Mortgage Loan

6 & 7 12 months Car or truck Financial loans??? Why this is a Huge issue for your internet worth! #AskMotoManTV EP 28





A pretty offended MotoMan & Kumo share the disturbing information that motor vehicle financial loans exceeding five several years has ballooned from just more than ten% seven several years ago to additional than a 3rd of all new motor vehicle financial loans in the US!!!! MotoMan calms down for adequate time to share even more insight into this detrimental craze he figured out from his community industry and describes from a motor vehicle guy’s viewpoint why this is issue for your internet worth . . .

Subscribe now to knowledge our adventures in the motor vehicle planet.

For additional data, watch our how do buy a Sports Car or truck applying Dave Ramsey money principles @

– or –

How buy a employed Electric powered Car or truck @

Examine out our #AskMotoManTV playlist:

Adhere to us at our socials to get *guiding the scenes* movie clips, pics and additional:

Facebook –
Twitter –
Instagram –

MotoMan. Storyteller of Transportation, Journey & Influenced Individuals

Down load our MotoManTV App!

iTunes/iOS:

Google Participate in/Android:

Be part of MotoMan, an common motor vehicle guy on extraordinary adventures in the planet of Transportation, Journey and Influenced Individuals via four distinctive reveals a week:

• Our signature TECH Opinions – a deep dive into new cars from around the globe OEMs

• First Travel Assessment of the newest cars
• Indepth interviews with the persons shaping the motor vehicle planet of right now on Inside the MotoMan Studio

• #AskMotoManTV – MotoMan responses YOUR queries

As well as some previous favorites like the #OptionsGame and many others that will pop up from time to time.

Previous but not minimum: What if you could go anywhere or do anything at all you want in the motor vehicle planet? MotoMan normally takes on that journey each and every season with our unique miniseries: This season – MotoMan goes to Crewe, England and builds a Bentley from start to end!

New music courtesy of Kevin MacLeod/incompetech.com, Dirty Hollywood & Jahzzar

source

28 comments

  1. My sister purchased a 2011 car in 2013 and she is still paying for it at the moment.

    I have been buying cars with cash since I started driving. And the price is good since they are at least 6 years old. The depreciation curve is nearly flat before my purchase.

    Reply
  2. At Rogers Insurance, our commitment is to provide service with a truly personal touch. Our company is built upon a foundation of professionalism, accountability and insurance solutions that are dependable and as individual as you are. https://www.rogersinsurance.ca/red-deer/ #insurancebrokersredder
    #carinsurancereddeer #autoinsurancereddeer #reddeerinsurancequote

    Reply
  3. I'm looking for a car now and I only think about the total cost of it, including lease offers. I would like to put down a reasonable amount to get rid of the monthly payments ASAP. I hate financing.

    Reply
  4. I'm 23 years of age. My mother purchased a used 2010 Nissan Sentra SR with 15,000 miles for me at 18, back in 2013. She paid a total of $21500 for a 14k car, she is now trying to put it up for sale, because she can't afford it anymore. At 21, I went out and purchased a 2001 Toyota celica GTS w the 6 speed manual. I paid $4500 for the car from a used car lot. Fixed the minor issues, it runs like a champ, I have fun with it. Before that I was contemplating on buying a new car before preferebly a Scion FRS at the time. I opted to order the car online, and pay the bank the money. More so looking at a 6 year payment at that time with only a interest rate at 2% because of good credit. I could afford the car, but not the insurance, so I just told myself I'll stick to getting the celica instead. Best decision I ever made, the Nissan is now worth 7000, and it hasn't been 6 years yet lol. Oh, and another thing, the interest rates dealers work out, go by the day not year. Example, if you have 3k left on a car this week, next 2 weeks it might be 3200. Be careful w these dealers

    Reply
  5. As a taxi driver I have to get a new car to work for 3 years and not worry about repairs and lost time. And finance is the best way to pay it , easier to bear monthly.

    Reply
  6. Nice dog.

    Reply
  7. I Want It All. A low interest rate and a low payment LOL LOL.

    Reply
  8. or take the damn bus

    Reply
  9. Wow, So glad we found you. Thank you.

    Reply
  10. good to hear; simply learn basic math and calculate ECD (Effective Cost of Debt); bankers will treat u more like partners than customers 😉

    http://incomepropertyanalytics.com/how-to-calculate-the-effective-cost-of-debt-ecd/

    Reply
  11. lol Kumo just chilling and passed out

    Reply
  12. why in the hell would finance i fleeting asset like a car for 10 years of your ( the reason i say 10 years because ,of maitinance too) life. if u dont have at least 50% down on that ragady heep( I'm a dealer by the way) u cant afford it. I'm the bear u are the bass .

    Reply
  13. month.Auto

    Reply
  14. Kumo can not believe human beings called the most intelligent species and social animals!! By the end of the video its just too much … and why do they call it "Dog eat dog" World ?! ……… Bow Wow …. Grrrrrr …. woof ….Woof … WOOF

    Reply
  15. I wonder how many new car loans include negative equity from the trade-in?

    Reply
  16. In answer to your question: 2017 Pacifica; negotiated $8500 off sticker ($36,500 down to $28,500) and traded in our old (paid off) van, giving us $15,000 in equity; 4 year note that we will pay off in 18 months. Dear Reader, listen to what MotoMan says! Go cheap, save money, wait 3 years and THEN go shopping for the one you want.

    Reply
  17. A nice, smart piece!!! Bravo!
    Let's not forget what's going to happen when everybody still making payments on it after 60 months and nothing works and it's all breaking down they will go into default they will say I am not making payments no more. Oops here comes the bailout

    Reply
  18. 50% down on a low mileage certified pre-owned Chevy Volt. 4.5% APR on $6,500. Making $500 monthly payments per my own accord. If the APR moves above 5% I can (and will) liquidate other assets to pay the note off nearly immediately. ~26 years old. Only bought the car because my old 1999 Mercury Cougar cost me an average of $190 per month over the last 12 months for repairs.

    Reply
  19. It's because interest rates are extremely low or even zero in some cases. I was going to pay cash for my car but they not only gave me a 60 month interest free loan they paid me $1000 to take the loan… this was in Jan, I took the $30,000 that I would've paid for the car and invested it in an S&P Index fund, the balance is at $35,000… so $5,000 profit in 10 months.

    Reply
  20. I came to a gun fight with a butter knife (not knowing about interest/importance of Credit), ended up with a 21%apr loan. Trucks too old to refinance it's 2008…….I checked the dealers lot all their cars are 2009 & older for this very reason……ugh fuck car loans forever lol

    Reply
  21. i put $5k down on a leftover, $45k sticker, '16 camaro ss that i got for 20 percent off sticker. i got the $5k from equity on my traded '13 charger r/t, which had had $483 monthly payments; it had listed new for about $31k. i got about 6,700 off list. i put nothing down on the charger. i drove it for four years almost, and traded it for under $7k less than i bought it for. i pay just under $500 per month on the camaro, for 72 months at just over 2 percent interest. i don't think i'll ever be upside down because i don't drive a lot.

    Reply
  22. Never more than 5 years, financed 100% of the car, I figure it's an expense not an investment.

    Reply
  23. Highlander Limited 42k 12 down 60 months

    Reply
  24. 5yr, 0.09%, 0 DP

    Reply
  25. What i did, is i took a personal loan for $33000 and used that loan to buy my BMW. The personal loan had an interest rate of only 1.9% and a 24 month payoff period. My monthly payments were crazy high ($1427 a month) but i was able to pay off the loan within only 2 years!.

    Reply
  26. It's already standard in Canada since a couple of year. It's even worst than in USA because winter and salt on road destroy car pretty quick. So the official figure show that most new car buyer have a debt that exceed the value of the car. Most car dealer will take your let say your 8000$ car with 13000$ of debt and simply add the 5000$ of balance to the price of a new car making you even more in debt (it's illegal they don't care). The worst case i know: one of my colleague who paid 72 000$ total (8 years term) for a Hyundai Santa Fe because of the residual debt on a previous Hyundai Genesis….

    Reply
  27. people buying cars that they cannot afford. people wanting to look wealthy by driving luxury brand name cars (BMW, Lexus, etc) when in reality, they really can only afford a chevy cruze. that's why people are taking out these loans.

    Reply
  28. 5 or 6 years at 0% interest.. they offering those now. Sounds great to me.

    Reply

Leave a Reply