Why Getting a Car Loan Is a Bad Idea

Oh just pay cash?! Why didn't I think of that?!

“Debt always seems easy… until you have it”. 💯

If you can’t pay cash for whatever it is that you want to buy, you can’t afford it. So save your money and when you have enough to pay cash, buy it. Don’t live on other people’s money. Live on your own money. Don’t owe anybody anything.

Banks prey on ignorant/uninformed desperate folks, be smart we work to hard to live poor

I am mostly on team dave here. But opportunity cost has caught my attention. If I can pay a low interest rate on a car loan and earn higher interest on index funds and other like investments, why wouldn't I do that?

I'm really trying to come up with a good counter argument but when that point came up in conversation I didn't really know what to say besides having peace of mind.

I listen to Dave Ramsey on the regular 1st time watching him

Well being able to responsibly leverage debt allowed me to drive a corvette in my 20s instead of my 50s when I’m old lol. So to each their own if you are responsible. 👍🏻

I know this is 4 years old. I tried buying 100k-150k mile cars for $5k and $10k in cash. Seemed great at first because we didn't have a payment, but even with great care they all broke down every 2 years and the fix was more than the car. Stress isn't worth it. The cars would have just ate up our emergency fund every year.

I pay 355 dollars a month on my car

“Debt always seems easy until you have it”🔥🔥🔥

People only have car loans because it looks good to others. Think how fast you coulpay your house off of you doubled the payment instead of paying a car loan and insurance. $1000 a month for both o the national average. 12k a year and that’s without gas. So 15k a year on the low end. Your house would only take 10’yrs at 150 k without a car loan. Who is that nieve?

Is there a way I can request my down payment back from a used vehicle financed yesterday, without penalty. The dealer has not registered or insured the car yet either.

Really good to listen to when you are on the throne taking a 💩

Until u buy a Tesla and do Uber on the side 😅

I get it..I do. Basically have money when you’re already “old”

What exactly do you invest in that will guarantee you a huge return like you say? I bet nobody will answer this question including this guy Ramsey.

First of all, I would like to say thank you. You save me on making a bad decision sir. I was actually searching on how to approve in car loan (even though what I was planning to get is a sports bike), and then I saw your video. I watched your video first before the other videos, and now I decided not to get a loan. Again, thank you.

Maybe millionaires haven’t had a car payment in decades because they’ve been rich for decades.

I’m young and don’t know much about cars. Thank you for being clear and getting right to the point

I personally don’t agree with Dave.. we all need each other to survive…Dave you made a living in the past from selling cars … you benefited from auto loans ..
borrowing is not bad .. but borrow when it’s necessary.. millionaire don’t borrow to buy cars but instead most of them own financial institutions that borrow people..we need each to survive..

Man, enjoy your life and do what makes you happy. So worried about saving money but can't do nothing with it once you're old as dirt or dead. I'm not saying go out and be willy-nilly with it. But If you have it enjoy it. You only got one life. It ain't no video game. You don't get a restart or a do-over. once it's done, it's done. You better live your life.

I use electric RCR bike for now to avoid financing a vehicle

I am not gonna have a 40 year old car payment

I’ll take being car less over being hungry

Rich people borrow all the time for both liabilities and assets

That’s why you request to pay the principal?

$507 a month for 50 years is only $304,200

Next video, “Why financing through the dealership is a bad idea!” 🤦‍♂️

So what do I don

Avg used car price in 2022 is now close to 30k. Good luck paying cash!

Sound advice.

TOYOTA ..that is all

Awesome ‼️‼️‼️

The name up there came through for me
⬆️⬆️👆⬆️🆙🆙👆👆👆

I financed a motorcycle a few years ago worst decision I ever made.

This kind of video get views? Oly shnikey.

I made a mistake and got a used car, now I'm selling it and getting rid of my payment, and for the first time ever I'm not upside down. I've actually made money off the deal.

If you got the money you fine but if you barely got it then no

There is a difference between a car "payment" and a car "loan/lease". Why buy houses then?

For 95 percent of people vehicles are status symbols. So sad!

Financing not bad if you can pay your car off with ease. It’s all about how you manage your money.

I just paid off my car loan. Never again!

Another Millionaire said, he won't pay Cash for a Car and Doesn't buy Used. He says he would rather keep his Money in Investments making 10-15%, & get a very low interest financing loan for Car🤔

Save up to pay for a car? Who has 15/20k to splash on a car? Cash flow is key so car payments no brainer why pay a car in full and tie up funds

I can get a 0% interest 15k loan on a 30k mile car though. Doesn't make sense to me to but a 3000 car with high miles that could cause issues.

Good advice mate

Same could be said about saving up the full amount. Why would you pay cash when you can invest the lump sum into high return investments? I get what he’s saying but it seems like with his logic you should never finance anything.

That’s not short term thinking. If you have the cash to invest why put it toward a depreciating asset aka a new car? Why not invest your capital and make low interest monthly payments towards a car. This video just convinced me to finance my next car.

Thanks Dave needed to hear this