Weird And Kinda Dumb Car Loan Question?
I really do not know about car loans. Have always brought beater cars and I'm sick if the money I have spent on repairs. I want to get a nice used car and I plan on getting a car loan. Now here is my question:
Should I get approved for a car loan BEFORE or AFTER I talk to someone at the dealership?
I want to walk in prepared and don't want to go looking like a fool and taken advantage of.
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May be this site can help you
http://www.thetechnology.net/
getting pre-approved with your bank is never a bad idea. Compare rates, from the bank and what the dealership offers. go with which ever one is lower. O, and stay away from buy-here pay-here used cars lots. Go to an "A" lot, thats a major dealership, like ford, chevy honda..so on. They will have the better cars and offer better rates, but you bank may be the best. Good luck!
Check out your local credit union, you can find it here: http://www.creditunion.coop/cu_locator/index.html get pre-approved before walking into a dealer. When you are pre approved, you know the rate and can decide whether the dealers low interest incentives in lieu of rebates make sense. Or vice versa.
It also lessens the risk of taken advantage of in the "box".
Check with the bank you bank at and other local banks. You can get pre-approved for a loan before you go. Really it just depends. When i bought my car in Nov my bank was offering me 8.9% and through the dealership going through citi i got my loan at 6.7%. Like i said check with your local bank to see what the rates are, then go shopping for a car and see what figures they can work for you. They have to be upfront with you before you sign any papers in fiance so you can ask what your loan rate will be before you even sign papers.
the short answer is do it FIRST ,just go with your game face on as finiancing is a BIG profit center for some if not all dealerships because they get a KICKBACK from the lending institition that writes their paper.allways compare because as hungry as some places are you might get as good a deal as any at the lot and that will give you and the salesman wiggle room-remember profit is NOT a 4 letter word and we all got to eat -just don't be a mark!
i suggest you should go with used car loan this would be the better option for you, there are many on-line sources who provide used car loan for people have any credit situation, for your reference http://www.carloan123.net/ my one friend had recently get an used car loan from there with bad credit and also with minimum rate of interest, you can try this source may this could help you.
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