I must be doing vibrato wrong. Every time I practice it among my fingers... when I do my index finger only (like Loomis does a lot) I'll end up getting a sore tip that makes it impossible to do any bends because it hurts too much. It's a dull pain. What I suspect is that I'm in the wrist position vibrato but I'm still using a finger styled vibrato somehow and have been practicing that style to get Yngwie like bends for 6 months, and thus sort of screwed over not only the tip of my fingers for a few days, but I think it's also affecting my wrist.

When you do vibrato, wrist is the goal because I heard using only fingers/updown motion can cause damage later on even if it feels right at the time.

Some people say use the guitar weight. Should I have the guitar perpendicular to the ground?

How do I practice to get Loomis/Yngwie style vibratos? Loomis can pretty much bend up on the 19th fret a full step and then apply vibrato. I MUST learn to how to do that.

Any tips or tricks, to increase vibrato speed as well?
It's spelled wiener.
you just have to practice. same as bending, support with other fingers for better control when you can. Don't mess up your hand/wrist trying to get up to a certain vibrato speed - you have to work up to it. Also, I'm pretty sure Yngwie uses just classical vibrato, right? that uses the wrist as well, the vibrato is just horizontal instead of vertical.
I get sore fingertips when i do monster 2+ tone bends. Never for vibratos though 'cause it's not meant to be aggressive.

Maybe it's the technique?
G(g)od was like: "Make you an ark of gopher wood; rooms shall you make in the ark, and shall pitch it within and without with pitch."

And i was like: "What's gopher wood?"
How are you doing vibrato? Some people do vibrato by moving their finger left and right across the fret. In my opinion, this isn't a very good way of doing vibrato at all. It is hard and messy, and doesn't sound very good. When you mentioned Loomis bending up a step on the 19th then applying vibrato that isn't much of a feat. Just simply bend the string up then move it up and down very slightly to get that vibrato sound. If this is too hard to do try bending up a step then vibrato by going down half a step then back up a half. It's all about moving the string up and down. The more you practice it the more you will get the touch needed to make it sound good. Just keep practicing.

Vibrato is repetitive bending. Use your WRIST to do the movement.
How to practice:
~ Set a metronome, do the vibrato in 8th notes, or 16 notes or triplets or anything set to the tempo. Set a comfortable tempo that you can do steadily.
~ Bent the note up to half tone, then goes BACK exactly to its original pitch, then bent again half tone. then back again. repetitively according to the tempo that you set.
~ do the same with full tone bent.
Learning to bend high and vibrato too just comes with practice and lighter gauge strings. Inb4 you guys attack me and say that I'm saying it's impossible to do it with high gauge strings, I'll let you know that I know it's not impossible, but it is more difficult.
"To this day I don't have a guitar idol. I have people who are my favorites." - Randy Rhoads