Getting preapproved for your car loan is a powerful way to make sure you're getting the best deal on your financing. When dealers arrange financing, they sell the loan to a bank, credit union, or another financial institution, often including a markup on the interest rate that's profit for them. Getting preapproved takes out any chance of that markup and allows you to shop and compare rates from several lenders.
If you're in the market for the best deal on the lot, you're probably looking at a used car. And, if you want a used car that's been well-maintained and is still in excellent shape, you'll want to look at cars that were formerly someone's leased vehicle.generally last two years.
Lease returns are plentiful, and they're often crowding used-car lots. A dealership should have information on the car and will most likely be able to tell you about its history. I used this trick to buy a two-year-old car in 2017 and got a car that was in great shape for less than half of its original sticker price.Most people don't think to negotiate beyond the price of the car. But at a car dealership, you can't afford to not bargain.
If you're using a trade-in, bargain to get more toward your next car's purchase. And of course, you should negotiate on the price of that new or used car you're buying as well — there's almost always room to haggle on the price. If you're choosing to let the dealership arrange your financing, that's also up for negotiation. It's worth asking for a lower interest rate than the one they offer you at first. And, if you're truly interested in one of those protection packages they offer, chances are that you can negotiate to get all or part of it at a lower price than their initial offer.
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Source: CNBC - 🏆 12. / 72 Read more »