How To Get Your First Car With No Credit

Описание: When I was college I wanted this car, and it cost about $9,900 dollars more than I had in my account, they we’re selling it for about $10,000; aka I was broke, and I wanted a Mercedes. The car was Red, it was fancy.

Fast forward I bought my first car recently last year, Toyota Prius cost me $9000 and I paid cash, no credit needed. How was I able to pay for this car in cash, when a few years back I couldn’t even buy a decent bike for $200.

In this video, I’ll teach what I learned.

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1. A car is like a Toaster ( they all toast bread )

-In finance we call this a commodity, they all essential do the same exact thing

-But companies made it so, it they feel and look different by what they represent

-But in the end they all take you from point A to point B



2. Turning a $1 into 50cents

-No matter what car you buy they are going to the same place, anything with wheels and a motor, eventually end up in the junk yard

-And I realized this when I started to consider buying a new vehicle, ha not many people know this

-But initially I was going to buy a new car, of course it was going to fancy

-But then I did the research



Here what happens in the first 5 years of new car ownership

-First year you lose 10-20%

-By year 5, you can be down about 40-50%

-But this curve slows down dramatically after year 5 instead of going down by 15% roughly it starts to go down by less (so the real money is made in the lower end



So used is always better than new, because some else pays the upfront cost





3. Cash Flow Stealer

-When most people type car no credit

-It usually means I can't qualify but I can make the payments

-Be careful with this idea, and giving up your cash flow

-Most of these car payments are made for 5 years



SO here is the math

-$500 in car for 5 years is about 30k which gives you an asset worth about 15k and keeps getting worst, it's like driving to stop ice cream from melting in the summer by blowing on it

-$500 in Roth IRA at 12% over 5 years gives you 42k which Is 15 years would be worth 233k





4. Buy a Hoopty like Dave saves and save those payments for 1-2 years and get the car you want

-You find a car that 1-5k and you pay cash

-What you would made in payments save it up and then buy the car you actually want and sell the hoopty to help you pay for it

-In the meantime you have no debt, you can also invest and when the time comes buy your nice car without having to worry





5. Don’t let Ads play you



Safety

You deserve better

It’s more reliable



These are true, but when you broke, you broke



6. Remember (just because you can doesn’t mean you should)

-Search the one bill method on YouTube by tommy Bryson (I teach how to raise your credit and build a credit score)

-Search how to budget with my name also

-Focus on those factors first


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Disclosure & Educational Disclaimer:
Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.