Don't Finance a New Car for 72 or 84 months. Here's What You NEED to Know Now. (From a Car Dealer) i financed a car and don’t want it

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Be sure to like, comment, and subscribe. Ray and Zach discuss how long of a loan term you should take when you finance a car purchase. Should you finance for 60 months? 72? How about 84? Ray provides his advice on how you should approach financing your next car.

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Don't Finance a New Car for 72 or 84 months. Here's What You NEED to Know Now. (From a Car Dealer)

Don't Finance a New Car for 72 or 84 months. Here's What You NEED to Know Now. (From a Car Dealer)

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Don't Finance a New Car for 72 or 84 months. Here's What You NEED to Know Now. (From a Car Dealer)
i financed a car and don’t want it
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26 comments

Roy Johnson 20/11/2021 - 2:47 Chiều

This doesn’t apply to tesla 🙂

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Junk or Bust 20/11/2021 - 2:47 Chiều

I buy 1980’s low mileage ‘grandma’ cars in good condition. I make sure I have a couple road ready in case of breakdowns and find some parts cars to keep things going.

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C 19 Commander 20/11/2021 - 2:47 Chiều

Why will i trade my car. given $22,000 for my car. then the manager give me the check to take to my bank to then bring it back and out it as down payment-??
instead of him applying the $22,000 right at the dealer towards my new car-?

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C 19 Commander 20/11/2021 - 2:47 Chiều

Car buyers have to go for a 72 month period car payment. at least the majority. because the shorter the the loan period. the higher the car payment.

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Eric Alex Anderson 20/11/2021 - 2:47 Chiều

i like what i did last time…5 year loan and have car paid off for two to save. Good balance/still have something with a decent trade-in value and no negative equity. Just have to get something with high reliability rating (i enjoy toyotas).

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kelly Rabe 20/11/2021 - 2:47 Chiều

If all you can do is a long loan like 72 and now i see 84 and some form 96 mouth buy a new car keep the payment low and pay as much as you can to to pay it off faster Use you taxes refunds to put more money it will help when you have a long loan you are paying a lot in interested over time with

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Railene Albright 20/11/2021 - 2:47 Chiều

I'm like uncle. I'm keeping the car til I run it into the ground. I hate the car payment so once I don't have a payment I'll wait until basically the wheels are falling off lol

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Darryl C 20/11/2021 - 2:47 Chiều

BUT ITS A C8 CORVETTE😭

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simbadlemarin 20/11/2021 - 2:47 Chiều

I need a reliable car that will NOT likely be in the shop at any point, and I need a low interest rate, therefore I need a honda/toyota/mazda that 5 years or less old, and has less than 150k miles. This does not exist at 10k anymore.

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richard bell 20/11/2021 - 2:47 Chiều

A 1965 Ford Mustang probably cost $2000 + usd new, try and buy one that is restored in 2021.😂😂

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Conrad Panganiban 20/11/2021 - 2:47 Chiều

OMG RAY! Thank you! I've never heard that advice on calculating the length of the term on how long you intend to keep the car. I always thought of just the amount of the monthlies. I personally want to keep a car forever, but I understand those who don't. This helped ease my mind!

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5stardave 20/11/2021 - 2:47 Chiều

There are cars that have increased in value. Cars should be treated as tools not investments.

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Chatham Wrestling Alliance 20/11/2021 - 2:47 Chiều

Need an update to this video…buy new today and sell back tomorrow for a profit

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TG OPIE 20/11/2021 - 2:47 Chiều

Went to purchase a car Saturday. Drove 2/12 hours to the dealership. It was a 2021 demo with 5k miles. The dealership was using it as a loaner to customers. The internet price that I was advertised was 28k. When I was given the breakdown with my trade in the price for the dealership vehicle had went from 28k to 34k. I madenthe mistake letting the dealership know that I had 1.9% financing with my bank and i would more than likely use my bank to finance the deal. The dealership advertised to me that the price was 34k because I was using my bank. But if I would using a bank of there choice they would lower the price to 28k. We argued for a few mins. I felt that was unethical and I didn't think it was legal. This was a Kia Dealership. They said they do this all the time. By the way I have USAA so it's not some bank that they don't deal with. What is your thoughts on this

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Bill Christo 20/11/2021 - 2:47 Chiều

I financed 72 mos BUT I got 0% so why wouldn’t I??? Free money and gives me better cash flow and I keep them a loooong time. I never sell my cars often. At that point I’d lease

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DrK 20/11/2021 - 2:47 Chiều

Conventional wisdom about car depreciation seems to be out the window at this point. I just bought a brand new Kia Forte LXS for $19,885 when the dealer around the corner wanted $18,800 for a 2019 Forte LXS with 25k miles on it. I've seen other dealers asking equally ridiculous prices for used cars especially if they're "certified pre-owned".

That's a whopping 6% depreciation. I thought about it for a really long time but it just does not make sense to buy a car that somebody else put 25k miles on to save $1,000. If I could have bought a 2021 that someone just drove off the lot for 15 grand I certainly would have done that.

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Mike D 20/11/2021 - 2:47 Chiều

So true. In sales, I’m not in the need business, I’m in the WANT business.

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Scott C 20/11/2021 - 2:47 Chiều

Wants, needs, vanity, ego, images. Good stuff to think about.

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flakocibao 20/11/2021 - 2:47 Chiều

I love how ray puts everything in simple terms that everbody can understand. Thanks for doing what u guys doing. God bless!!!

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rimtnbiker 20/11/2021 - 2:47 Chiều

I think if you read the fine print, gap insurance won’t cover the negative equity rolled into the loan.

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Seth 20/11/2021 - 2:47 Chiều

ALWAYS take the longest term possible when rates are low and don't make a down payment or apply the equity from a trade-in. The money from your trade is better off being invested, and you can always make bigger payment along the way. If you total a new car 6 months after buying it, you will most likely lose the down payment you made, even if you have gap insurance, due to depreciation. Finance 100%, long term, at a low interest rate.

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Igor Koske 20/11/2021 - 2:47 Chiều

I always say: if you can’t afford a payment for 48 months term then you can’t afford the car period and you lended on way too much car! Here’s how you know you can afford the car- 48 months term is your mark of affordability and 60 months term payment is only for soft cushion. See what’s the 48 month term is and if it’s affordable to you and you’re comfortable financially with 48 months term then you got the right car regardless if you still take the 60 months loan term. Never go for anything over 60 months unless it’s 72 months or longer and you’re planning to actually keep the car for duration of the loan or longer

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pressendforspanish 20/11/2021 - 2:47 Chiều

If you're not paying interest, there is no reason to take a short term as apposed to a long term. Just make bigger payments that all goes to principle and what that does is leave you breathing room if you are short of money one month.

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B Poor 20/11/2021 - 2:47 Chiều

Plenty of good cheap cars available in the 2-3,000 range. Especially where you guys live. Nothing rusts. No need for folks to go into debt for a depreciating asset.

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jason shaw 20/11/2021 - 2:47 Chiều

I prefer the 7yr, low interest loans because I usually pay 30% down and drive my vehicles for about 12 to 15 years.

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Always Hustle 20/11/2021 - 2:47 Chiều

Why would anyone roll their sales tax, title, and/or tag into a car loan. If you have to borrow for the taxes, you definitely CAN NOT AFFORD IT.

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