10 of the worst ways to Finance a Car

[@stevee8318]

Never cosign for anyone, for any reason, ever.

[@BloodSweatGearsGaragePTC]

Never finance for any reason ever!

[@jwg9338]

Except your wife, maybe.

[@stevee8318]

@@jwg9338 If you are married you would just put the vehicle in both spouses names so both have equal ownership rights and financial obligation.

[@stevee8318]

@@jwg9338 If you are married you just put both names on the title and the loan, that way both spouses have equal rights and responsibilities in relation to the car.

[@legoking101]

:( but I love her

[@dean827]

u know your game. Used to own a 13m auto dealer agency and everything u say is helping young people and is spot on

[@oleradiodudea.m.4735]

True Story: My daughter cashiers at a food store in a blue collar area.. She says probably 15 - 25% (depending on the time of the month and when ebt cards get recharged) of people at their store don't have enough money to pay their bill at check out. Most get embarrassed and bail. That's the real America.

[@DebbyBailey-vz5rn]

Thank you I really enjoyed the video🎉❤😂

[@HonestUAWElectrician]

What I've been experiencing lately is totally strangers coming up to me at gas stations and asking if I had a few bucks to help. Something has to give sooner or later.

[@craigmiles8594]

Well, when credit cards are offering 0% for 12+ months AND you can pay it back in that time ... That is called using inflation to your advantage.

[@paleghost]

I'd be surprised if a dealer will let you put the entire cost of a car on a credit card unless you are overpaying for the car. They have to pay 2-3% of the transaction price as a interchange fee. Also I doubt you would be able to get a cash advance or convenience check without paying a 2-3% fee. Finally, your cash advance limit would not be enough to pay for the entire purchase price of a car. That limit is smaller than your credit limit.

[@craigmiles8594]

@@paleghost You are correct, my dealer only allowed a max of $2,000 on credit when I bought a new vehicle this year.

[@tross549]

No, if you have the money, buy it with cash. If you can’t buy in cash, you’re buying too much car.

[@craigmiles8594]

@@tross549 Cash today is more expensive than cash in the future.

[@gag141]

Me getting my car. Dealer "so how much do you wanna put down." Me "I got 4k for the down payment" Dealer "so is the cash, credit, or debit." Me "y'all do down payments on credit cards" Dealer "only up to 5k" Me * for the cash back* "alright let me put 4k down on my cc". I got 65 dollars back on something I was going to spend 4k on. And just used the cash to pay off the card, I also still had 0% on that card

[@stereomaster4231]

That’s what I did when I bought my car in 2020. They only allowed me to put 2,500 on my cc, but it was free $50 cashback

[@CarshowRellStudios]

Yep did the same put down 5k for my wife car last year

[@Plumber1111]

I had a car that had 9 payments left. My brother was intrested in taking over the payments. We went to his bank and he got approved and he formerly took over the loan. No pay me and i will pay BS. If you're going to take over a loan, do it the right way and go to their bank and they get approved.

[@monterreymxisfun3627]

If you can balance transfer a credit card or personal loan where it's more than two years after receiving the car, they can often discharge that unsecured debt in bankruptcy and still keep the car free and clear in some states.

[@oogbooga1924]

So many bangers lately

[@PassportBrosBusinessClass]

I went to a Hyundai dealership with a friend and her father, who was a much older gentleman. He was around 85. He wanted to lease a Hyundai Tucson. Not having strong credit the dealer tells him that he needs to have his daughter cosign on the loan with him. He immediately decides that he doesn’t want to do it and he gets ready to get up and leave. But he was going to be taking his $10,000 check with him. Immediately the dealer and the managerial staff worked something out to keep him from leaving And they sold him the car by himself with no cosigner. He also didn’t have to pay them anything more for the lease. Just understand: the dealers can work out whatever they want behind the scenes, but when they see that you have cash money and you come with a nice juicy check: often times it’s too much for them to allow you to possibly leave and take that money with you.

[@kevs2good133]

It’s called buying an approval

[@AsansChannel]

I had my father in law co-sign my vehicle and it was paid off 3rd month. In my opinion, this is the only way to co sign.

[@dawn2788]

401k loan has interest, but you paying the interest back to yourself, back into your own 401k account. Some people actually are poor at choosing their investments in their 401k account,, in those cases the 401k loan is like forced savings. The 401k loan can be bad, if the person buys a vehicle friviluos over extend type vehicle like a BMW.

[@dropbear9866]

Wow, that was eye opening. Thanks Lucky.

[@davidrubin2612]

2024 nissan versa S 5 speed manual is like 16k. Buy that

[@dean827]

i get from ussa before i even visit dealership and pay it semi monthly.. I own 3 benzes n pay 1 off, then buy another. Oldest 1 is 12 yrs od. When i had a biz i got high mileage leases on company then bought out the cheap residual with dividend cash

[@tcshy1903]

My aunt co-signed a loan for her daughter. The payments were high. Then, my cousin died of COVID. My aunt was stuck with the payments on the car.

[@CarshowRellStudios]

Would’ve sold it asap but probably still have a balance since most cars don’t appreciate

[@marcotrujillo5628]

Should’ve had life insurance

[@oleradiodudea.m.4735]

The Pastor got financing from Hippocket Mutual Savings and Loan.

[@ashishpatel350]

pastor was using church funds to pay for this stripper girlfriend lol

[@All-Miles-Matter]

Phenomenal video! Great job luck!

[@c2alohagmail]

Hi Lucky, please do a video on leasing cars!

[@kingcarlos4348]

Well a lot of people probably use personal loans bc they can’t get approved for a car loan. Either bc the car they’re trying to buy is too old or no prior car loans. It happened to me and I paid off the loans years sooner that I had to

[@zerozeru]

When are we going to see a new watch Lucky?!?!

[@carshierge]

Awesome 👏🏽

[@sergemyway4474]

Very well explained

[@CaRWyN1125]

Great video

[@ashishpatel350]

directions unclear just took out all ten ways on my credit card. but seriously i didnt even know they allowed people to buy a car on credit card, dont they have massives fees.

[@yourstrulybostonyourstruly3185]

I co-signed for my fiancé (fcking trick lol)…. I made her put down 30% on the car to lower the interest in the payments but boy oh boy am I ready for her to reapply and take over that loan for herself 😅. God forbid things went left id gladly take over the car and payments

[@megan9825]

Greta vid, thanks!

[@patrickboyd3364]

I bought a used car the interest rate was 12.99% what I did was took out a 401K loan at an interest rate of 8.05% and paid the car off and now i am repaying my 401K loan, because it's my money and I want it now.

[@tross549]

You should finance a car… pay cash or don’t buy it

[@moisdawg]

How would you approach buying a car with student loan debt? My only debt is student loans and I have about 33K balance, but i’m interested in financing

[@erickholguin8206]

I bought a great deal 7k for a subi. 3k holiday loan at 7% rest cash. Wayyyyyyy better idea than going to a dealer. Just throwing an idea.

[@whitejodeci8926]

Lucky, I paid cash for my 720s. If I decide to upgrade in the future, any way I can use that to increase credit loan amount with a credit union?

[@SteveTruong-z9k]

Can you tell us about car lease pros and cons at the dealership?? Thx..

[@patricpolac50]

Only God can judge her... and this whole entire comment section, lol 😂😂

[@operationretribution1263]

Co-sign nothing for no one, not even a spouse or partner. Not a house Not a car Not a loan Nothing...

[@nathanm2664]

Me: *selling car on FB Marketplace* Buyer: “Will you take payments?” Me: “Yes. One payment in full.” Get your financing sorted out before coming to look at the car, people ✌️

[@MrBeefsnorkel]

Lucky - do you have a company you'd recommend to pay to fix credit? Does a good job and doesn't let all your crap hit back on your account 6 months later and leave you holding the L? The last part of my remaining plan is disputing incorrect collections on my credit. They aren't even over $500, but there's 3 of them and they destroy my rating. Everything else is perfect but its keeping my number low. Everyone has time....I won't bs about that, but I lost interest in remembering to blast out letters and watching for responses etc. TIA

[@CarMarketGuy]

I had no idea people were doing half of these, this is ridiculous

[@PlantNativeTrees]

If you can't pay cash, you're broke and shouldn't buy a car. Walk, ride a bicycle, take a bus, Uber. Get your life and finances in order. Then buy.

[@Zoet50]

Do any dealers accept Bitcoin for a new car

[@Sportsandsneakers20212]

My guess is no because for whatever reason you sign to buy a car, they accept bitcoin and tomorrow something happens bitcoin goes to zero and you got a car but they didn’t get their money. Too volatile

[@burneyburney]

Ogara coach does. Or at least the mclaren Beverly Hills location does. Also accepts credit cards

[@JonMurman]

According to Dave Ramsey there is no good way of financing a vehicle

[@Lance_p84]

Bought my first commercial vehicle with my discover card. Van was 8k bought with no trouble, paid it back right away and double my points since it was the first year I got the card 💪🏾💪🏾💪🏾

[@allett19]

I got a loan for a car for my girlfriend at the time. I got lucky though she's now my wife.

[@abvincent12]

Never borrow money to buy a car. Ever

[@PassportBrosBusinessClass]

NEVER CO-SIGN FOR SHIT!!! Ever!!!

[@metallicflare1]

Never finance a car

[@lionheart93]

just buy cash skip financing

[@LuckyLopez777]

$$$$

[@isaacchavez1425]

Can you give me 33,000$ so I can pay off my '24 WRX? Yeah. I dont have that kind of $ either. Enjoy ✌️

[@silvermoneydude2044]

We are a nation of debt slaves

[@nigelcarter2165]

He tripping cpn’s still working at dealerships trust me when I say I know but as long as you set it up right and those people that get caught in those KZbin videos are people that are literally just committing identity theft thinking their going to get away but of course I’m not advocating for anything but use at your own risk

[@JA-zh5xi]

There is NO good way to finance a car. If you’re financing a car you can’t afford it.

[@cjonapj5615]

@luckylopez what if you have a life insurance policy that you can take money out tax free but won't affect your policy?