Car Salesman EXPLAINS Car Loan Interest Rates (EXPLAINED PERFECTLY)

Car Salesman EXPLAINS Car Loan Interest Rates (EXPLAINED PERFECTLY) by Tony Swedberg he reveals car loan interest rates and everything you need to know explained perfectly. This car salesman explained perfectly how auto loans work so if your financing a car and want to know about car loans and interest rates on car loan then listen to this car salesman he explains a car loan and interest rates perfectly and make it very easy to understand. This video will help you save thousands on APR on a car note by saving you money on the interest rates and keeping your car payment as low as possible!

What’s up youtube it’s your boy tony swedberg and today we’re doing car salesman explains interest rates on car loans perfectly so if you’re looking for a car and you want a lot of knowledge on interest rates or your car salesman and you want to learn how to overcome objections this video is for you make sure to watch until the end so first question i want to ask

You guys is what is the interest rate based off of now most people are gonna say credit but there’s a lot of other factors that go into the interest rate i had a 680 credit score come in she got a pre-owned vehicle she was upside down in her car and going into the pre-owned vehicle her interest rate was like 17% now she was upside down so rolling over money you

Know the bank valued the car around 20,000 out the door she was at like 30,000 so it’s very high risk when you owe a lot more on the car than what it’s worth the reason why and it goes back to you know why is it so easy for someone to get approved on a car but they can’t get a thousand dollar credit card it’s because the bank has something to take back so they

Can take the car back as a repo and that’s their collateral like they can always come pick up the car and that’s why it’s easier to get approved on a car over getting approved on a credit card because of that collateral so what i did is i switched her to a new vehicle what that did is the the car was valued at the invoice price you know msrp but invoice is like

Pretty close it’s a little bit less than the msrp of the car so after that we had discounts and rebates and then we added in the negative equity but those discounts and rebates offset it so the starting price was like 30 out the door after you know negative equity but the discounts and rebates were really high she was at like 29 so the bank saw the car was worth

Around 30 and out the door she was like i believe it was like 28 or 29 so that’s a really good loan to value they’re like okay you know she owes 28 29 and you know the cars worth 30 so there’s not a lot of risk and that’s what the interest rates based off of not only credit but also risk and that’s not the only situation i had a 677 i sold a car to yesterday and

She ended up getting an 11% interest rate at seventy-five payments in out of 677 you know she can do a lot better than that but it was high-risk because she had four open auto loans you know a couple under her name but some were co-signed you know maybe one under her name and then three cosine because she had like four kids and that that created high risk you know

Adding a fifth one the risk was higher so the interest rate was higher so if you’re liking the video so far make sure to hit that thumbs up button but more importantly hit subscribe almost at ten thousand subscribers very excited for that but if you have any questions please in the comment section please ask the question i will get to it and answer your question

So i’m a car salesman in the internet department i constantly hear people on the phone talking about interest rates you know maybe the customer like today was two point nine nine they were getting and they have to finance with us to get the online price and our rate i believe was like 3.75 now how you’re gonna explain that first off on a thirty thousand dollar car

The difference between 1% interest is around a thousand bucks sometimes a little bit less depending on the price of the car so it’s not a huge thing it’s just the 2.99 definitely sounds good to the customer and that’s like what they want they want the best everything now just you have to make them feel better overcome this is very easy you have to explain that

The online price or the price you’re giving them if they’re at the dealership is very ugly the reason why you have to finance to us because that credit that you’re giving your bank that gives you 2.99 they get the credit and we need that price for the price that we’re giving you to make sense when we sell you the car for less than what we own it for we have to

Get that credit to make the deal happen so that way you save all the money up front and the good thing is you only have to stay with any of our lenders that we have here we have 40 different lenders and all of them you can refinance after only three months and just three months of making those payments it’s only around you know ten fifteen dollars of interest each

Payment but that way you’re gonna save thousands or hundreds upfront that way you get the best price up front but you also get the interest rate that you’re looking for when you just you don’t really push it hard you know and try to convince them they’re buying it or it’s a good deal and you just throw in we’re selling you the car for less than what we own it for

Um they pick up on that you know you don’t push it but you just say it and they pick up on that and that’s really how you can build value in the price as well and the last tip i hear this all the time anybody who’s trading in a car you know on average people trade it in after two three years let’s say you know anybody who got a car back then the interest rates

Were way lower i always explain yeah i mean don’t say yeah i got 2.99 and you know now you’re at four point nine nine and i’ll explain ya back then you know i got one point nine nine on my mercedes it was even pre-owned but those those rates don’t exist anymore the lowest i’ve seen is you know three point seven five or and that was with an 850 credit score let’s

Say they’re in the 700s and they’re at four point nine nine that will just justify the interest rate a little bit for them so i hope you guys enjoyed the video comment down below if you have any questions something i didn’t touch up on and make sure to hit that subscribe button and share this video with somebody who is trying to get the best interest rate and until next time

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Car Salesman EXPLAINS Car Loan Interest Rates (EXPLAINED PERFECTLY) By Tony Swedberg