Raite is Mexican slang for a ride or lift, especially transportation offered by someone else. In the song, “Ya está mi raite allá afuera” means “my ride is already outside,” giving the word a distinctly regional flavor and making it a memorable example of how English influences Mexican Spanish.
Snow Tha Product sets this one at the tail end of a house party, when the night has run out. The hook borrows an old Mexican saying, "Aquí se rompió una taza" (A cup broke here), whose second half sends everyone home. She finishes it her own way: "Y ahora la plebada pa' su casa" (And now the crew heads home), and somebody is left to "limpiar el cantón" (clean the house).
The verses read like a list of the damage. She "perdí el cel y cartera" (lost my phone and wallet), her "raite" (ride, borrowed from English) is waiting outside, and the sun is about to come up. By the bridge the drink has won: "Ya me ganó la peda" (The drinks got the best of me), and she is seeing "pajaritos y estrellas" (little birds and stars), the cartoon dizziness after a knock on the head. Plebada, cantón and peda are everyday Mexican slang worth picking up here.