How car loans ACTUALLY work | Graham Stephan

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[johnperhach]

Lol, There was definitely a huge explosion of people running around in fancy new vehicles that definitely cost upwards of a 100k or more depending especially after the stimulus’s. I always knew it made no sense and now after watching this it makes sense a lot more. Basically people were being given vehicle loans they couldn’t afford by a lot of dealerships. Kinda sounds something like what banks were doing that lead to the last housing crash really.

[JRJigsawyer]

I'm a lender at a regional credit union and we did not count unemployment as income for lending underwriting exactly because it was temporary. But we're on the conservative side, some of the other lenders especially sleazy ones acceptance is wild. They'll do super risky loans because they jack the interest rate up and know that even if a big chunk default theyve made their $ back in the interest the rest have paid.

[sukaenacornelius]

Wow. I’m lucky I’ve never had to get a loan on a car, just drove a 20 year old Camry until my husband gave me how old f250 which I love.