Why a 700 Credit Score SUCKS for a Car Loan / Lease 😭

In this video, I discuss how the auto loan crisis has affected #autoloan interest rates, what #interestrates specific fico credit scores are qualifying for, how much the payments are, and how much interest is being paid for new and used cars.

auto loans,interest rates,loan crisis,fico score,loan rates

[Eye__An_Eye]

grandpa always told me "if you cant buyit in cash, u cant afford it". i have stayed away from credit cards my entire life and have a 704 score. paid my car in cash $5200 and have 0 debt. my grandfathers advice was correct. dont get card when u dont need them. forget buying into the game. save and buy an acre of land, build a tiny (well like 800 sqft) home on it and be done with the bs. life was ment to live, not to be in debt and a slave. enjoy life while u still can. u WILL die one day. thats a fact!

[MrDaveaccord]

The credit Score industry is a scam. I bought a new Acura with a credit score of over 800 and had to pay an interest rate of 7.3% through a bank because Acura had no financing through the manufacturer. Total rip off.

[itguru]

Credit scoring is an abomination. The credit reporting agencies are working with banks and corporations NOT consumers. It’s a way to make people believe that they should pay high interest loans. Also buying a car that is a depreciating asset on a loan for 5 years!!!! I bought my house and car at 3.0 and 5.0 percent in 2021 with a 540 credit score because I know how to negotiate.

[billcudd]

Just remember my friends we are going out the same way we came in……with nothing but our birthday suit. No luggage racks on hearses or checking accounts in heaven.

[The_Food_Police]

Just take advantage of in house dealer financing or manufacturer financing and please watch out for those lightning deal specials!

[johnm]

If you're going to use charts to show data, how about you don't block them with your body....

[Enjoying-Life]

Always curious what the dealer would tell me if I go in and say I don't know my credit score and/or that it's bad (knowing full well that it's in the 830s).

[weatherchaser]

My score is grrrreat, and I'll bet there has to be an overlap where it is better to buy new at the better rate instead of used for a few thousand less at todays nutty prices and the rates you cited. Also, some manufacturer are 2.99, but maybe shorter terms (Audi for ex). It boggles my mind when I see BMW used for new invoice like they are doing you a favor, and if it has 4 grand more in options, it is 4 more as a used vehicle, which is a joke too. The car depreciatews, but the options don't. GFY dealers

[sumbochen]

Should never get a loan to purchase a car. Save cash and buy it out right. 😂

[GamerzZone]

i took a 24% apr on a 5 year car loan with a 715 CS and refinance the car with MCU after 3 months drops apr down to 8.15% still nuts but i wanted the car at the time. also interest rate will never be at 2-5 percent again never

[demonprincess]

I have 700 fico score and why would i want a car lol. you got to be crazy

[Brian_]

Can you please do a video on how to get the best deal for the 2024 Elantra N? Please I want to buy that car so bad lol