CAR LOANS in 2025 (Car Financing Explained) Kevin Hunter The Homework Guy скачать в хорошем качестве

CAR LOANS in 2025 (Car Financing Explained) Kevin Hunter The Homework Guy

How to get a car loan in 2025 and save money on your new car or used car payments! Kevin Hunter The Homework Guy presents car loans explained and how to save money on car loans. SUBSCRIBE ON YOUTUBE    / kevinhunter​   #Car​ #dealership #cars #usedcars #carsforsale #TheHomeworkGuy​ ​ THE BEST CAR BUYING ADVICE YOU CAN FIND is published by The Homework Guy Team (THG)! We’re the team of Auto Experts, Finance Gurus, and Car Pricing Strategists that well over 45 Million Car Buyers have come to know and trust. VISIT OUR WEBSITE: https://thehomeworkguy.com WANT TO LEAVE A TIP FOR THE HOMEWORK GUY TEAM? https://www.paypal.me/consumeradvice or https://cash.app/$TheHomeworkGuy WE THANK YOU IN ADVANCE! WE APPRECIATE YOU SUPPORTING OUR MISSION! JOIN US ON OTHER SOCIAL MEDIA! Facebook:   / thehomeworkguy   Twitter:   / thehomeworkguyz   HASSLE FREE CAR BUYING SERVICE Available now! Click here to get started: https://thehomeworkguy.com/thg-team-c... 1. Know Your Credit Score Why It Matters: Your credit score is the single most important factor in determining your interest rate. In 2025, buyers with excellent credit scores are seeing rates as low as 5.9%, while those with poor credit are stuck with rates of up to 15% or even higher. How to Check It: Use free credit monitoring tools like Credit Karma or AnnualCreditReport.com. If you’re a credit union member, they will likely monitor your credit for you, too. So there’s just another reason to have a membership at a credit union! Look for errors on your report and dispute anything inaccurate. If you’re not sure how to dispute errors on your credit report on your own, consider hiring an expert like Lexington Law to do it for you. How to Improve It: Pay down existing debts. Keep credit card balances below 50% of available credit, and even better yet, below 30%. Never open new lines of credit before applying for a car loan.Those hard inquiries hurt your credit every time! If you know you have a potential problem, start building credit now with a cash secured loan. They are super easy to do with credit unions, and literally ANYONE can do it! 2. Get Pre-Approved for a Loan Here’s Why It Matters: Dealership financing can be convenient, but it’s often marked up to benefit the dealer. And, they can often tend to shotgun your credit application to several different banks, dinging your credit multiple times.What’s interesting to know is that they don’t do this to benefit YOU. They do this to benefit themselves. They are hunting for a bank that allows them to pack your loan ful of add-ons and fees. Getting pre-approved gives you the upper hand. Where to Get Pre-Approved: Credit unions (like Navy Federal or PenFed) Banks (like Chase or Wells Fargo) Online lenders (like LightStream or Capital One Auto Navigator) How It Helps: Pre-approval locks in a competitive rate. It allows you to negotiate like a cash buyer. You’ll know your budget before stepping into the dealership. Understand the "Buy Rate" vs. "Dealer Rate" What’s the Difference? The buy rate is the interest rate offered to the dealer by the lender. The dealer rate is what they offer you after marking it up for profit. Example: If the buy rate is 4.5%, the dealer might offer you 7%, pocketing the 2.5% difference. How to Avoid Overpaying: I you’re using dealer financing, ask thefinance officer for the buy rate directly. Use your pre-approval as leverage to negotiate an even lower rate. Be prepared to walk away if they won’t budge. 4. Beware of Extended Loan Terms What to Watch For: In 2025, many dealers are pushing 72- or even 84-month loans to lower monthly payments. While tempting, these extended terms mean: You pay far more in interest. You’re at greater risk of being upside-down on your loan. Example: A $30,000 car financed for 60 months at 6% interest costs $34,799. The same car financed for 84 months costs $37,951—an extra $3,152! Our Advice: Look at what the payments would be for 48 months. If you can’t afford those payments, you can't afford the car you’re trying to buy. Once you’ve done that, request loan terms that are 62 or 66 months. A loan of this length puts you beyond the 61 months, and that’s key to avoiding prepayment penalties. Now you are free to pay off the car as quickly as you’d like!