I purchased a car from the dealership for the first time and I was wondering if anyone had any tips. I want an auto loan with a good APR, and I am checking out lending tree. i'm not sure if they are any good. does anyone know where I can find a really good rate if i have good credit? I heard it's gonna be more expensive if I let the dealer handle it.
Not necessarily true. Dealers want to sell cars so they will shop your score around to different lenders until they can find the one YOU like. You can always walk into a dealer with a pre approval from your bank (I used my credit union) in you back pocket just in case. It's all about knowing your numbers at a dealer. They tend to come at you with the whole, "what do you want to pay a month" thing because it leave them room to build up their price. play with interest rates and car prices + TTL. That way you know why a the price is $350 a month or whatever.
New car? If so finance with the dealership if they're offering any cash back and/extras, then refinance asap with a credit union. If there's no perks with the dealership then go straight to a credit union.
I used shell federal credit union and got a good deal. Had a good experience. Credit unions seem to be the way to go. What kind of car? Some places will have 0% interest on certain cars if you meet the correct criteria.
If you have good credit as you stated. Go into the dealership with 1-2 loan offers on hand. Negotiate the the loan % last. If they give you a % better than what you brought with you don't even mention it. If they do not beat that tell them what you have and say that you will go with that loan unless they can beat it by 1% or whatever number makes sense or you want to give them. In saying that I am glad I have good credit also. What an absolute waste of money paying 15-20% or whatever some people pay on a car. ouch
Know your credit score. If it's higher than, say 760, wait for the dealer to offer a 0% deal (if it's not Honda) and you should qualify. Hard to beat 0%.
Can you get a 0% interest loan for a used car? I ended up getting 2% for my used car (3 year old at the time). I shopped around a lot though until I found what I wanted.
i'm guessing the dealers have a partnership with the banks or something but yeah doesn't make sense. It must only apply to new cars as well. I'm getting a used one and the lowest I could find is 2.45% over 4 years I did not search much but I will take it to the dealer and if they beat it like someone mentioned I won't mention it
Yes, there are manufactures that will offer 0% interest on a new car. However the second you drive off the lot, you immediately depreciate the value of the car. If you want a new car, buy it slightly used ... one with maybe 5000 miles that was traded in after six months. The best (slightly) used car deals are buying from a competing manufacture. (If you're looking for a used Toyota, never buy from a Toyota dealership). If you buy from the same manufacture dealership, they will hassle you non stop to buy brand new and their used cars will be marked up to keep their product from depreciating. A competing dealership just wants the competing car off their lot.
This right here. More often then not a credit union will always attempt to beat your current rate for the refinance
Just seems to me like they never offer 0%. I think 1.9% is he best I've seen them offee. I'll take a Toyota at 0% over a Honda at 1.9% any day.
