Can you negotiate the terms of a car loan in the car dealership finance office? YES
Can you ask for better car loan buy rate? YES!
What are the fake fees you shouldn't pay?
Happy Memorial Day 2024! Car Dealership Memorial Day sales on new cars and used cars
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First off is Preparation Before Visiting the Dealership- we talk about this a lot. Before stepping foot in a dealership, you should already have a clear idea of your financing options. This involves getting a pre-approval for a loan from your own bank or credit union. There are plenty of reasons for this. A Loan pre-approval not only provides you with a concrete understanding of what interest rates you qualify for but it also gives you leverage when negotiating, in the finance office. For starters, you can make the finance officer try to meet or beat your own loan offer! Also, if the finance officer tries to tell you he or she can offer you a better rate if you buy a certain product, with the claim the bank wants you to have it, you can say, “Well, that’s interesting because my own banker gave me a great rate and didn’t mention ONE WORD about this product!”
Okay, assuming you’ve already done a good job of negotiating the price of the vehicle from the comfort of home ahead of time, and you’ve negotiated a good OTD Price, you’re ready for a sit down in the finance office. The MOST important thing to REMEMBER: Stay Calm, Confident, and Focused. Just take one thing at a time. Don’t let high-pressure sales tactics of the finance officer throw you off your game. Relax, breathe deeply, my friends! The finance officer may try to overwhelm you with numbers and jargon and signatures, but remember that YOU are actually the one in control. This is YOUR money, It’s YOUR new or used vehicle, so just Be Assertive: Politely but firmly decline any offers or terms you’re uncomfortable with. ALWAYS Take Your Time: Don’t rush into a decision. If you need more time to think, ask for it. Don’t get sucked into rushing by a Finance Officer who says, “Don’t worry, I'll get you out of here quickly.” That kind of statement is usually a cover statement for pushing you to ignore what you’re signing.
We’ve said this before, but it’s worth repeating. You absolutely MUST Separate all of the Negotiations. The visit into Finance is the third part of your vehicle negotiation. Remember, also that the second part of the negotiations was your trade, and we covered that just a few days ago in this video. Dealerships often blend these negotiations, in the hopes of getting you focused on numbers that are meaningless. Those kinds of tactics can make it harder to see the true cost of the loan.
