FINANCE MANAGER at CAR DEALERSHIP TELLS ALL – LEARN CAR FINANCE MANAGERS TRICKS! – The Homework Guy #Finance

car-buying advise straight from the horse’s mouth a Finance man in a car dealership hi I’m Kevin hunter after many years of publishing car related

CashNews.cos I now get thousands of comments from car buyers and car dealer employees every year but few comments are so good that I make a CashNews.co out of the feedback this was the case with Chuck I will share with you almost verbatim what he shared on one of my CashNews.cos because it is that

good I added a few notes and I reorganized part of it to follow the sales process to help you the buyer out before we get into Chuck’s great advice make sure you subscribe to the channel if you’re new here give us a like comment below and share this CashNews.co on social media your

friends deserve to get a fair car deal – alright now for a little background Chuck loss Tedder was a former Loan officer at a bank that probably helped him a lot and then became a text-decoration: none;">Finance manager at a highly reputable dealership Chuck is proof that there are good guys in the car business I’d read everything he wrote and endorsed his comets entirely here’s advice directly from the

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance man somebody who knows first if you plan to Finance your next car you should know

what’s in your Credit file before applying for a Loan you can get a free copy once a year as required by law if there are any errors make sure you dispute them and have them corrected before getting a car Loan if you have

Credit cards make sure your Credit Debt is at or under 15% of your available Credit this means if you have a thousand dollar Credit don’t be more than $150 balance on that card this will significantly help

your Credit score make sure you have all of this in place before applying for your Loan great advice guys make sure you follow it number two research the dealership and their reputation a lot of different ways to do this you can do this on Yelp you can do this on

dealer rater all kinds of sites out there I’ll include links for some of those but make sure you establish who the reputable dealers are in your areas and talk to your friends find out what their buying experiences have been with dealers near you next research to the car you want if buying

new there’s not a lot of room to negotiate since there’s not a lot of markup on new vehicles that is very true the key to buying new is there’s a lot of rebates or incentives from the manufacturer and you can find this kind of information available online on the car that

you’re looking at if you’re buying used check how the vehicle you want is priced compared to similar vehicles in the market once you’ve determined that you are buying from a reputable dealership at a fair price then you can worry about financing if you’re financing your

first vehicle you will pay a higher interest rate than people with more Credit history it would be a good idea to have a cosigner if it’s possible many times Credit unions and small local banks are willing to take on more risk in the form of a first-time

buyer and you can get a decent rate from them find out from your bank what they would be willing to do for you many factors are used to determine your interest rate the age of the vehicle you’re looking at the miles that are on it your Credit score the

Loan-to-value ratio so how much you’re hoping to Finance based on what the selling price of the vehicle is and Debt to

Income ratio to name a few Debt to Income is just how much Debt you have based on how much Income you have make sure you have money to put down on whatever you buy and as a first-time buyer this shows that

you’re serious about your commitment ideally banks love to see you put down enough money to cover the tax title license and I say all the way up to 20 percent of the purchase price of the car I think you definitely should consider at least 20 percent now after you’ve spoken to your bank

give the dealership the opportunity to arrange financing the dealership has the ability to shop different banks to ensure that you get the best rate let them try to get you a better rate than what your bank is offering this is very true dealerships have so many different resources they can deal

with they can do a fantastic job for you but you’ll have to shop your own bank and hold them accountable you need to know that information before you go in a big misconception is that every time your Credit is pulled it lowers your Credit score not true banks

and shady dealerships will tell you this so that you don’t shop around for the best rate it’s a lie it doesn’t matter if one bank or ten banks pull your Credit as long as your Credit is pulled for the same reason you’re shopping for an auto

Loan the net effect on your Credit will be the same like one pull the Credit bureaus look at all the inquiries within a 45-day period as one shopping instance where you can get into trouble is if you have your Credit pulled every

six to eight weeks and you don’t make a purchase this will lower your Credit score when it comes time to do the paperwork you’ll be offered additional items you can purchase while in the #1a73e8; text-decoration: none;">Finance office VIN H auto DNA under spray these are all horseshit ripoff items now that came straight from the Finance man you

guys I’ve said this many times here in this channel but that is right from the horse’s mouth and reputable dealerships will not offer that stuff think about this if VIN edged out of DNA under spray if those things aren’t being offered to you in the

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance office you already know that you’re sitting in a shady dealership but this does not mean that everything offered to you is garbage a gap policy is very important for you

to have unless you are financing for three years or less and putting 20% down I’ve said that many times here in this channel you will likely have negative Equity for half of the term of the Loan lesson learned folks

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance your car for three years put 20% down you won’t have to pay a thousand dollars for a gap policy if you do not buy a gap policy from the dealership and you needed it well

buy it somewhere else I would not recommend buying it from the same company that you buy your car Insurance from and here’s why let’s say you owe thirty thousand on your car and you’re an accident and your car is only worth twenty thousand dollars the damages on

your car come to twenty-five thousand it should be totaled right well if your gap policy is with the same company as your auto Insurance what is going to happen the Insurance company will fix your car and pay the twenty five thousand because it’s cheaper for

them you now have a twenty thousand dollar car with a bad Carfax that shows thirty thousand dollars in damages because the Insurance company wanted to save five thousand dollars you are screwed when you eventually trade that car in if your gap policy is with a third party your

Insurance company totals the car pays the twenty thousand dollar value of the car and the gap company pays the extra ten thousand dollars you owe you can read more about gap at a link we’ll put in the CashNews.co down below it’s here on the screen but make sure you

check that out next is the vehicle service plan also known as extended warranty only you can decide if this makes sense for you if you plan on keeping your car for a long time than it is a good idea to get one if you’re going to upgrade in three years do not get one since your vehicle will be

under warranty of course unless you’re buying a used car never buy a warranty from those crooks that will call you unsolicited or send you junk mail there are many scammers out there you can always buy a warranty from the dealership at a later date as long as the manufacturer warranty has not

expired depending on the vehicle a good warranty can cost you 2500 to 3500 dollars many times they pay for themselves buying it at the time you purchase the vehicle allows you to include the cost in the vehicle Loan if you wait to buy one when your factory warranty is about to

expire some dealerships like the one that Chuck works at will let you pay it over 12 to 18 months interest-free that’s not a bad deal you just need to determine the risk reward for yourself could you easily pay $1,500 if the touchscreen system goes out in your vehicle is the peace of mind you

get with the extended warranty worth the extra forty-five to fifty dollars a month only you can make that determination don’t allow a Finance man to try to cram this

down your throat if you don’t want it next is paint protection this is something you might be interested in but find out about the product your dealership offers and do your research beforehand make sure you aren’t paying for crap product that is essentially high-dollar car wax a lot of

dealers have this kind of a product Chuck’s dealership does ceramic coating he bought it for his car and loves it his price is six hundred eight hundred dollars cheaper than any detail shop in the area do your research you might find paid protection to be useful there are many shady people

working as Finance officers and they give every none;">Finance officer a bad name there are plenty of good guys out there that are ethical and knowing the difference will determine how your buying experience will end up if you end up with someone who seems pushy and high-pressure do not be afraid to get up and walk away an ethical

Finance manager will give you the facts and let you decide what is best for you for those who work at reputable ethical dealerships the absolute worst thing that can happen

is to have a customer regret their buying decision good dealers want to give you all the information you need in order to make an informed decision and for you to be happy with your purchase when this happens the deal ends up with customers for life becoming great advocates and will refer a lot of

business to them after hearing advice from a Finance man like Chuck glass Debtor let me just say this you’d better be hoping and praying that you run

into somebody like Chuck in the dealer Finance office there are plenty of slimeballs out there to find someone like Chuck will make your next car buying experience absolutely

amazing and Chuck if you’re listening to this CashNews.co I do hope you share this with your customer this was rock-solid advice that you gave here on our channel for those of you who are new to the channel remember to subscribe for future CashNews.cos hit the like button if you appreciated

this advice leave us a comment or a question I always check back and share the CashNews.co on social media with your friends they deserve a fair car deal just like you thanks for watching and thanks to Chuck lost Debtor for his amazing comment on this channel it’s always

great to hear from the hottest people in the car business I’m Kevin hunter until next time take care you