NO MONEY DOWN FOR BUYING CARS! (Here's How)

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[@SirFoodie1904]

I purchased a semi truck and trailer with no money down. Every owner operators told me it’s impossible. I have a not so good credit scores of 680. I’m not saying it was easy but if you want success, you need to be persistent and not give up. Successful people don’t give up. I’m not saying I’m successful not even close but from one truck and trailer I purchased, I now own a fleet of 6 semi trucks and trailers and also I now own 40 box trucks. Businesses are full of challenges, but once you break through those challenges you can reap success as well. I wish everyone here the best on their business endeavors. Never give up on your dreams, don’t let anyone steal your dreams.

[@mojopimp2020]

yes but what is your interest rate?

[@mojopimp2020]

I am glad it worked out for you but I get offered 18 percent interest rates at a 680. I know you are expecting to reap money back in to offset it but 2020 showed us anything can happen.

[@SirFoodie1904]

@@mojopimp2020 10% percent interest rates, and paid that off in two years, after I paid the first truck I went back to the same finance company and purchased the rest of the trucks including the box trucks, I put them under my business credit instead of my personal under an S Corp. Like most of the purchases, the first is always the hardest to get. It took me 21 rejections to finally found the one that was willing to give me a chance. My personal score now is 785, my business score under Dunn and Bradstreet is an (B). I believe you’re familiar with the D&B scores for businesses only. I rather pay a 10 percent interest and cash for an emergency purposes. Then pay the vehicle off as soon as possible. That’s what I did. To me in any businesses you have to know your intentions and exit strategy prior to getting into one. I’d learned from one of my business that I failed miserably that’s what got my personal credit scores so low. Than I learned to not use my personal credits to do business finances. Because if my business fails, in doesn’t affect my personal credits. That’s including credit cards. I separated my business credit cards from personal credit cards. My business cards are under my business entity not my personal name.

[@SoundScientist1]

FYI. I learned elsewhere that these last two entries (talking about "Flixzone") are most likely sketchy "bots" seeking to obtain your personal data.

[@shakielanderson6071]

@kheam hem can u share insight of what financial company you went to and did your personal credit score matter ?

[@LynxStarAuto]

What I can tell you about auction buying: so I work on cars for a living and started a side gig with one of my customers who has a used car dealership. We are in Miami, so he lists his higher end cars on the platform and rents them out, whilst simultaneously listing them for sale. He purchases the vehicles through the auction and puts them on his floor plan. A floor plan is a line of credit extended to dealerships. It allows them to hold inventory and not make payments (or not accrue interest) for a determined amount of time (usually 90 days). So for the first 3 months he can have the cars generate revenue for free, and if all works out, he can then sell the car before the first payment is even due. He also uses his lot at the location to pick up and drop off. There have been several instances where the renter has returned to purchase the car or a car from him as well.

[@helpyourfellowhuman]

They do acrue interest. If the Floorplan in one of there audits finds out he is renting them they will cut him off. They do offer special flooring for rentals but the terms are ruthless and you can't pay them off early.

[@LynxStarAuto]

@@helpyourfellowhuman Yeah it violates their TOS but like anything else in America risk/reward

[@johnsonrepp]

When buying from a “dealer auction” like manheim, there is a different strategy methodology. Buying the cars at 20% off current retail price. Not having a car payment makes you more money each month. Insurance is less when you own the vehicle vs financing. Best of all, you can then sell you car after 1 year and still make an additional 15% over purchase price, also made money the entire year off the vehicle rented on Turo. So my opinion is if you buy a vehicle at auction you make a lot more money as long as you sell after 1 year. •You sell for 15% over the purchase price. •You make money every month off that car. •Insurance is lower. •no monthly car payment. It’s like parking your cash in a great stock. You will make 25% off your parked cash in 1 year.

[@jorgetorres467]

Damn

[@dedalliance1]

Owning a car outright I'm pretty sure doesn't make your insurance cheaper. All it does is allow you to not carry full coverage or extra insurance premiums and what not that a bank financing your loan makes you hold. My truck is financed, but the credit union says I have to have no more than a 500 dollar deductible and full coverage. Paying it off doesn't make the insurance cheaper it just allows you to choose cheaper insurance. Not having full coverage on a rental vehicle in my opinion is pretty stupid.

[@ChristianMcLeodphoto]

Where can i find auctions in Hawaii?

[@johnsonrepp]

@@ChristianMcLeodphotolicensed dealer only auction are available in Hawaii.

[@SeanTriglia-yt2co]

This comment completely ignores the convo of tax advantages. You’re also ignoring cash on cash return. You sunk a bunch of money in. How long until you’ve made your initial investment back, and are actually net positive? If It takes the entire year and for You to Sell The car to be positive you don’t have cash flow. You have an asset holding company and are operating in a deficit all year for your expenses.

[@fortlauderdaleturo7299]

*PEOPLE* Have your financing pre approved to better prepare yourself when in negotiations. No haggle dealerships stay away from them. Every car is negotiable! Also, *DO YOUR RESEARCH ON MMR (MARKET VALUE) Don't fall in love with a hunk of metal...fall in love with the deal! *HERE ENDETH THE LESSON*

[@clmcarsdallas6860]

The bigger the down payment the smaller the monthly payment which is better for cash flow on an ongoing basis. The saving the down payment cash to have for a rainy day is a good idea in a general sense (cash is king) but it pays to think carefully about the benefit of securing a cash free deal up front versus the increased payments that have to be covered by rentals. Do you want an immediate cash squeeze or an ongoing cash crunch. In the end, you're "renting" the car- whether you buy or lease. Total of $ value of the payments - residual value /months owned = basic cost of the asset, lease or buy.

[@TheBalfor]

Just bought a car and listed on turo. Fun fact.... I’m in Texas. Thanks Saimah

[@NLight-dl6wd]

Congratulations!

[@opeyemiapampa4863]

Congratulations. Been looking for proof Turo does well in dallas.

[@imaflipp]

Update?

[@bambambino23]

I’ve been a auto salesman at several dealerships and I can tell you the down payment has absolutely nothing to do with the commission. The down payment is for YOU. It will lower your monthly car note and could qualify you for a lower APR

[@fpi8584761]

You are blind to the scam of the car dealerships. Or, it benefits you.

[@loisa2458]

You would think or say that because you have no knowledge of 15 usc 1605 and what the responsibility of your actual position is lol but its not your fault, you just want a job

[@issaihcompas9485]

@@loisa2458 litterally frad man down payment not needed.

[@JosephLayden]

That's why we go to Navy Federal. Their APR has nothing to do with whether you make a down payment.

[@JosephLayden]

It's pretty much impossible to get a low APR at a dealer since they add 1-3% APR on top of the what the dealer offers after they shotgun (and temporarily ruin) your credit. Never finance at a lot whatever you do. There are plenty of banks and credit unions that will approve you before you even step foot on the lot.

[@georgeretsinas5160]

More money down does NOT mean a larger commission for the salesperson. And money down CAN affect approval by the finance company. Dealerships get paid in full by the loan anyway and the finance company takes over the liability immediately.

[@Uzi_girl]

Look into the TILA act down payments are illegal

[@kitevans1084]

Well the bank doesn't require it

[@huntergierling2682]

@@kitevans1084 Yes, they often do.

[@thattannerguy856]

NEVER LET THEM KNOW YOU'RE FINANCING until the end. Negotiate the actual price

[@snakekeeper2073]

GOOD LUCK negotiating for any vehicle that is in demand right now.

[@kirkdunn1379]

If you already have an approved rate it doesn't matter.....have done it both ways..... Do your financing first b4 buying....know your auto scores, which lenders use which scores...... Most people do it backwards.... There is only 2 numbers to focus on when buying a car....the 3rd takes care of itself if the first 2 line up

[@SeanTriglia-yt2co]

What are the numbers to focus on?

[@kevinmitchell8062]

Facts

[@XX-166]

It’s simple if you feel pressure from a dealership get up and walk out. Be informed, be savvy, do you homework before your purchase and don’t give any info out until your purchase numbers are nailed down and agreed upon. Then you get into terms and finances, preferably come in with your own bank financing and watch the stealerships add ons. Watch the end numbers and the math that may change as they try to slip things in the deal at the end.

[@shanem3012]

Had a friend buy a new supra and had to wait for it to show up. When they did all the paper work they added on like 20k in extras that they said were free cuz he specifically said he didnt want anything extra. So shady!

[@XX-166]

@@shanem3012 as long as he didn’t sign on the dotted line for that added garbage and drive off with that bmw oops Supra then all is good.

[@stumpsteph2153]

@@XX-166 😂 bmw

[@XX-166]

@@stumpsteph2153 😂😂😂😂 that’s all it is.

[@thattannerguy856]

I agree 100%. The last time I bought a car they asked me what payment I want... Which they can always make work but stretching out payments, creative financing, etc. I said, I can make any payment work, I don't care what my payment is.. But what is the cost of the car. Yeah, they had to lay their cards out... Lol

[@saimahsexperience]

**LEARN HOW TO BECOME A 6 FIGURE HOST ON TURO THROUGH MY EXCLUSIVE COURSE!** 💥 2022 Black Friday Promo Code ➡ TURO25 *this is a limited time deal offered only once a year!* GET ACCESS NOW ➡ www.powerhost.club/

[@Prestige.Automotive]

Great video! I financed my first 3 cars for Turo with $0 down. They made me enough cash flow that I could bought the next 2 with credit cards and just paid them off. I’ll do the same thing with my next cars.

[@DeeJay-cc9kg]

All those on personal credit or Business credit ?

[@bblack6868]

What you’re actually doing is monetizing your credit when you’re doing a no money down lease or purchase. I agree with you , it’s better to keep your cash. I’ve greatly enjoyed your videos.......very well edited and subject matter intelligently selected and produced. I always wait to be reminded by you to click the like.....lol ....but now I’ve finally subbed, so you’ve got me for life. Peace

[@tareancarter6570]

Great video, I worked at a dealership for a while now and we are trained to block the no money down, just say you only have 20 dollars in your wallet you got that it nothing lol, GAP is always mark up- it’s only worth negative equity in it, and on a lease you have to have tier 2 cerdit but no money down is a higher monthly payment, personal fine with me putting 3000 to have 60 less a month for 36 is not worth it to me, and if you lease when it over just roll anything extra into the new lease, another way is to walk out and say I’m going to a different dealership they will beat whatever price just to get your business had it happen to me 9 times

[@JackFrost-cr9jd]

I ordered the new pet you have to put 5K down from even start to build what do I do now just saying that’s all I have

[@centexsucks1]

OMG SAIMAH!!! You just saved me TEN GRAND!!!! I was putting 10k down on a car and I just happened to see this video before I went back to the dealer. I picked another car and told them I wanted to do $0 down and the girl said ok "gangster" LOL!!! I got approved for the same car with $669 dollars down and that was on a vette. YOU ROCK!!!! I thought since it was a big price i needed a big down payment. Thank a million!!Or should I say thank several thousand lol.

[@Qred09]

Now your loan is 10k more than it would have been😂 silly ass

[@amandadasilva7643]

@@Qred09 explain how

[@dedalliance1]

What do you mean explain how? The purchase price is let's say 100k, you either finance 100 percent of it, or put 10k down and then you're only financing 90k dollars. Really simple stuff here.

[@amandadasilva7643]

Sounds like the move you made wasn't even wise .

[@davidzap5755]

Great channel! I would like to disagree with you about sales persons commission. As a former new car sales manager, commissions don't come from the down payment. Commissions are based on net profit on the deal overall. I do agree that you should use other peoples money. Great job!!

[@LynxStarAuto]

Some dealers do put the down payment into a draw pot for the end of the day. Usually the mom and pop stores.

[@aidenceja8755]

@@LynxStarAuto that's why you read the contract carefully and make sure your downpayment is going to the principal of the car.

[@Ticedacreepa]

@@aidenceja8755 🙏🏾 Amen

[@byronanthony7834]

This woman is actually my turo guru! I just wasn't feeling this video but she is awesome. I have 15 cars and 2 jet skis, some I purchased some I financed. But all I want to see say is build your Business credit! Everyone speaking on personal credit but didn't speak on how business credit is 10x more powerful. Peace

[@stanwagner7569]

That's true about the bank I just got approved for a $54,000 Dooley and they didn't want ask me for a down payment and we priced out four of the trucks all through the process not once was down payment brought up and I was getting it for 5% interest

[@walterstevensjr2302]

Car salesman here for 2+ years . I totally agree with not putting money down on a lease but we don’t make any commission on down payment but the more money someone puts down the higher chance of holding gross profit which is were a sales persons commission is a percentage of the front gross profit. Dealers are willing to loose money on the front in hopes to make money on the back end which is finance department which is were most profit is made . There is a drive off due at signing is required which is typically first month payment acquisition fee plus tt&l. Not all dealers or sales people are vultures I’m pretty straight forward and honest in all my deals. Audi Downtown LA here! Love your videos btw might start a turo business some day!

[@saleenr6]

So I see buying outright works like this...Lets say a car 25k plus 2.5k tax so your out the door 27.5k. over 2 years of depreciation you sell it for 20k, loss of 7.5k. divide by 24 month, 312.5/ month loss. So basically whatever you make above 321.5 its profit. If you can lease this car for 312.5 a month with zero down then it comes out even.

[@zenmusic9169]

Great advice from a wise woman. Thank you!

[@alexbjonestv]

Thank you for all videos you share! 3 quick questions: 1) Are you financing with personal credit or business credit? 2) How many cars do you have financed at any one time? 3) How do you get financed with a lot of existing car loans?

[@byronanthony7834]

Great questions. Let me know what the responses are! That info would actually be very helpful

[@htclements4699]

Alex: I'm sure you already know, a business can finance as many cars as it wants so long as the company can prove they can pay for them. As Therealjames100 mentioned, learn how banking works, and you'll know the answers to your question. Remember, banks love to loan money to successful paying people. I'm just saying...

[@mojopimp2020]

@@samanthapowell5882 how do you get business credit? Any resources would be very appreciated.

[@Ticedacreepa]

@@byronanthony7834 Yes me as well Brother

[@Ticedacreepa]

@@htclements4699 Well said🙏🏾Thank you

[@sicklymaad]

What about securing a loan before you go to the dealership.

[@CRUIZEwithme]

hit up local credit unions and shop around they usually give better interest rates then banks & dealerships, you can ask them to get pre approved for however much you think the car will cost and then if you're pre approved you go to the dealership with a cheque essentially and since a cheque is like cash to the dealers you can prob talk them down to a lower price for the car compared to financing with the dealership!

[@rbtrda4897]

Thank you Saimah for your valuable information. You've inspire me, keep up the good work. For it is very valuable. May God richly bless you always 🙏

[@htclements4699]

Buying at an auction will always pay off when you buy it for way under market value! I'm not saying I buy them with my cash; I just want to be clear. Your investment vehicles should be bought through your business because you are working for a company; yours! Therefore, finance all your cars through your company, including auction purchases. PS: She's such a sweet girl. Folks, let's not be so harsh!

[@toofast0253]

Where do you suggest people get personal insurance? We still need that. Turo's insurance only covers the car while it's on a rental. None of the insurance carriers I contacted (Geico, Progressive, etc) allow you to rent your car out. Their policies specifically prohibit that. Commercial insurers charge up $1,000 per month, per car. And they want to vet every driver before you give them your car. My fear is that I rent a car on Turo and the driver causes an accident and kills/injures someone. That person's/family's lawyer sues everyone in sight: your driver, Turo, YOU, and your personal insurance carrier. Your carrier is going to cry insurance fraud and won't defend you or pay out. Where does that leave you?

[@normanlove222]

OMG! you are so smart, intellegent, sharp and powerful. I learned a ton of stuff, as Im about to buy a car next week. Thank you so much!

[@ketchupkins234]

This actually isnt the case for first time buyers its harder to get approved for a car $0 down as a first time buyer really the only way to get the car you want as a first time buyer at $0 down is by having a good to great credit score, and if your credit is not good then a down payment is good for u because by putting as much as you can down on the car that shows them your a serious buyer. A lot of dealerships do not approve first time buyers for new cars at $0 down so this information is inaccurate because it doesn't apply to everyone.

[@zoulques]

This maybe off topic but you are absolutely gorgeous. Also your knowledge in customer service pertains to many other lines of business other than Turo. I don't do Turo anymore but I tune in for just good business sense. Keep it up!

[@southocturo5243]

You also never want to put money down on a lease you will never get that money back if there is a total loss with in the first year of ownership, put that cash into a high yield savings account and opt in for GAP which is usually $695-$895 for the duration of the loan, all dealerships make their money on the back end and dealer hold backs

[@germandelariva3754]

Yeah I’ve been scammed good. Put $5000 on a lease in 2018 and I honestly would go back and never do that if I could.

[@SPEAKTRULY]

I manage a used car dealership and finance department. There are some instances where the bank does require a down payment based on the credit of the buyer. If your credit history is below average you should expect the bank to ask for some sort of down payment as collateral as they are taking the risk of providing a low credit individual with a large loan on this car. The bank needs to offset their risk of lower credit somehow by either lowering the loan to value percentage by collecting a down payment or very commonly by raising the interest rate.

[@rickkern5785]

You are right and Samiah does not fully understand financing. She is using her business credit that has developed over 6 years. Not her personal credit. By the way 700 is barely over average credit.

[@DamonPerry]

Damn! I just dropped $3k on a Jeep Cherokee, and $2k on my BMW 330e bad ass hybrid. It was a Crypto Loan, and It's already made itself back so it was Free, BUT still, I could have used that for something else. Great suggestion since who cares about the payment, since it will pay itself off. My Jeep rented within 1 hour of being listed, and it's already booked for 4 trips, payment covered, and insurance covered. I'm scared to list the Bimmer, because it's fast as hell, it's like a Tesla lite, and I'm still figuring out how to use it.

[@swhite-crux]

Saimah this was the single most informative and to the point video I’ve seen all week, thank you

[@teekz1071]

Great knowledge, as always. Thank you Saimah.

[@ammonsword517]

lol. this made me feel better, for real. thank you for being straight with things, buying cars, and actually knowing what you're talking about. exactly, to maintain a safety net. if you can put a down payment, while maintaining that safety net then, yeah, that's a good idea. but, most people can't do that. my opinion is to just pay higher amounts when you can to exponentially lower the over-all remaining balance on the loan. you know...don't buy those other toys when you get more money...just put it towards paying down the loan even more, while keeping that normal monthly payment constant. yeah. good stuff...

[@justinbecker5001]

Listening to you educate is amazing 😍. I just started following, but your info is really helping so thank you 🙏

[@quest122596]

Appreciate you for this video, looking for my third car after getting burned 2 times and suing the last dealership for my c300 Benz for negligence. Always do your research people and don’t just believe a carfax go thru auto check as well

[@josephineellies20]

Wow you learn something new everyday. Thank you for the information

[@helpyourfellowhuman]

I own a carlot. Salesmen do not get commission on down payment and no money down is for a minority of the population. To qualify for no money down you need to be at about 700 score or higher. For the rest banks want you to have "skin in the game".

[@rugensclement4356]

I Bought 2 Cars With No Money Down n 520 Score. The Interest Was Just High, I Refinanced A Year Later , With a Local Bank

[@helpyourfellowhuman]

@@rugensclement4356 that's amazing. What bank?

[@shakielanderson6071]

Yes, what bank ??

[@DHILLA-yz4rx]

@@helpyourfellowhuman people dont like sharing info like that lmao.

[@UltimateAviator]

I love using Turo!!!

[@samsciascia4004]

I was a finance manager it has nothing to with commissions it has to deal with getting the deal bought from the bank.

[@kenapotheosis7026]

So... How often did you see 0 down sales?

[@samsciascia4004]

@@kenapotheosis7026 it happens depending on the manufacturer. If your credit has to be very strong you can do it.

[@byronanthony7834]

If you have excellent credit 0% down is possible. I watched my grandfather do it. But that's 2% of America. And if you have excellent credit, I doubt you would be on KZbin looking for car advice. People with excellent credit and money don't need advice on how to purchase vehicles. They already receive the best offers. Ford has commercials EVERYDAY that says no money down. This lady has dropped plenty of game, this video is just a dud.

[@kalstonii]

@@byronanthony7834 not exactly true. I do credit repair, but i get customers interested in leveraging their high credit scores (making money off it) vs just having it just to have it

[@byronanthony7834]

@@kalstonii I completely agree. The credit game is what makes America great!

[@santo9032]

Thank you, I’m NEVER putting money down again…

[@tshering2003]

You are so honest and kind, I thank you for your support.

[@naenicole3345]

I went through the Pre-Approval process with Navy Fed to eliminate the sales hassle and anxiety I get when going to a dealership. So now I all I have to do is walk in with my Pre Approved check, select a car, test drive, negotiate a lesser amount, and close the deal. No additional credit checks or hard inquiries because Navy Fed already did 1 hard inquiry VS dealerships pulling up to 10 inquiries. However, I do believe putting down a down payment lesson what you’ll be paying for the car in the long run, as well as your monthly payment but it is not a requirement for NFCU.

[@hbd9841drtygh]

Do have to have a certain credit score to get approved for navy fed

[@BobHarvey.]

My plan is to go with high mileage leases, then at lease end just roll over into new car new high mileage lease. And I always piss off the F&I folks because I decline all of their add-ins.

[@Wire-Free]

I'm considering a lease too... But why opt for high miles if your already expecting to roll into a new car purchase/lease at the end of original term. They'll waive any disposition fees, if you stay in the same brand family. Or sell it to Carvana, Groove, CarMax and have them pay off your lease end fees....

[@benitoaguilar5516]

This video was really helpful, you seem very knowledgeable. Thank you for this great information!!

[@rogercharles9545]

Wow, thank you for the info. First time on your channel and I'm looking forward to getting more tips going forward.

[@ButcherBird-FW190D]

I like to put money down in order to lower the interest I pay. In most cases I will put 10% to 20% down, then pay the car off over the next year or two. Works for me.

[@cadmn3dx69]

It’s illegal to request money down for a vehicle under TILA (truth in lending act) “Everything is based on Credit not credit score” but because no one knows or researches the laws of credit people are taken advantage of. IRS clearly stipulates how credit works if you know what to 🔍👀 (search) for. Ignorance of the law is no excuse

[@saimahsexperience]

very interesting thanks for sharing!

[@angieortiz-matos1412]

You are so informative! Thank you for sharing your knowledge, experience and advice ❤️

[@saimahsexperience]

So happy you find it useful 😊

[@pacmanfan6898]

Great tips. I'm about to buy my first turo car and this helps.

[@bellbellbell15]

I purchased a car with 0 down for Turo. I purchased it under my name not a llc as suggested in one of your latest videos. Is it possible to form a llc and switch it into the business name or do I need to wait for the next vehicle purchase? Lastly when I start buying cars under my business name will I need business car insurance or can I keep filing for Insurance with my personal name?

[@eamarieenterprise]

you need to buy under your business ! that way you can write that car off on your taxes.. and you do have more affordable insurance premiums , so you can scale your TURO business more efficiently

[@kevinsingleton8349]

Good video, and lots of insightful nuggets, especially negotiating with the finance manager on your rate. However, two things that come to mind. It’s good to remember this video is for assumed good to great credit. 2nd, how does no money down impact an exit strategy when financing?

[@aburgos502]

I would disagree with you on this. More down more profit for you. You limit the risk with a down payment. Would you finance a new corvette for 1400.00 a month or 20k down and only pay 850.00 if it’s slow you you can afford to lower your rent, book it more and your good. I don’t have much Turo experience but I own an AC repair biz in Orlando and I buy service vans like crazy.

[@vichenzodeleon5905]

I have high respect that you are different than most people. You Dress respectable unlike most millennial women. you are a true business woman.

[@elizabethsuju1501]

So here's my situation, I was approved for $15,000.00 by my credit union,right? BUT I brought in 2 different carfaxx sheets on vehicles that I am interested in. After the loan officer in my credit union looked at them,ran them through J.D. Power value app said that the bank would only pay for the VALUE of the car and for what it was booked for. One was a 2010 Lincoln Navigator that booked for $9,225.00 and was being sold for $9,995.00 ( OUT THE DOOR PRICE) was $10,094.00 including Licensing,taxes $ fees. The second one was a 2011 Chevy Tahoe that was selling for $13,500.00 but was booking at $12,800. I called my bank officer and said " They are willing to go from the $13,500.00 to the $12,800.00 however OUT THE DOOR price on that one is $13,904.00. I call my loan officer and tell her what the dealership told me and she asked " Do you have the $1,104.00 difference? to pay for your licensing taxes and fees?? I have to pay twice to get plates??

[@lasvegas.collective]

Thank you so much for sharing all this information!

[@richellewilliams148]

Most of this Advice is probably dealing with high end dealers ... Y'all gotta remember this women is a 6 figure women. But I have heard from a dealer before that he couldn't go down on the down payment because it's part of his commission. Now I know he was trying to play me. I'm a low income resident and young . So I'm always having to go through extra hoops . But now I'm gonna handle this bitches. Fixing to get me a car like next week zero down. I'm gonna do research on it more but yeah

[@elitedrumlessons6174]

I've bought a few personal vehicles with Zero down and only put down money for tax, title, and license. My credit is almost 800 so maybe that's why they never hassled me. They WILL try to hike up the APR rate when you put no money down. You can circumvent this ny already locking in a loan rate with your local bank or credit union.

[@elitedrumlessons6174]

Oh by the way......YES you do need gap insurance!

[@udemeeee]

Thank you so much!

[@thattannerguy856]

I'm about to buy a car for Turo after the new year. I'm going to pay "cash" using my HELOC. The dealership doesn't need to know that, but it'll give me leverage to make a deal or I'll wait away and go to the next dealership. Get to your best offer, then walk out the door and see if they come running after your to sell you... Worth it. Even if you're not paying cash, you'll see if they really want to make a deal

[@ALAHNIZMUSIC]

That down payment does not go all to the salesperson 😂, it simply lowers your Total balance, meaning you will get a lower payment and lower APR, of course it is not required at all and more if you have a decent credit!

[@sali6522]

Doesn't the down payment help to lower your car payment????

[@RampartDistric213]

very knowledgeable on this matter, thank you

[@Kasseem890]

Dropping jewels off the top while driving. Absolutely legendary

[@rafaelsuazo8329]

Great stuff. Very helpful. Thanks.!

[@maximohernandez2390]

Thank you! Really helpful information.

[@beingmboi23]

False, the more you put down the cheaper your monthly payment when you purchase. If your purchasing a high end car to just have or Turo one want to have a manageable payment to maintain when the business is slow or just to have. Who cars how the dealers make their money, it’s their business. If your comfortable when the numbers it shouldn’t matter

[@bbrownlee1754]

If you are buying a car for personal use it is best to buy a car 2 years old let the customer before you take the 20% depreciation hit first

[@rchan2500]

That’s true if you are okay with the expense for future maintenance and repairs especially for cars that always have little glitches like Range Rover

[@youngking1435]

@@rchan2500 when I purchased my Mercedes it was what they call certified pre owned and the benefit of that was it came with the same factory warranty as a new car. So it was really a win win situation. It was only 2 years old same body style as current new models and got it at a fraction of the price with warranty.

[@rchan2500]

@@youngking1435 as long as you are happy with it but personally I will also consider my exit strategy because finding someone to take over an old European car after couple years can be very tough

[@hypkreationz3644]

If the bank only approves you for 30k, and the price of the car is 33k... you tell me where the other 3k is coming from? That's the down payment we're asking for. (This usually applys to used cars)

[@brownjonathan86]

Always giving power tips. This is why she's better than her haters. These other KZbinrs are scam artist.

[@saimahsexperience]

I appreciate the kind words :)

[@RyanBeattie]

As a former Finance Manager for a new car dealer (while my compensation certainly appreciates your no money down strategy!) I need to tell you that your info is a misguided and frankly dangerous. For the purpose of cash flow of renting on Turo, no money down makes sense - however, you run the (very likely) risk of being upside down in the loan. In the event the car is totaled this could be a very costly mistake. Commission are not tied to down payment. They are typically a percentage of the gross profit of the sale and more frequently, due to shrinking profit margins from the internet, salespeople are often paid only on "volume bonuses". Meaning no commission, just higher bonus the more cars they sell.

[@chrisreed26]

Right I'm not a car salesman but common sense a person would know that a down payment has NOTHING to do with a sales person's commission! Commission comes from the sale of the car! The more they sell it for the better com! A down payment just reduces the amount financed so you aren't in the position of being upside down later! She likes to sound like she knows what she is talking about but needs to re-educate herself on auto finance! At least how a down payment works on a simple interest loan! Cheers!

[@speedhGutierrez]

0 down is the best . It’s better to pocket your money for emergency etc especially if you have great credit and low interest rate ! Because at the end of the day most vehicles depreciate whether you put a down payment up front or not you’re still gonna lose money it’s either you wanna lose couple thousands upfront or later 🤷‍♂️ later being the best option because let’s say you total the car the next day and they pay it all off or maybe not (get GAP insurance for as low as 400$ to pay the negative off) then you won’t lose all the big down payment you put down !

[@pfusiontechnologies9715]

I've purchased several vehicles with no money down, but it obviously depends on your credit score and the type of vehicle. The down payment has nothing to do with the sales persons commission, just FYI. I love when people suggest things that most people can't do. The typical bank/credit union will NOT finance a vehicle for your business entity or you personally without a down payment unless you have stellar income and credit. Thus 90% of people viewing this video will have to make a down payment. That's reality.

[@JackFrost-cr9jd]

I put 5k down on a new corvette to get build my credit is not that good but only way to get the car was to put 5k down do I jus use that as the down payment

[@scarrington]

I can tell you why people would be willing to buy a car up front for cash. Imagine I'm a house flipper and I decide to do Turo on the side. And let's say my house flipping business earned a net income of $300,000. If I let the year roll over without doing anything, I'll owe the IRS somewhere in the neighborhood of $90,000. However, if I went to an auction, purchased $120,000 worth of cars that I put on Turo, I have now reduced my net income from $300k to $180k and over the next few years, I have the opportunity to depreciate the value of those vehicles. So it's not just the income... It's also a tax shelter.

[@PurposetheSaviour]

Now you tell me. You are a genius. I just purchased a car cash for Turo, I wish I would’ve have seen this video before I did so. 🤦🏾‍♂️ 😂

[@santo9032]

Me too, my Dumbass watched this video before and still put $10K down a car... SMH 🤦🏿‍♂️

[@z06cali29]

Former car salesmen here, down payment does not go towards commission

[@siezethedays]

The best way to buy a car from auction, is you buy the car cash. Either repair the car or buy as is. Get an inspection done by the credit union. You go to a credit union and get a Kelly blue book value loan on the car. And give them the title and you make payments on the car. In my opinion like you said the numbers don’t make much sense. The only way it’s makes sense is when your a mechanic and fix up a damaged car

[@blackl1steddrums]

amazing advice, thanks.

[@GeoFCalero]

You are the best and your advice is crucial. Do you suggest starting with one or two vehicles ?

[@hondo597]

I just applied through a bank and then they said it's up to the car dealership if they want to make you put a down payment

[@765garage]

I've never put money down for any car I've owned. My credit is only 650 and it's never been an issue. Currently have a telluride and a 21' k5 .

[@vincentv1790]

Hey I have 820 score on my credit report. Never take a loan out and always paying my card on time. Quick recap what do you utilize when you secured a loan with your local credit union or a bank and buy a brand new car with 0 down? What do you gain from it? Doesnt it usually means higher monthly if you put no money down?

[@XX-166]

You can pay cash for your car, the key is to not let on you’re doing that until the absolute final moments AFTER the final numbers have been worked out. They will be pissed but you will drive off the lot richer.

[@thattannerguy856]

I get what you're saying, but in my experience cash is king. If they need to move inventory, they get the quick deal from your cash deal and move on to the next sucker

[@Dudevegaslv]

I drive Uber in the weekdays and I Turo my car for weekends. I pay off my cars pretty fast .

[@GoLongAmerica]

The advice given in this video is confusing. Are you saying that I should buy a car through financing with no money down ... OR are you saying that I should buy a car 100% cash with no financing?

[@saimahsexperience]

With financing :)

[@lifewitmarkp6011]

Which is better? Buying or leasing?

[@rchan2500]

I feel like leasing makes more sense from my own perspective coz for the most time maintenances are included which will be a cost that you will have to carry if you buy the car and cars nowadays are face-lifting and upgrading lighting fast and leasing allows you to get a new car after 2 to 3 years which keeps you competitive on the platform

[@lifewitmarkp6011]

@@rchan2500 thanks for the info. What’s the requirements of getting a lease? Is it different from buying it?

[@rchan2500]

@@lifewitmarkp6011 In terms of requirements, different dealership writes their own but I would say a good credit score helps a lot in both leasing and buying

[@lifewitmarkp6011]

@@rchan2500 thanks 4 da info bro 💯

[@irshaadsingh6435]

Very true on all topics that you mentioned 👏

[@chudso7]

Great video!

[@ericsutton9853]

This is how the numbers work with the auction car I bought. I paid 32k for a S class but it was value at 41k so I rented it out until my depreciation drop back to 32 k then I sold it , I made 11 k on it , that’s how I made mine.

[@michaelho212]

been learning a lot from your videos. i wish your audio was better though!

[@jordan234674]

Literally EVERY salesperson I've come across at a dealership asks me how I plan to pay for it...as one of their FIRST questions...great content, though.

[@GettingItDone59]

Great content, I learned something

[@jamesbroomfield7799]

Down payment just lowers the car cost. It's not needed. It's like if the car is 60k. If you put 5k down its bow 55k. There's not much difference between 60k and 55k. It's not gonna really change the car note by much.

[@TheFranchize405]

Wow I never knew this. Great info ❤️

[@ChantelTGill]

Very helpful and useful information. What would be the lowest credit score acceptable to finance a vehicle with now down payment?

[@ygbodybuilder3023]

So what your saying is if the total cost for the car is 37,000 I should get a loan for the same amount with no money down . And with that money i didnt put towards the down payment, i should put towards the loan it self

[@michaelstone8487]

How do you purchase cars for your Turo Business without a Down payment?

[@vee3041]

Sometimes they will ask if you can make the first payment too.

[@kbi.church]

Where do you leave your turo cars parked if you have a fleet?

[@nathanielcormier4930]

Nice information