Tips to buying your first car 

Me watching this at 29 trying to get my first car. My parents never set me up financially so I'm slowly building up my credit

Bought my 1st car 4 years ago and this is exactly what I did, basic hatchback, great fuel and reliable nothing fancy and my credit score Booming now, great video and tips for sure

Thanks for this wonderful video... here is what I understood :) 1. Importance of Decision-Making: - Emphasizes the significance of making informed decisions when buying a first car. - Highlights the lack of education on crucial aspects like home and car purchases in traditional schooling. 2. Determining Budget: - Stresses the importance of establishing a budget before heading to a dealership or searching for a car. - Advises on understanding monthly payments based on net income and recommends staying within a specified budget range. 3. Setting Realistic Expectations: - Encourages buyers to focus on essential factors such as reliability, affordability, and credit improvement rather than luxury features. - Suggests a budget range of $10,000 to $15,000 for a first car, considering individual needs and financial circumstances. 4. Bringing a Qualified Co-Signer: - Recommends bringing a co-signer with a credit score of 750 or higher and a strong credit history. - Explains how having a co-signer can significantly reduce interest rates, potentially saving thousands of dollars on the loan. 5. Significant Down Payment: - Emphasizes the importance of making a substantial down payment, considering it as an investment. - Advises that a larger down payment increases the likelihood of loan approval with lower interest rates and payments. 6. Credit Building and Own Financing: - Advocates for building a credit history from an early age by becoming a signee on credit cards. - Recommends establishing a relationship with a local bank or credit union for favorable financing terms when ready to purchase a car.

I'm 42 ,on disability , I financed my first car 3 weeks ago put $4k down on a 2020 chevy trax $19,700 no co-signer needed cuz I work with my bank and built a 650 credit score payment $384 a month

I’m 25, on my 4 vehicle and still much to learn appreciate the help

As a Car Consultant, Thank You CD for all the tips of the trade. It really does help as i use some of what you say to my customers.

My life is already messing up right now. Can't use either emails to get into any credit app, can't find a car or save up money quickly, but I'm watching this for when I do get my life together

I work for a power company. When the weather gets bad, that's when we get busy. I have and need 4wd

Damn I should’ve watched this when I was 11

Guys, just buy a 5k to 8k car and be happy, no payments, no 20k bill from him, 5k-8k is the sweet spot for cars. Dealers just dont make money off that area of pricing so they wont recommend it. Find dealers that sell cars between 4k-9k, youll find much better vehicles you can afford.

Good stuff as always Mike!

Thanks big Mike, this video made it more simpler and less exhausting, thanks for the tips, very helpful👍

Pay a fair price for the vehicle. Market adjustment fee is just another way for a dealership to make money. Tax title and license. No add-on money makers for the dealerships. They will try. Fund set aside for upkeep. Insurance with mom and dad. Cosigner could end up paying for the vehicle in the end. Take care of the vehicle and drive safely.

Thank you for your videos I wish these videos were available 20 years ago.

Unfortunately, I couldnt get into the credit system until I became of 22yo, yet still, these are genuinely good advices. Thanks for a good vid

1.figure out what is important to you when buying ur first car {no braking down,good milage,safety, cost of maintenance} 2. Bring someone with a 750 credit score( has had credit for 10+ years) 3.put big money down(when you bring 500-1k){that's considered a down payment} (when u bring 20%-30% thas considered an investment)(increase ur chances of a yes) 4.ask ur parents is u can sign on their credit score so that u can have good credit history 5.use ur own financing (making a relationship with the bank)

Buying my first car at the end of the month I built my credit first I’m at a 733 and still going..

I’m 18 and about to move to college and unfortunately I have the feeing my 20 year old car with 230,000 miles on it won’t be reliable enough for me to make the long trips that will come with me moving away. About to buy my first car in a few weeks, just something reliable and fuel efficient (already know exactly what I’m going for) and aiming for 14-15k max. I have my own credit card and have over a 740 score. Going to be putting at least a 20% down payment. Only have had one job and going on my third year of working with them. Bringing my dad to cosign with me as he’s got a way better score than mine. Hoping to get a low interest rate

Could you break down how payments and interest rates are calculated? Every online payment calculator gives different numbers on all aspects. Buying a new used car soon and this has always been one area dealership try to slip things past me so i wanna be ahead of the game.

I have a 701 FICO8 score and was approved with Honda Financial for their lowest rate of 4.9% for 60 months. Yes, I did have a significant amount to put down, but you can get the best rate without having a super high score.

I’m in my early 20s and got my first professional job. I’m planning on getting a small hatchback car to start with low insurance. Then I’m probably going to save up for a Tesla and buy in full one day after I get a small house started.

This video had a lot of great information that I definitely feel I could use. Only thing is, my family doesn't have a good credit history. So what would you suggest for saaaayy a 23 year old who actually just got approved her first credit card after trying since 19y.o., with no cosigner and a fair credit score? 😅

What if I don’t have a co signer?

They should really teach us these important things in school

Got me at bringing a cosigner. Not an option for me unfortunately but need a car regardless

I feel frustrated with my sister who bought a gently used late model car a month ago. She bought a 2021 bland sedan compact car. She was excited to tell me. "I can't believe how low the payment is. It's only $350 a month." What she fails to realize is how big a chunk of $1500 a month cash flow that is. She was so determined to get a "more beautiful" car as soon as possible after she sent in the last payment on her previous car.

Currently 19 with a 770 Credit Score Im looking to buy a 2021 GT need sum advice

Lawyers for Americans All numbers from a car dealer are useless, most are made up. What you want to know is the total amount for the new car when paying cash, in other words, the amount that you put on the check and is this amount with or without tax. The amount should be agreed to by both parties and including the vin number before you go into a dealership. You have to decide whether this is a fair price. 1. Objectives : Establish total or the check amount price is with or without tax and with the vin number 2. Alternatives : Find dealership with base models in stock or in route that have listed the correct MSRP and a less insane destination. No destination should be over 600 in your calculations. You can travel great distances, to almost any dealer due to insane markups. 3. Offer or Counter Offer: Calculate your offer Copy this into your email.

Chauncey Crest

I told the dealer I'm not paying for all the upsell accessories.. not paying 2k for rear view mirror dimmer all weather rugs a d all the other msrp top dollar pointless things.... and im on my 20th car.. not worth the money..

Quick someone do the math for me and explain I have $5k saved I’m trading in my car also(it’s paid off) . Let’s say it’s valued at 2k minimum Car I’m looking at is 30k with all taxes title and fees included Credit is between 650-700 QUICK EXPLAIN HOW TO BUY THE CAR *never bought my own before. Parents bought mine right after I graduated…parents aren’t living so I’m going in blind 😅*

Do not have a grandparent cosign. Parent is one thing, grandparent is another. Same with friends.

I just want a reliable car I can go to work in, good fuel economy and low maintenance

Good advice

I'm 34, been driving a 2007 f150 for the last 5 years, befor that a f150 2001. I never bought new, but looking to do my first purchase. Have great credit, but still hasendent on buy something new

I’m planning on getting a ford mustang 2024 as a first car it’s fun it’s fast the most important things.

Donato Springs

Happy Monday Mike…!

Is it better to request a loan from the bank totalling the cost of the car? Or is it better to just put a sizeable downpayment and make the monthly payments?

Hi! I’m in the process of purchasing my first car now. My new 2023 ford maverick just arrived. I told the dealer I have my own financing. Working with the sales manager at the dealership he hit my with a 11.6% apr. I gave him push back and about 1 hour later he say oh this bank got back to me and the rate is now half. Can you review my invoice?

Bring a cosigner with WHAT 😂 my parents and family have like 200 credit score combined 😂

Ty MCS!

This economic usa is so strange to european.

financing your first car i just stupid and 10-15k for a first car is just ridiculous!!

Thank you sir

#8 buy from your girlfriend's Father who is the Sales Manager at a Mazda dealership, 1973.

Caden Ports

Awesome

Lura Ports

So what if i got bad credit and no co signer?

My credit is decent, the down payment is probably the hardest part.

You don’t need to pay a down payment it doesn’t even go towards your car payment 🤷🏾‍♂️ it’s pocketed by the salesperson

Al Rapids

Mandy Heights

I personally have a 750 at 19 should I still have a co sign? I only ask bc that’s kinda hard for me to do closest person that could do that for me is a 1000 miles away

Why not a $5,000-$10,000 for a first car?

Jones Drive

Bo Circles

where do I find a 15k car?

Buying a car sounds like it’s only for the super rich

3:39 get nay nayed

❤❤

Sabrina Manor

People don't need a credit score if they do things the right way.

What the tf is acredit score

Hold on. Did you just suggest signing up teenagers for credit cards? That sounds like planting debt-worshipping in an individual from an early age, doesn't it?

How about 2nd car?I had no requirements for my first car I just wanted something to take me from A to B . 4 years in now I absolutely hate it and ready for my second car.

Thank u❤

I’m 18 just paid for my first brand new car in full, this video was very helpful! Thank you

On #4 "Bring a co-signer". You forgot rule #1 of credit: "Never ever ever never co-sign a car loan for anyone. Not son, not daughter, not grandchild, not friend, not child of friend. NOBODY."

Co-signer idea so bad for Co-signer.....bad bad advice

are you out of your MIND i would not risk my 825 fico score for some 18-20 year old that may or MAY NOT PAY THAT LOAN OR MAKE LATE PAYMENT'S. RUIN ME YA RIGHT,THAT WILL HAPPEN THE FOURTH OF NEVER.....