Tips for buying car?

Question

Ok so should I get pre-approved first through a bank or through the dealership themselves? Which is lower interest usually?

Answer 1

try both

it just depends

sometimes the dealers have low interest rates on certain vehicles just depending what you get

Answer 2

Dealerships can usually get you lower interest rates b/c they apply your loan to alot of banks. But By your credit, Good or bad, you should know what intrest you should be getting.

You definetley want to go through you own bank or lender though, B/c you have the abilty to buy the vehicle at whatever price you want. Don't be hasseled by them, If you get pre-approved for a loan, You know that you can get financed and for how much. What dealers do, is when they get you approved on lets say for example. A 10000 dollar car. Welll they dont tell you that, they say ...we need you to put so much down on the vehicle to get financed, but you didn't need to. Also, when they apply for you to financed and find out that you are approved for 13000 on that car,  they will come back and say look , we cant sell the car for less than sticker price. or if there is no sticker price they will say... 13000... because they know you are approved for it. So what you do is go to the bank, get pre approved and go on to a lot, pick a car and tell them your not putting anything down or trading in. EVEN if you decide to later, wait for that, Then you say whats the asking price. "some dealers wont tell you and will say, well lets come in i'll find out... thats ok,  As long as you never tell them 3 things.... what you want to put down on the car, what you want to trade in, and what kind of monthly payments you are looking for. Because this all works against you. Be strong and not a wussy and  Just keep telling them, i want your offer price or im leaving. Finally they will throw it at you. Then what ever you get thrown at you, you think weither you want it for that price or not. Obviously probably not, So then you tell them 3000 below that price, Sounds like a lot? well its not b/c they didn't pay c**p for the vehicle. You tell them well i want 3000 less on that vehicle and let them come back with a counter offer. After that dont work, you tell them... I want 2500 off the price or im leaving. If they dont do it, leave. If they do, then are you happy with the price. Then sign. Besure to ask for a wholesale extended warranty also. You dont want the mark up. That way you all won.

If its brandnew, less area to work here. Do the same as i said before, but offer them 2000 below invoice... not MSRP. If you can get it at or below invoice, you made a decent deal. However also when new, ask for rebates, if you dont ask, they wont tell. And they dont have to unless you ask.  After you agree on the price you are paying, thats when you say... wait a min, i think im going to trade in my vehicle aslo. They way you sprung it on them. Be sure you know what your trade is worth, so you wont be screwed there either.  www.kbb.com will tell you your trade value.

Answer 3

Get preapproved through either Americredit or Wells Fargo. Based on your income, they will tell you what monthly payment you will be comfortable with and you can go to a dealer with your preapproval and pick out a vehicle. This method sidesteps the middleman. Ergo...better deal.

Try Americredit first.....If they Decline you....then you call Wells Fargo.   You should be fine with Americredit.

Hope this helps.

Cheers