Things to consider when buying a car Part 3 (Buy Here Pay Here) (2023)

Introduction

Be careful there are other options most likely. They can finance you, but at what cost?

Video

Okay, the buy here pay here dealership with regards to those this was not a video hating on any particular.

You know, dealership or type of dealership, but I would just say if you can avoid these types of dealerships.

I definitely would- and this again comes in to you, knowing your financial situation and the options that you have.

So if you know I know in the town I live in and where I work a lot of times, what I will see at my job I used to help with training on my job and even if I, don't I walk through the parking lot every day and I noticed we get new training classes in and it never failed that we always been new training class and you see people with 30 day tags popping up everywhere, because people got a job.

They want to get a car, and you see a lot of these buy here pay here.

You know tags in the parking lot and I kind of shake my head.

Sometimes sometimes that might be your only option if you cannot get financing you've had bankruptcy or repossession, but I mean for me and I'm, a god with some mechanical knowledge.

So it's kind of easier for me to say you know I would rather buy a neater car for under two thousand dollars and again that's going to be depending upon who you know a lot of times.

You have to do a little more digging to find that treasure.

If you don't know that much about cars, I would say find somebody who does and then also you know if you know somebody who's, you know mechanic or they have a shop eat, sometimes worth it too and I used to have a guy when I would, you know, was fresh out of college and I had to buy another car or even before you know, I was in college and I bought a car.

I'd actually had some work done in a duet of excuse me mechanic and he actually looked at a car for me for free he drove around for like 45 minutes and told me.

You know the issues I ended up, not buying the car.

There was something with the axle and I'm glad I took it to him, but if you can find people who are mechanically incontinent can go with you or you can pay them to look at a car before you buy I would say: do that you know if the beater car is you're in a jam.

You really need a car quickly.

If you have some time, you're like this car is going to fail me.

Instead, the buy here pay here, I would say you know, try to save up to 25 thousand dollars.

You know see if you can get a moderately decent car may not look the best, but it runs.

You know no major mechanical issue.

You may find old grandma to Lee in the neighborhood.

Has this old car she never drove.

You know just look for those deals.

If you don't have money a lot of times, you have to put in more legwork to make up for the lack of capital and finances.

You have and guys definitely be willing to do that.

You know I've been there, you got to make it work and I guess the meat of the video that I wanted to get into is the reason I don't like those buy here pay here.

Twitter buy here pay here places is because a lot of times people when people go there.

They really should not be buying a car that they have payments on, because that you don't you know if you don't have consistent income you're bouncing to a new job every three to six months.

That's going to put you in jeopardy, you don't want to be riding around without insurance that can cause complications and warrants, and God knows whatever else that you're, you know you're going to get into while you're trying to make two payments of you know two hundred fifty dollars a month, for you know- and you know an 02, corolla or camry- that you really should not be paying four hundred dollars a month on and I mean you know the reason why I said at the beginning: videos I'm not trying to bash these dealerships, because it is a situation where they're making a lot of money.

All those loans, because, if you think about it, you know you're paying over you're paying four hundred dollars a month and a lot of times they do this, where it's to payment or a payment.

Every two weeks, and really you know, one of those payments is what you should be paying per month for the type of vehicle that you have, and you know, I'm gonna have to get into that in a later video, the types of stock that they keep things like that, but the problem that you end up paying a lot of money.

If you don't have a vehicle, that's 10, plus years old, you're, paying four hundred dollars a month.

That is a lot of money for that vehicle and the reason why is because that dealership is taking a huge risk on you? You may have little to no credit, a dodgy history, something like that and they're, taking a risk that they may not get their money six months down the road you may decide.

I'm gonna go get another job, but I'm not going to have a job for three months and you know they're taking a huge risk.

So for them and huge risk use reward if you're paying a lot and if that's what you have to do, that's what you have to do, but if you can get the cash car I would say: go for that because again, just on the sheer fact that you're paying a lot of money for the vehicle that you're getting and it's just a heavy burden with car payments that you, you know a lot of cases, people do not need so I.

Would you know strongly advise against those and when you go to those dealerships it rolls into.

If you watched my first video about car about carbine you'll know it you can go and those dealerships it's about.

Well, how much can you afford to pay per month? Not how much are you going to be paying over the life of the loan for a vehicle? A lot of these places, you're paying you know, fifteen twenty percent interest on the vehicle and your payments are really really high, so you know it.

It may seem glamorous because they have that truck that as you need that charger with the rims you want, but guys you know, take a step back if you can do the beater car to the cash car and then move into a situation where you can actually go to a dealership and purchase a car, and when you put in that hard work, you know to work on your credit to pay off bills and things like that.

You know it'll it'll pay in the long run.

You know it's funny.

I I used to do Dave Ramsey and he always has a quote that says you know live like no one else, so you can live like no enough everybody out.

There is getting the most expensive but nicest car they could possibly afford at the cost of future savings roland k having a cushion if there's some sort of catastrophe.

But if you live like no one else and I, you know, then a stele as line because it's a great line or you have that beater car you drive that beater car for one two three four five years and then you get.

You know especially four or five years.

You can do a lot with your credit in that time frame and then you can, you know, move on to a nicer car and then feel comfortable enough to say, oh wow.

This is great.

How you still take a vacation or I, can still go out to eat or do what I want to do and not have to worry about.

My life didn't cut off because I'm, making a car payment and insurance payment which you're going to have to do anyway, but anyway, its lesser.

If you don't have full coverage but watch my other video.

If you have any questions about that, Bailey guys I know it kind of rambled through this video I hope it was still helpful to you.

You know, like I, said test out my ideas talk to different people around you who have good credit.

You know are good with their money and ask them what they think about your situation.

Make sure it's somebody trusts they're not going to go up telling your business and if you have any comments or suggestions, you know put them out below.

In the comments section I'll try to get them as quickly as possible, thanks for watching.