why + when Money Down is required to buy / lease a car
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- čas přidán 16. 11. 2019
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why + when Money Down is required to buy / lease a car. If your credit is bad, usually banks will only advance 80% of the car's value to you, and depending on what your monthly income in, the loan amount can be very small. If your credit is excellent, the bank will usually give you 120% of the purchase price so you can buy more, and in both circumstances, money down is not actually required.
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Can you do a video on buying used cars over 5-10 years old and the risk to purchase banks see for older car loans
You answered all of my questions dude!! In a simple video! Thank you!!!
I always told people do a zero money down on a lease, if you have an accident and vehicle is totalled, your less out of pocket. Nice to know the dealers also have an incentive.
I appreciate your time and consistency on providing information. I came across your channel a few weeks ago and subscribed. I’m torn between buying a used Scion tC/ Xb, Kia Soul or a 2015-17 Lincoln MKZ hybrid. Looking to finance.just got my first credit card to start building credit. I always payed cash for everything. Credit isn’t so great. In the mid 500’s taking my time and watching videos to get a better understanding of the dealerships way and what not before I go forward with anything. Thank you for this video.
Dont rush into buying a car just yet(atleast not a car with a loan attached to it) get a couple more credit cards, whether it be a home depot ,lowes,Sears, Mobil,shell, sunoco etc,make small purchases and pay it at the end of the month,You will be surprised how quickly you will be in the 700s .
Also try not to carry a high balance on a credit card 30% or lower is best. Once you pay your monthly bill try paying weekly to help lower you interest charge and lower your monthly that's what i do and it make a world of difference
Good to know
thx for the tip💪
Thank you Emin!!!
Hey Ari and Co. general question. When do the previous model years tend to lower in the pre owned market. Looking at a 2016 Mercedes, but don’t want the market to drop right after purchasing.
hey Ari! love your videos and thanks for making this one. Super helpful! -
Quick question, are you familiar with option contracts? - . When is option contract necessary (say when your not financing with car dealership and going through your bank instead) - Is an option contract a red flag? - Lastly, do you absolutely have to let them run your credit when doing option contact? thank you so much c:
I can't stand it when they give option contracts. If you can, avoid it at all costs, or bring in the check with you before going into finance. They like to print this out as a backup in case your own financing fails to force you into a crappy financing alternative.
Ari Janessian would you potentially be up to make a video about this? It’s a contract that is not known by many people, but will definitely come up especially with all the deals for the holidays. There is really not enough information about it out there, and becomes an awkward situation when people choose to finance with their bank. Usually the bank will require you to bring them the buyers order so they can issue the loan, this creates an issue when buyers do not know what option contract is and can essentially can be anything that the dealer can use to scam someone since the buyer is unfamiliar. Thank you again for making great videos that enlighten people c:
@@negotiationguides also how can you bring in the check before hand when your bank will usually need a buyers order in order to provide the loan to you and cut the check for you? you also mentioned to avoid at all costs, howcome?
im looking at a new 2020 x4 m40 for my wife.. 3 year lease. The sales guy is saying 4k in "rebates", and a $300 dollar loyalty ("joke"), but has not discounted the car! What should i be looking for off the new car? Love the informative videos! keep them coming... Also what is the lowest money factor we should be looking for with excellent credit? Thank you again
Show us the numbers on a Nissan Titan 2019 buy and lease please
Bro, what kind of shades are those? I need a pair.
Question if I have a good consigner do the bank go off the co signer or me to meet the terms with no money down or do they look at both of both parties credit report to make a decision cause mines in the 600 and my co is in the 700 and we both never had a auto loan before but on another note I also heard it depends on the price of the car too when it comes to money down but FYI I probably get something between 10 - 14k to pay it off fast to build what’s your thoughts overall on the situation will appreciate any advice from your expertise???
What do most dealers use what books do they use for trade-in values? Always enjoy your videos bro thank you very much
sean knight dealers go buy what cars sell for at auction
Sean, just like AJ said, they go by live auction values usually..
If you haven’t already done so, will you comment on prepaid leases, the pros and cons etc.?
I’m up side down 6k
I wanna trade in my car I don’t wanna pay more than $400 a month my credit is 759 what you think how much money should i spend on a car . Thanks let me know . Thanks
Hello Ari from Las Vegas Nevada I want to buy a Honda CR-V wich one you recommend to buy the 2019 or 2020. I have perfect credit
Always 2019.. Push for a bigger discount because it is technically depreciating quickly at this point..
If you have perfect credit, why not get a nicer vehicle? Only rats with shit credit finance Hondas.
@@scarroll625 You are dumb 😂
@@Derekforeal Exactly… He sounds to be very obtuse.
How about if I get co-signed by someone with good credit history.
Abid, usually they will advance you whatever the cosigner is worthy of by default if their credit drastically increases the overall average score.
When I purchased (financed) my BMW, I’ve put $10K down to have that ideal low monthly payment along with that good interest rate. Although, I was offered 120% to finance the vehicle, but I’ve decided to keep the monthly payment low and payoff the car lot faster with low interest expense! Even with comfortable income, I still prefer to keep these monthly payments low.
👍🏼
Hello. Ari, I live in Southern California 2 hrs away from LA. I have called multiple dealers to see if they lease used cars/trucks . They all dismiss me as crazy. I have tried talking to the managers also and same thing. I am looking at a Ford F-250 4dr turbo diesel fx4 package. I tried going on savemyauto but had no luck
Bump?
That is BS even though I have great credit score ,descent income no kids to support and own my house; last month I was checking to buy a new car and the sales guy still asked me if I could at least had $500 or $1000 to give as down. 🚩 quickly stood up ended walking out from that dealership right away.
E R same thing happen to my boyfriend at the dealership. They wanted 1500 down because his credit was in the low 600s
You were probably over paying.
we left the dealership and got a car from carvana instead.
Had 0 down and 0 % for 72 months a week ago for 21.000$ 2019 Mitsubishi outlander sport.
And 4 years ago was the same stuff with 2015 year.
In case Gap insurance need to be used in first year ... insurance will pay me all what I owe to the bank .
Credit history of course exelent score .
InkedBossBabe mine is above 765 and they also ran it without noticing me, so underwhelmed.
You dont need to put money down if you want to pay $1000 a month.
Depends upon the car and the interest rate. If you sign and drive with 0% for 60 or 72 months, I'd take that over paying 4000 cash out of pocket with 2.99% over 72 months. Free money is free money. Hell, at that point they're very nearly paying YOU to finance the car at 0% for whatever the term of the finance is. Math is a thing, as well as finance.