How to Refinance A Car Loan (The Right Way) / Ask The Money Nerds

[@ToFlyIm]

wow, was actually trying to obtain some information and I got nothing from this video

[@howyoudurrinhunneh]

Right. Guy is like "Well, I'm fucking rich and I pay cash, but you morons can do whatever you want."

[@girlypollo]

Exactly. More than 10 mnts talking garbage.

[@Waliocoolioflo]

😂😂😂

[@alexb8926]

😅

[@Chowneowi]

Same

[@nembhardandre]

1:35...."I PAID CASH FOR MY MERCEDES" its a video on "refinancing" Sigh

[@BBBILLY86]

I don't buy vehicles often, had my car for 6 and keeping pick up the same. Had me laughing. I drove a pick up 20 years. My current one 7 years and will keep 20 years. Had a Honda Civic for 7 years. 39 years driving and only had a couple vehicles. 6 years is no flex.

[@ChillyChav]

This seems more like a bragging session. I came here because I have financed a car at a really high rate. A good fraction of my income comes from uber so not even my credit union will refinance me. I have decent credit and low credit card debt but everywhere I look is a dead end. I dont want to keep applying for loans and hurting my score from lots of inquiries. Help the struggling people out that come looking for answers. No hate for the people who can buy cash but in this rat race of a world thats not typical.

[@oyedread]

He giving the answers, but let me ask you a few questions: What's the actual value of the car? Go to NADA website and take the average of the three values (trade in, private, retail) when you plug in your car info. What's the loan amount you have for the vehicle? Unless you can show two years of income history for uber money making they won't consider it properly. You might want to bite the bullet for 6 months, and come back to the credit unions for help. In those 6 months, probably have your money coming through the credit union you think is your best chance. Save at least 1 grand you can put to the refinancing. Talk to the institutions, give them as much info as you can before you even get to the point where your credit is ran. Time heals bro

[@ChillyChav]

@@oyedread i usually would tell you to move on with this because you think you know but you dont.... im past all of that on ya list though, still no success. As for the answers, its common sense to buy cash and filling out an application is simple so most of us are here for actually insight on issues not generic, basic info and self pats on the back.

[@Renzo.Fortini]

Id say work at amazon , i make about as much from which i use to do doordash/uber then you have a great history

[@xavierh.3198]

Exactly what I was thinking

[@ChillyChav]

@@Renzo.Fortini I have children so between the cost of daycare, and not being available when needed, being missing 10+ hours per day, everyday isn't doable. I also have the time to make more money doing other things. It just won't be in the form of a paystub.

[@Ayers010]

I think these tips are great for people who already have money at their dispense or amazing credit. . . I have a car that I own $7400 on and it’s only worth $4200. And my credit isn’t great. . I’m as puzzled as I was before I started this video.

[@GarrettGundersonTV]

I have some videos on improving credit and here is a guide as well for free at wealthfactory.com/credit. I think I mention that in the video

[@oyedread]

Do you have GAP insurance and extended warranty? I see a lot these add ons are the problems with financing a car. Always putting the financially vulnerable and those trying to do the right thing on the wrong side of the equation. See what you can get refunded, call the car financing office. It's your money!

[@RAMakaWERO]

This guy talking about paying cash on a refinance video 🤦

[@samgarong]

seriously, that was kind of a turn off. like, the people who click this video are people who are thinking about refinancing...you think these are ppl in the position to pay cash for a car??

[@michaelb.8953]

@@samgarong The last car I paid cash for was used at $3000 and drove it for 2.5 years. It wasn't exactly going to turn heads driving down the road, but it got the job done going from point A to Point B.

[@84848AR]

Ummm so how do I refinance?

[@truthtimetv4575]

LOL

[@GarrettGundersonTV]

Go to the bank or credit union and talk to them first, if that doesn’t help, ask me more at AskTheMoneyNerds.com

[@DeepInfernoRising]

@@GarrettGundersonTVyou could have said that right away instead of telling us you pay cash for cars and drive a Mercedes.

[@sylm5374]

I don't get it. Aside from going with a credit union when refinancing you just flex about your amazing choices.

[@edmundoojeda5797]

I don't understand the explanation you give at 7:57 on the lease and the buy out option

[@GarrettGundersonTV]

I'll have to film an explanation but it might be a month or two.

[@hoodrich902]

The last car I financed for 60mo I've had for 11 years 240,000mi

[@Haybay_1999]

I just learned that the company I financed my car through are loan sharks, high interest rates. And I'm trying to get it refinance through someone else

[@PrinceObhan]

Even if you have the cash, take the discount that comes with financing and pre-pay the car loan into 3 to 6 months (make sure it comes with no pre-payment penalties

[@jdigitalseven7]

Most every millionaire and veteran financial advisor would disagree. Paying cash for a car is always best. Owning property vs renting until paid off/getting reposed. The borrower will always be slave to the lender.

[@jakebishop9962]

@@jdigitalseven7 100% false. Renting is SO underrated. and Buying a car cash leaves you with all the liability!

[@jordan23829]

Video summary: Save up $20,000 to $30,000 and buy it in cash. Get a dealer friend to take you to auctions 🤣

[@stormz900]

Cars are confusing but from what I took away, used 1 yr old low mileage and credit unions have the best rates

[@GarrettGundersonTV]

Yep

[@mehmet-eu3df]

hi thanks much for video🙏 but i couldnt find anywhere whats the dmv process of refinancing , do i need to pay registiration fee again ? or do i need get new insurance plan , how it works , thanks in advance

[@Brandon-id1td]

How would you go about buying a 63k Tesla at the lowest monthly payments?

[@shawnmcpherson4422]

How long after first getting the car do recommend refinancing?

[@rubenramos9637]

I started getting refinance loan offers after four months...25k car...gave 7000k down....590 monthly payment...only my first payment was made on time...lendingclub, upstart, and auto approve are the ones sending letters

[@rubenramos9637]

my credit went down from 656 to 614...one credit card with $60 in debt

[@zackdillan2219]

Can the original bank deny you from refinancing through someone else or is that what they have the early pay off fee for

[@R-Mc]

My truck is 21 interest rate and I just got it October 4th the car note 834 I want refinance how do I do that I need help

[@-Arkelon]

Hello I have brand new Honda Accord 2022 with 3 k miles only ! unfortunately was involved in an accident ! Honda fixed the car paid by insurance. By now I owe 30 k on this car in payments ! Should I keep paying this car at least for an year more, and trade in for a lower price car ,or pay the total right now to avoid more depreciation ? Ps : I have ways to pay off the amount owed ! Reply

[@GarrettGundersonTV]

I'm going to film something to help.

[@-Arkelon]

@@GarrettGundersonTV Great !

[@tripnitotoy4838]

I need some help with my scenario. I have a honda civic type r, i bought it for 55,000 deposited 10,000 and borrowed the rest with the bank. The bank gave me 6% interest for 7year loan which is not bad. I have checked the market value of my type R its sitting on 45-55k second hand. Now, I'm thinking of refinancing my car to get a Isuzu D-max. My question is, is it worth selling the type R and getting a refinance to buy the D-Max? Thank you in advance.

[@GarrettGundersonTV]

What is the cost of the other car you are considering?

[@TheRoman1964]

Hey Garrett! How bout answering the question on the title of your video?

[@cj0970]

Would it make sense to refinance my car to get a lower payment but continue paying the same amount I was paying prior: but this time that extra money that I would have “saved” goes straight to the principal. Shouldn’t doing it this way pay my car off faster with less money coming out of my pocket technically overall

[@GarrettGundersonTV]

Definitely

[@kimmarc9128]

This is the exact question and reason I came on this video for, the comment section definitely came through! Thanks!

[@meand3more]

Hi Garret. I can't pay monthly car payments because I was laid off. It's a voluntary repossession a good option? thanks

[@GarrettGundersonTV]

I am not sure how that works. I’ll have to ask around.

[@GodISLuV4EveR]

Felix Peralta No, Dave Ramsey says try to sell it before you give it back.

[@laurachamberlain9591]

When my mom had a stroke 4 months after buying a new car, I had to return it to the bank that financed it. After they sold the car, they sold it for less than she paid for it. She got stuck with a $5,000 bill. She bought it for $17,000. So if you can sell it, try to but if you return it, they will sell it for less and you will owe the difference.

[@meand3more]

laura chamberlain Thanks Laura

[@laurachamberlain9591]

Hi Garrett, I just bought a car with a whopping 20 percent interest. I have bad credit so I am used to paying high interest rates. But 20% is too high. I have a 9k loan and the interest rate will cost me 5k if I don't fix it. Now, 3 months after buying, I am thinking of cleaning up credit and refinancing. How long should I go before applying for a refinance? I bank at a credit union. My credit now is 550 and I only have 3 bad accounts with a balance of 900 if I pay them off so I can easily fix this report.

[@jrrambo2097]

Having a credit card helps with credit score. Though you have to have it zero balance or really close. Anything over 30% of credit limit on credit card will hurt you. Closing a credit card account hurts you to.

[@optimoefpv2302]

When you say bad accounts? If they all show late payments on your report it won’t be that simple

[@tylerkemp3156]

Does refinancing mean you get to pick a new amount to borrow

[@GarrettGundersonTV]

Depends on the value of your home. But you can pull out equity or pay down the loan

[@tylerkemp3156]

@@GarrettGundersonTV say its for a car loan does that mean i can go with the new loan

[@GarrettGundersonTV]

You can refinance a car loan too yes.

[@casshroses]

HI GARRETT! New to your channel. You guys gave some really good insight. I bought a car with no established credit, a new employer and only $1000 dwn. As you can imagine, I got a terrible deal (26% interest, 275$mo). I was desperate at the time. I have paid on time for two years now and my credit score is above 710. Would it be better to refinance with bank/cred.union or trade in @ dealership? Any advice is appreciated.

[@AirForceJay]

I’d say refinance with credit union based off of my personal experience, I was able to get a 5.23% interest on my first car loan through a credit union. But see all your options! Your gonna see a great degrease in your interest with that credit score and other factors like job, income, and payment history

[@micahsalas8963]

Lol! Sorry bud but you are super dumb on the time of purchasing the car lmao! 26% is insane!

[@JoseFernandez-wu8pj]

@@AirForceJay agreed

[@wabo_airsoftwrld]

Can I refinance my car loan to another car that is way cheaper than the one I have

[@Fresh-vw4gq]

I brought a used car with a high interest rate since I brought it I paid my credit card off and student loans my score is over 780 should I refinance

[@GarrettGundersonTV]

Look at your options for sure.

[@AirForceJay]

Hell yeah man, I’m in the same boat my credit is above a 750 and I’m refinancing my car and my car rate is already low😁 aiming for a 3.5% interest if possible. Definitely do it!

[@SecondFoundation]

Question, how should i refinance my car? ANSWER: I pay for my cars in cash. Super relevant.

[@k.b.s4703]

Also I never walked into a dealership and my cousins was the car lender. But let me tell you about how I'm better than you and not actually give u an answer.

[@MimiMhair]

Wow I was a screw from the beginning

[@mackregis7552]

How did you get out of it ?

[@alexanderflemming7083]

We all were...

[@gerryclemonsii]

My credit score has increased about 97 points since last June when I purchased my SUV. I think I'm able to refinance and save a lot on interest BUT my wife needs a car. Should we apply for her car loan first since my credit is a lot better and then try to refinance the SUV? What do you suggest we do?

[@GarrettGundersonTV]

Find the vehicle and work with the same institution to do both simultaneously

[@gerryclemonsii]

@@GarrettGundersonTV Thanks, will do

[@jdigitalseven7]

I'd say go with smallest possible term and even then try to pay it off early...you'll save on interest the faster you pay it off and if its a 2-3 year term then it forces you to pay it off then. This verses a 5 year extension with lower monthly payments (but much more overall over time) that might make one lazy and not pay off as fast.

[@coryc42]

you realize most people who refinance do that cause they can’t afford the monthly payment

[@laurachamberlain9591]

Does lowering interest rate from refinance car loan increase credit score? does high interest rates lower score?

[@optimoefpv2302]

laura chamberlain The refinance itself might actually lower your scores because of inquiries and a new/closed accounts, I would say if your credit isn’t good work on that before a refinance

[@JavierG26868]

Take the rebates, then refinance in a couple months ( if good credit and good down payment to ensure you have some equity)

[@GarrettGundersonTV]

Yes!

[@jon36-88]

Whats a good down payment. what %

[@jamextras]

This video was about everything but how to refinance the right way. Or any other way.

[@MsTcup]

You can make a nice car look really nice by tinting the windows throwing on some chrome rain guards and some super nice rims!

[@Waliocoolioflo]

The craziest thing is money isn't complicated at all either you got enough or you don't it's people who make transactions complicated

[@gbessix1644]

I am not understanding. You said you had a money order before you went to the dealership but most money orders cap you @ $1,000 and if you use cashiers check they put the person/Biz name on the check. I would like to know how you did this?

[@GarrettGundersonTV]

It was actually a check from an investment that had paid off, I planned on signing it over, but the dealership had me go get a cashiers check. But I knew the amount I was willing to spend and had the money I showed them.

[@elialexander9188]

I finally got a Lexus with the biweekly stubs I got to prove my income

[@bokokotarot]

So I should refinance with a credit union?

[@AirForceJay]

Yes but don’t count out banks! Go to your nearest credit union and see your options!

[@SecondFoundation]

Financial tip 98: Have your cousin sell cars.

[@scottleo8363]

No wonder your channel has only 60k sub

[@elialexander9188]

Credible Cyber came thru tbh

[@zamarvelezzz]

Dude you are like Keanu Reeves twin. lol love the video!

[@Catholic_warrior_of_Christ]

One bought a Mercedes paid cash and sold it in 6yrs the other says refinance your loan. Don’t do anything they are saying go to Dave Ramsey please!! Pay you principal down your car Interest is base on the month to month. Paying on your principal will lower your interest.

[@livinlovinlaughin99]

Fam.....you launch into a self serving speech about how you "pay cash for mercedes" that doesn't help anyone, you could have saved that little nugget of info 😒

[@gsgcarreviews]

Wise guy

[@constancegooding2331]

I thought it was about refinancing a car... not buying a new one. Good info but not on what it is titled.

[@GarrettGundersonTV]

Ooops. You can apply this to a refinance depending on the interest rates.

[@Nik85578]

I can’t deal with people with money talking about buying cars

[@GarrettGundersonTV]

Sorry to hear that.

[@willwatson3790]

Asked what bank to refinance with and they never answered the question😂

[@GarrettGundersonTV]

Asked the money needs?

[@johanndeleon438]

"After I say this, I actually pay cash for cars"

[@alonzovasquez2682]

The last 30 seconds of the video helped more than anything. Why didn't you just say that from the beginning instead of bragging.

[@GarrettGundersonTV]

Guess I'm an asshole. Trying to do better.

[@pineappleexpressnetwork4942]

10:20 mins of waste of time 🤷‍♂️

[@vivigarr]

Lol the best way to not pay interest on a car is to just be wealthy enough to just drop $15k on your car at any given time who knew it was THAT easy?

[@rachelnaker7308]

They broke down absolutely nothing didn't explain anything horrible video. This is basically a discussion about cars and finance not educational material smh

[@ruththomas7164]

Like , my Mercedes- pfff- not real world- 🤯🇺🇸

[@FAB0516]

Pfft more like car buying brags.Buying the car is not the problem or how long payments are. The real problem is all the time invested into jobs when the pay really doesn't consider living wages. But yeah totally makes sense now. Why are we all financing when we can just use the cash that was given to us as soon as we were ready for the world. I though we all financed to help our economy. It turns out we should be using that great amount if cash we have lying around to get the best deals we can. Silly me

[@jdigitalseven7]

6-7 year terms are ridiculous 😂😂😂😂

[@misfitgaming328]

Can you do what you said in the title instead of talking about yourself and your tricks you pulled

[@GarrettGundersonTV]

I did the video then wrote the title. Sorry it wasn't what you had hoped. What would you like to learn or know?

[@Niitonnn]

Nobody cares about how you bought your car. MASSIVE clickbait. 👎🏽

[@fabiocastro3812]

i've learned 0 lessons. nothing that i didn't know already

[@LaGTGlitch]

Shoot I have 159k 44 months left im fucked

[@Z.O.M.I]

yall would be in Washington state lol

[@royalpalm1542]

This dude interrupted and said a whole bunch of nothing smh 🤦‍♂️

[@ke78487]

I didn't learn nothing from this video

[@robin71055]

Literally, didn't answer any of the actual questions.

[@noraprice3804]

Get to the point, what’s all this other talk

[@garik1018]

"How to refinance a car" . "I buy Cash" useless Video😂😂😂😂

[@josemopar708]

Don't give me rich opinion, give me solutions. O wait you don't know nothing. Wasting time

[@shannarnelson]

Learned nothing from the video

[@gerry0072]

My GOD can’t not watch another minute of this snore fest get some energy guys

[@luisestrada9391]

😂how arrogant