|
Negotiate the cheapest auto loan
By Jay Moncliff
Rather than luck, getting the best rate on your auto loan is a skill that can be learnt, where knowing how to negotiate is the crucial component to getting the best deal for yourself. The best way to dispel nerves while negotiating is by remembering that you are trying to save yourself money, and without these nerves, you will easily find the courage to drive down the rate they are offering you. The following suggestions will also help you as you go through your auto loan interest rate negotiations.
Auto Loan Tip #1 Buy at the End of the Month
Frequently the marketing tactics of auto dealerships involve contests, with the winner receiving either a physical or monetary prize and some coverage in the local newspapers. Research indicates that these contests run for a month on average, by the end of which salesmen are desperate for a sale as buyers are waiting to see who wins, rather than purchase. Use this desperation for your own benefit, as the salesman will be more focussed on the sale than the margin it will earn him, and you will be able to drive the overall sale price down. The result of a lower sale price is a lesser amount financed, and this might enable you to negotiate better terms for your auto loan.
Auto Loan Tip #2 A Good Credit History
While seeming obvious, most people are unaware of the effect a poor credit history has on their auto loan rate. An excellent credit rating gives you the freedom to purchase at your convenience, as lenders will want you as a customer. However if you have a poor credit history, devote several months to trying to repair it and you will find it has wider benefits, in addition to helping you get a better interest rate on your auto loan.
Auto Loan Tip #3 Negotiate and shop around
When you are buying anything, the benefits of shopping around are clear, and arranging an auto loan is no different. Prior to your negotiations calculate your limits, so that you know the maximum you can afford to put toward an auto loan on a monthly basis. It gives you a reference point for negotiation of rates, and also prevents you tipping your hand and letting the other side know the point at which you will walk away. Always remember, no matter how high the pressure to make the sale, there are thousands of car dealers and lenders, so don’t accept any offer of finance without shopping around. About the Author Jay Moncliff is the founder of http://www.loans-center.info a website specialized on Auto Loan, resources and articles. This site provides updated information on Auto Loan. For more info on Auto Loan visit: http://www.loans-center.info
Article Source: http://www.simplysearch4it.com/article/18457.html
If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/18457.html" as shown above and make it hyperlinked. |
Some other articles by Jay Moncliff | Should You Consider Home Refinance, or Not? With interest rates at all-time lows, many people are considering whether or not to refinance their home loan. Generally speaking, if you bought your home with a higher interest rate loan, have an excellent credit history and ...
Things you need to know about home equity Taking advantage of existing equity in your home through an equity loan might seem an intelligent choice, especially in times of low ...
Choosing the Right Golf Club for You Golf club selection can be difficult for seasoned players, and even more so for beginners. There are so many variables in this difficult choice different club types, designs, and features, not to mention your own skills, ...
Planning Your Financial Future We are all guilty of putting off making time to plan our financial future. It's hard, that's why, particularly finding the discipline to do it in today's consumer culture. ...
What to Look for in a Financial Advisor Competent financial advisors don't have a particular look about them, even if they claim to have proof of their ability. To protect yourself, it is important ...
Tips to Lower Your Debt Levels With the levels of debt in America today many Americans should take a compulsory course in credit and debt management. Unfortunately, this ignorance in relation ...
|
|
| |
|
|
|