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Q&A Session - Auto loans, Students loans, Credit Scores &. more...

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Time Stamps: 0:47 - Would trading a 22K car for a 10k car save money?
1:44 - Should I trade my cheap car for my dream car?
3:21 - What is your definition of debt free?
3:41 - Do I send separate checks when making principal payments?
4:54 - How does paying your loan down affect your credit score?
6:01 - Should the bank deduct interest from my principal payments?
7:02 - How can I get in contact with you to ask you questions?
7:39 - Should I trade in my high interest auto loan for a more expense loan with a lower interest rate?
11:18 - How to get the best price for my trade in?
12:43 - Do you think student loan debt will be forgiven?
14:12 - How to get from under a 25% Auto Loan?
16:03 - If you refinance a car can you sell?
17:14 - The aftermath of trading in a good car for a more expensive one without thinking long term
18:44 - The ugly truth about auto loans and their effect on our lives.
Join me for a Q&A session with questions pulled directly from the comment section of my videos. We are covering a variety of topics with one goal in mind. Help you where you're at so you can build a solid foundation and start your journey to building wealth.
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5 сен 2024

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Комментарии : 48

@DiamondEdwards 3 года назад

Like this video if you enjoyed this format and what me to do more in these in the future! Thanks for watching!

@armandoj.sanchez9243 3 года назад

Diamond! Thanks brother your awesome! Appreciate all the in depth knowledge 👍🏽🙌🏾

@DiamondEdwards 3 года назад

I appreciate that!

@armandoj.sanchez9243 3 года назад

I got a pre-approved auto loan through my credit union for $18,000. New Apr. 2.19%, used Apr. 2.34%. I plan to put $2500 down about $300-$320 a month. I'm looking to get a Honda Civic EX 2017 or 2018 with less than 36k miles. My questions are can I negotiate 1k or 2k off the final sticker price? What are all the final fees? Are there bogus fees to avoid? Should I get an extended warranty? If I negotiate under the loan amount what happens? Do payments go lower? Sorry for the million questions lol thank you!! 👍🏽

@DiamondEdwards 3 года назад

I have to prefix this with my goal is to help people get out of debt move on to bigger and better goals such as building wealth. With that said be sure this car purchase is not blocking your bigger financial goals. Have you heard of the 20-4-10 Rules for buying cars? If not, please watch this video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-cUotQTUU-d8.html Now my answer, doc fee, taxes, and tags are legit everything else is a ripoff even doc fees to an extent. Everything is negotiable however due to the current shortage you may not get far. 2017/18 Honda Civic under 36k miles is going to run around $18k. When you add it up you will need to negotiate just to make it work even with a $2500 downpayment. My advice is to negotiate out the door price and let them figure the rest. Do your research and know what a good deal is then, tell them I'll buy today if I can drive off the lot for $xxx OTD. Remember, anything you finance is above the cost of the car is putting you in negative equity from day 1 on a vehicle that is depreciating every day and your paying interest every day. As for the warranty, It may be a good idea if you have debt, don't have an emergency fund, and depend on your next check to get you through the month. Granted if this the case I would suggest not buying this car. If you buy the warranty, do your research to ensure your getting the best price, a lot of dealerships mark this way up, and others sell them at cost. When I brought my truck did not buy the $4,000 extended warranty and I wouldn't buy one in the future as I and ready and able to cash flow any needed repairs.

@Jon-nz3dm 3 года назад

Common theme I see with people in auto-finance trouble...luxury brands or just new cars when they should be buying used normal cars. Seems that most folks here in the states get sucked into long term loans so they can afford the nicer cars. As "The Homework Guy" on YT says, if you can't pay the car off in 36-48(max) months, then you can't afford the car! Glad I learned about all this before I got my car a few months back.

@DiamondEdwards 3 года назад

And to add to that which I stated in the end of the video, the average new car price is $39k and the average salary is $59k in the US. It should be a lot less new cars being sold. But we have been convinced that any car with 100k miles is trash and should be deemed unreliable mean while Grandpa still rollin in a 1973 Caddy all original! Retailers should not be reporting record sales while 78% of us are living paycheck to paycheck. We have to wake up and take back control of our finances!

@Jon-nz3dm 3 года назад

@@DiamondEdwards My first car was a 1994 Honda Prelude with the odometer broken stuck at 138k! Got it in 2010 and it probably had well over 200k. Not 1 issue with that car. Next car was a 2003 Civic Si with 129k. Had issues but I got by with it from 2012 to 2020. Total cost of the 2 cars combined? $8000. So 10 years of car for $8k(excluding insurance), I learned you definitely don't need a low mileage car to get down the road everyday. Not that I don't understand the desire for new or nice cars. I crave new toys just like all of us but it's not realistic for me making $32k/year(I'm a felon, trying to navigate life with low income). I work with someone making less than me and she drives a 2020 Chevy Malibu...poor girl doesn't know what she's in for.

@DiamondEdwards 3 года назад

I hear you. Up until I brought my truck the most expensive I car I drove was $3500 but I grew up under a hood so it's nothing for me to do even major repairs. My next video is about growing up in poverty and what I had to overcome to get on my current path of building wealth. It's not all ones and zero that's for sure. I had to go against what was common. One thing that was a game changer for me was when I realized it not just about making money but what are you doing with your income. You sound like you are on track for great things! The mere fact that clicked on this video on my small channel and took the time to comment shows that you surrounding yourself with a positive message and are in the right head space. My quote for this year is "Success isn't always about greatness. It's about consistency. Consistent hard work leads to success. Greatness will come." -Dwayne Johnson Feel free you borrow it!

@Jon-nz3dm 3 года назад

@@DiamondEdwards I can't wait for your next video! I grew up with a single mom that didn't have ANY income for parts of my childhood. It was tough and I stopped going to school at 15 years old so I never got a decent education or learned any real work skills. I'm 27 and I'm trying to make sure that if I have a family in the future that my child would never have to go through the same stuff. I wasted ages 16-25 so I've got a lot to catch up on.

@causeneffect8535 3 года назад

Hey Diamond... will doing extra payments towards the principal eventually lower your “regularly” monthly payments?

@DiamondEdwards 3 года назад

No, the only way to lower your regularly payment is to refinance the loan at lower interest rate or extend the loan. Principal payments is about saving you money buy paying less interest. I hope that helps. Thanks for watching!

@causeneffect8535 3 года назад

Understood, thank you very much. loving the content ! Keep up the amazing work .

@kermit1 3 года назад

Should have mentioned that Mercedes Benz vehicles are endless money pits!

@DiamondEdwards 3 года назад

Sounds like someone has some experience with said brand lol! I wasn't trying to disparage the brand but show how buying a car is bigger than the purchase.

@brownsuga929 3 года назад

You deserve sooo many more views!!! I'm taking notes on all your videos. I just saw my student loan debt is around 50 and applied to consolidate with PAYE, I'm upside on my car with a 19.9% interest rate. I'm trying to pay what I can to get out of debt as soon as possible. Do you offer (for a fee)personal services like financial budget plan guides? I'm so overwhelmed right now on where my money should be going first.

@DiamondEdwards 3 года назад

Getting started can be the hardest, trying to figure out where all your money is going and scaling back or up. The good news is that you can do this, take back control of your financials and start winning again! Reach out to me on IG@diamonddedwards or email diamonddedwards@gmail.com and we can go from there.

@brownsuga929 3 года назад

@@DiamondEdwards 🙏🏾

@sambanana6326 3 года назад

great videos! ive watched two so far and they are amazing. can you do videos on how stocks work, how to purchase them, understanding how to sell, capital gains etc. thank you!

@DiamondEdwards 3 года назад

Great suggestion! I will most definitely be doing more investment related videos on this channel as that is where my focus is at in my own financial journey.

@gatheringswithfelicia7169 3 года назад

Diamond this is an excellent informative and useful video 🤗

@DiamondEdwards 3 года назад

Thank you! I'm glad was helpful!!!

@iNd5ky 3 года назад

Are you willing to do more videos, but doing them live?

@DiamondEdwards 3 года назад

A live Q&A session would be dope! Stay tuned!

@karltuazon2980 3 года назад

So far no dislikes. Maybe the lenders and dealers are not watching yet

@DiamondEdwards 3 года назад

😂😂😂

@dark_reaper-rc7je 3 года назад

Love your videos they have been helpful to me because i made a really bad decision and i need your help. So iam 20 years old i bought a srt 392 challenger and i regret it so much and had so much stress i payed $35,000 for it. kbb has it trade in value at $27,000-$29,000 i owe $31,000 should i put money down so iam not upside down anymore i have $4,000 to put down i want to get out this big car loan so bad when i only make $15.60 a hour monthly payments is 25% of my monthly income and i want a cheaper car is it possible that i can get the kbb value since dealers always low ball you what do you think i should do in this scenario i just want to be on a smaller loan

@DiamondEdwards 3 года назад

It's crazy that you were approved for this loan and I can understand you want to get out of it but let move on strategy. With the trade value been so close to your balance I may be tempted just sell it to the dealer and write them a check for the different. If you can making the payments are not a problem, you could put it up for sell privately. It will take a while to find a buyer but you will get more for it. If it don't sell in two months then sell it to a dealer. Next, I would buy a car for cash and forgo another payment. Save up and upgrade when you have more cash. Get a quote from Autotrader, Carmax and Carvna and use those plus the KBB quote to get the best price for your trade. Remember, when a dealer buys your car they want to buy it cheap enough that they can sell it and clear a nice profit! Let me know how it works out.

@dark_reaper-rc7je 3 года назад

@@DiamondEdwards thank you so much for answering my question very helpful now the only thing that sucks is its gonna hurt my credit i only had this car for a month do you know how bad it will hurt my credit i plan on trading it in in about a month or 2

@DiamondEdwards 3 года назад

Always do what's right your net worth. Focus on building your net worth and the rest will fall into place. Think about this, if you had a 2 million dollar net worth you would be driving whatever car you want! If you had an 850 credit score and no money you would be driving whatever you could get approved for and still make the payments. Driving what you want today may prevent you from driving what you want tomorrow if you get what I'm trying to put down.

@steffinallavalaissr6099 3 года назад

Is it good to pay more money on a fixed loan rate

@DiamondEdwards 3 года назад

Yes and it's better if any extra is applied to the principal. Life with no payments gives you real options.

@steffinallavalaissr6099 3 года назад

Ok thanks. On any loan if I pay weekly does it reduce my interest or it doesn’t matter because it’s a monthly interest

@DiamondEdwards 3 года назад

Most non-ripoff consumer loans such as mortgage, auto and personal are simple interest meaning the interest accrual daily and is paid as you go. If you break your monthly payment down into equal weekly payments it will you same interest but not because of the schedule. It's because you will pay on extra payment per year. Paying extra towards the interest will save you a lot in interest. This video explained this in great detail with visual examples: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-JLARGIGlOYM.html

@bryantmorales4943 3 года назад

How can I buy a House?

@DiamondEdwards 3 года назад

That answer depends on where your at in your financial journey but the basic steps are get pre-approved, hire a realtor, find a house, and put in an offer. Once accepted, do all your inspections, request repairs, get it appraised, turn over all these documents to your bank, wait for them to process everything, set a closing date, sign your life away😆 , and get your keys. Congratulations you have a new home! Hit me up if you have more detailed questions. Thanks for being part of the community!

@bryantmorales4943 3 года назад

@@DiamondEdwards Dude your so awesome!! Thank you bro.🙏🙏 Your so helpful man thank you so much I appreciate the info. I'm just putting money away in a saving but just have no idea what option I have plus I'm 20 years old so just like to know.They don't teach this stuff at school. Dude I just had to ask I didn't think you were going to right back thank you😆.Keep up the good work on those videos. 🔥👍

@queeniegal 3 года назад

Great video! Question: is it better to buy an extended warranty for a newly purchased car. I recently purchased a 2018 Toyota Camry. 56,000 miles ...manufacture warranty ends at 60,000. I purchased an extended for 24,000 miles or 2 years. ( obviously not the best purchase but I was in a bind) I been told by a few people that extended warranties aren't good and should request a refund. Is this true?

@DiamondEdwards 3 года назад

How much did it cost? And the real question is do you think you'll have repairs costing that more than the cost of the warranty in the next 24,000 miles/2years. In general the answer is no and that is because if on average warranty companies paid out more than they Brought in they would go out of business. Honestly I would put the cost of the warranty in the bank and most likely you would come out ahead. I did not buy the $4,000k dollar extended warranty on my brand new truck. That was 4 years ago and I have paid $0 for repairs in the 4 years that I owned it. Oil changes and tires down count. If you still wanted an extended warranty I suggest you shop around for the best price because some place charge a huge markup and other dealers sell them at cost.

@queeniegal 3 года назад

@@DiamondEdwards thank you for responding! My extended warranty is $1660. Not too sure if I would need it. I will say that I am a lil disappointed that I've only had the car going on 3 weeks now and it needed new brakes and rotors which the dealer replaced free of charge. So, apart of me was thinking maybe I should keep the extended warranty especially since I didn't buy the car brand new. Other that the car drives great! Warranties are always refundable right? Or is there usually a window for that?

@DiamondEdwards 3 года назад

Check your paperwork but generally yes. A warranty generally can be refunded for a pro rate refund but again check your paperwork. It will be in writing. Brakes after 3 weeks means they sold you a car that needed brakes and rotors but it sounds like they are providing good customer service after the sale and did the right thing by replacing them at no charge. Sometimes dealer go above and beyond for customers who they made a really big profit off of any you don't want to be that person.

@DiamondEdwards 3 года назад

$1660 for 24k miles and/24 months is a big price. I know they'll tell you that it can pay for itself in one repair. The question remains will you car require that repair. You have to do what you are comfort with and I'm mechanic so I'll always take the risk. If I didn't believe the car would run for two year. with a $1000 repair I would not have brought it. Either way its not the end of the world so I would go with your gut. Get this car paid off and start building a financial foundation for the future and these issues won't even come up in the future. Let me know what you decide and thanks for watching!