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Yeah...... avoid in house financing like cancer.
NOTHING good will come from that - they will screw you any which way they can, you are letting them.
Do a little legwork, bring in your own financing, and negotiate not the monthly payments, but the cost of vehicle.
Most nameplates make most of their profit not on the car, but the underlying financing.
Your average auto salesman will run circles around the average customer - hell, they will be willing to loose money on the car itself, but make up for it and more on the financing side.
This is what they do.
Dont be afraid to walk.
I'd recommend going to a dealer you don't like KNOWING you will walk out. Reserve 6 hours for this.
Do your homework, think of it as practice and, negotiate, continue to negotiate, go back & forth, they offer something, ask for an upgrade in return, to offset the higher price. If they drop but ask you to give something up, don't.
You will save yourself THOUSANDS if you bring your own financing.
Then walk away.
Best of luck.
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Just tell them , Look I'm not here to make the Banksters rich. Do you want to sell me a car or not ?
Got 2.5 on this newish one.
Better hurry b4 the Fed raises interest rates.
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Thanks for the info looking in buying a car
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Last time I bought a car I used Autoland, its a credit union service.
I made an account at Financial Partners Credit Union then used the Autoland service. Tell them what your looking for, they bring it to the branch where you can test drive it.
If you like it, you sign for it right there and drive off.
I didn't have to do a down payment and got an interest rate of 1.2%
You get fleet pricing which is lower than going to a lot and doing the dealership dance.
I will never go the traditional dealer way of buying a car again. Dealerships suck!
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When you buy a car there are two battles waged.
The first one is selecting the car you want and can afford. This is the easier part.
The second more challenging battle is the financing. I think thing have improved through the years but it was a jungle in the 80's and 90's.
When you finally sign you gotta pay attention to make sure your getting the interest rate agreed to by the salesman. You can spend far more time in finance then with a salesman. They want to wear you down.
You should get your hands on a car finance document and study it so you know where all the important numbers are.
One time my wife and I go into Toyota Cerritos to get her an new car, we find what she wants, get into financing. The guy is wasting our time printing up loan docs with all kind of wrong numbers on it.
On his 3rd try he gets the car price right and down payment right but Jack's interest up to over 15%...
I'm looking at the doc and point it to my wife who chuckles. I rip up the doc, throw it back and tell the guy he has one more chance to get it right or we walk.
We made out good and signed.
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join a credit union, or bring cash.
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factory financing can be OK.
4% or less.
Simple interest <--very important
Only borrow from the majors.
PM me if you need someone to review.
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With todays technology, there is no reason to go into a car dealer blind anymore.
I think Autoland is a good option for folks, but if you insist on doing the dealer thing then do your research or prepare to be ripped off.
Fuck spending all day at a dealer! It took me an hour at the credit union after the test drive before I was driving off.
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I hear good thing about Wescom (linked), pre-qualify if you want to. Most dealers will match rates these days, just walk away if they do not. So, tell them to work on the car price more if you finance with the. Always be ready to walk away.
If a non-dealer private sale works out better, yes you can finance those as well.
If you are looking at a Japanese brand that is 2-3 years old, just buy new. Why?...resale is too high.
At that age, tires and brakes are generally due soon. Might as well get a new one with a lower interest rate and enjoy the new car smell, lol.
Good luck in today's car market. Have fun! =)
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Good point Alx2 about possibly buying new.
I normally would shy away from new - depreciation and all that - we've heard a million times before.
However, with chip shortages & everything else, the used car market is jacked up.
I bought a 2018 F150 last year.
Same search criteria now, can't find one at that price, used prices have gone up it seems.
There seem to be several automakers going to analog gauges to deal with shortage of chips.
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I bought new. I had never had a new car before and I plan to drive the thing till it costs more for maintenance than its worth.
The deprecation thing is only if your going to hold on to it for just a few years. I have had mine since 2013 and its still in great shape.
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Saw the prices 6 months ago and quickly bought out the lease at the end of term on my way under mileage vehicle, TD Autofinance......same guys as TD Ameritrade.
Good luck
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Take a look at your car rental companies as they typically take good care of their vehicles and you can get a good vehicle at a fair price. Enterprise. Hertz. Avis. Budget.
Also try to have financing in hand. Credit unions are the best bet. Pentagon. Alliant. SchoolsFirst ...
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| There are 13 comments on this blog. |
