All posts tagged car loan

Auto Sale Hunter: How to Snag a Killer Deal at the Dealership

Heading to the dealership to purchase a vehicle is an exciting, but potentially stressful, situation. You’re excited to get a new car and see the options you have, but you don’t want to overpay for the car you get. Preparing for your trip to the dealership before you go can decrease your stress level and make the purchasing process much more enjoyable.

1. Get Financing First

You’ll have more bargaining power if you go into a dealership with financing for the vehicle secured already. This makes the process faster and you’ll typically secure a lower interest rate with your local bank or credit union unless you have excellent credit and qualify for a special promotion through the dealership. It also gives you one less thing to worry about during your car shopping experience.

2. Know Your Price

Do research before you leave and have a price in mind of how much you can afford for what you want. Waiting for the salesman to offer you a deal may waste your time. Compare prices across multiple websites and dealerships. Walk in with these prices and let them know that you have done your own research and want to get the best deal they can offer in comparison to other local dealerships.

3. Know How Long the Car Has Been Sitting

Dealerships are eager to get rid of old inventory that takes up space on the lot because it costs them money for every month that the car doesn’t sell. Budget-conscious individuals can score a better deal on something that isn’t as new simply because it hasn’t been scooped up by another buyer yet.

New arrivals might be more appealing to your eye, but something sitting for six months can save you a few hundred or thousand dollars during the life of the loan.

4. Don’t Focus on the Monthly Payment

A low monthly payment can seem more appealing, but you may pay significantly more in interest costs. Try to get a loan for no longer than 48 months or four years if possible. Some dealerships might try to sell you something that is out of your budget but is affordable under a five or six-year loan term. Avoid focusing on immediate gratification and impulse.

5. Know Your Trade-in Value

Don’t bring up your trade-in to the salesman until after the price has been established. It complicates the negotiation process. Research how much your car is worth before going to the dealership by looking its condition up.

Factor in the aesthetic condition, mileage and other applicable factors that can increase how much your trade-in is worth. After you’ve worked with your salesman to get the car you want and have a price set in stone, bring up your trade-in and factor that into your overall costs to get the best deal.

6. Be Friendly

Know that the salesman is not your enemy and if you work together, you’ll be able to get a deal that makes you both happy. When visiting a St. George Hyundai dealership or one in your particular locale, communicate your needs to the salesman because they want to sell you the car and you want to drive away with something you’re happy with. Hostility will only frustrate you both and create a negative experience.

Purchasing your new car is an exciting event that is even more enjoyable if you go into the dealership with confidence and knowledge about the process you’re heading into. Look at the overall picture and finish the process knowing that you got a vehicle that meets your needs on terms that you are content with.