterstate]

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.

[yeseniaortega]

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

[willthehitman]

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

[melissahwhitney]

I had 12 inquiries I would like removed, 3 are from leasing companies for apartments I did not get, and 9 others are from 4 credit card companies that pulled my information twice each that I applied to months ago but just now showed up, I didn't get either card, My credit went from a 740 to a 612 in a matter of a week. I got referred to Andyhackscreditfix. Org by few trusted clients and I can say they're the best because all the 12 inquiries got deleted and my score was raised to the 800's

[halftruthhandyman]

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.

[jobisaiah]

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

[joyndem]

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

[seeth.]

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.

[KingDrewPhilip]

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.

[rpidvse]

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

[minifoodmom]

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!” 🤭

[roarbahamut]

Not sure how it works in other countries but currently in Germany, you can get a less than 1% inrest rate on pretty much any car loan. There a lot of comparison sites that show you different banks and companies that are willing to loan the amount.

[elask]

Thanks man I'm 20 years old and I had an idea how car loans worked. Your video really tied up all the questions I had up. Thank you for the video

[vee]

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

[marzzgli]

One thing I have noticed is if a dealership is offering a huge discount (dealership discount not manufacture rebate) they usually offset it by add ons (extended warranty, service contract, GPS or protection pkg). Dodge dealerships in SoCal are the worst at this. Most wont sell you car unless you agree to keep the add ons. At the very least they will make you keep the GPS/alarm at $1000.