You can go for a car loan from a bank or credit union or any other lender other than the dealer s recommended one. This enables you to negotiate the price of the car alone. In this case you are considered a cash buyer and hence you have an edge to negotiate the price of the car. Most of the salesmen prefer you to be a monthly payment buyer so that they can get a lot of profit out of it.
Check your credit report and hence you credit rating when you go for a car loan. You can order a credit report from Transunion, Experian or Equifax. You credit rating plays an important role in determining the interest rate that you will be giving.
You have to make sure that you have a good rating to get a good interest rate. If you find any errors in your credit report make sure that you are correcting them before you approach any institution for a car loan.
When you are negotiating the price of the car make sure that you have the true market value of that car with you. Check out the monthly payment that you have to make. The thumb rule is that it should not exceed 20% of your monthly income.
Make sure that you buy a car in that price range otherwise you will get into trouble later. Do some research, before you come for a car loan. Your research should get you the information regarding the current interest rate in the market. This helps you to find out what is being offered to you at the dealer place. You can easily get this information by researching on the internet.
Another task you can do is to get a pre-approved car loan when you approach a dealer. This helps you to have that negotiating power with the dealer for a further lower rate with them. Most of the people are not aware of this or they simply go to the dealer thinking that they might get a good deal there.
You can get a no obligation loan from a lender and then approach the dealer. Sometimes it is wiser to choose a cash rebate and use the pre-approved loan that you got. This would save a lot when compared to the discounted financing that is offered with the dealership.
You might get confused before you go to the finance department. So make sure that you are signing what you were for. Do not buy what you have not planned. If you have second thoughts about the deal just walk away.
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