Refinance

Your Car or truck Loan Is Killing Your Prosperity – Dave Ramsey Rant





Your Car or truck Loan Is Killing Your Prosperity – Dave Ramsey Rant
Dave discusses auto loans and their hindrance to wealth setting up.

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27 comments

  1. im looking to buy a bumper sticker that says ….DONT LAUGH I HAVENT HAD A CAR PAYMENT IN 15 YEARS

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  2. definitely on point.

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  3. I wanna lock my girl up in a room and play Dave ramsey videos over and over

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  4. financing is cheap…2.99%…u can use cash to make more than that

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  5. ITS SMARTER TO BUY A SECOND HAND CAR………

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  6. I have 2004 Dodge Neon paid off since 2010 bought it used 2005 in high school. Bought a 2013 Nissan Rogue financed at $15,000 used 4% apr included. Make $42,000 a year owe now $7,000. I wouldn't say that is too bad. Plus keeping both cars is the way to go 😊.

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  7. If people bought the car they could afford cash the price of cars would be cheaper also.

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  8. I have a 23000 truck on a 2.66% .is that a good rate?

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  9. I am not against car loans. But buying a super high end car with his interest rate is bad. We got a car with very low rate of interest with our high credit scores. The rate of interest was like 1.4%. So the amount of interest we pay over 5 years is hardly anything. We just don't pay off our car although we can. We r using extra savings to pay off our mortgage and invest for future. That way we r able to build wealth . I believe we should pay for the car as we use it , given our healthy financial situation . But yes, financing car which you can afford with your income with super high interest will stop you building wealth , I don't want to be 100% debt free I'm books. I just plan to use my money so that i can build my net worth. If there is a problem we will just sell our car and get a cheaper one. But I will not pay cash for it. There r different scenarios.

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  10. I've posted my story on another of Dave's videos: last month I had to get rid of my 15 year-old car after it had served its purpose. I then found a 5 year-old used car with low mileage and in very good shape (which I still had inspected by my mechanic). Taxes in, it came to $11,500. The car dealership tried to convince me to put $7k down and pay the rest in monthly installments (with interest, of course). I ended up paying the full amount cash because I had saved up. My advice is 1) buy SECOND HAND, and 2) pay the FULL AMOUNT CASH. Don't give in to these dealerships. They don't care about your pocket. They care about theirs.

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  11. lol

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  12. Respected Dave
    Lots of respect to you for what you are doing. I am from India I know the figures here are different from that in USA but the strategy is similar and really insightful.

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  13. Just live downtown, get an iLL apt that you can bring women to and Uber or walk anywhere you need.  forget payments other then rent and utilities.

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  14. I literally could no longer afford the car payment. I told them to pick it. Cash Cars from now on. Yes I take the hit on my credit but I'll be savings alot more money. Things have to change and it's all up to me

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  15. "Have you ever noticed how your bank has better furniture than you have?" "It's because you give the all of your MONEY!"

    Funny, but I couldn't help but notice that big screen TV sitting behind him with his name emblazoned in letters as big as the giant screen can accomodate. This screen is probably nicer than many people have in their homes because stupid people give HIM THEIR MONEY, but somehow banks are no supposed to make a profit.

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  16. My car was my home for me for some of the better years of my life 🙂  And I owned them outright.

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  17. the problem is that people don't understand that a car is a machine made of interchangeable parts. That means that you can take a $600 car put 2000 or less dollars into it and make it worthy of another 150,000 miles of use.

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  18. One of your new videos, the car loan bubble is at over a trillion… this stuff grows fast

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  19. I love how blunt he is hahahah

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  20. IMHO: If you don't know how to fix cars yourself, a good price range is probably $3,000-$7,000 for a used car. If you can afford than a certified used is a great idea. If you can fix it yourself, under $2,000-$3,000 cars become a great idea.

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  21. I bought a used truck for $11,500 about….16yrs ago, and paid it off in the 1st 3yrs i had it, at the time i had a real good job but i had no money put away for it, the car i had before it broke down and i had no vehicle, but today i have the same truck, all paid for, has had its repairs but all paid in cash, tiny bit of rust but it still runs very good, i see no reason to get another vehicle.

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  22. Cars are a waste of money. Give me a new Civic every 12-15 years and Im done. Depreciation breaks down to like $1200/yr since a Civic that old still goes for about $3-4k. No used car worries and I know the car's complete history. Unless you have a major life changing event getting rid of a car that runs prefectly is just financially stupid.

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  23. Don't believe the hype on this one. A car is an investment. Am I supposed to take the bus to work? It would take me two hours to get there. No thanks. Also, I primarily took mass transit when I was younger and I want nothing to do with it at this age. Nobody says you have to buy a new car at 18%. There is a happy medium there if you don't have cash reserves to buy it outright. Generally speaking, if you currently own a car, it's almost always cheaper to fix it then going out to buy a new one. So there are some discrepancies with this decision. But I do agree that 18% is just crazy.

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  24. There are jobs out there that a car, let it be a truck or vans or whatever, is absolutely necessary. They could be sub primes. You can't tell them to get another job if that is their specialty.

    Surely, there are irresponsible people as you've said, but let's consider all the possibilities before ranting with incomplete data.

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  25. KING

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  26. I drive a passat 2003 .. I'm on baby step baby # 2 .. thank you Dave

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  27. I paid 17% once and worked a second job to get out of it. I rather have a 2000-4000 early 2000s honda or toyota camry and be done with it. when you want better save up for a year or get a few years old model.

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