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Maximize your deal at the dealership
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Shopping for a new car can be exciting and daunting at the same time. Prices can change from dealer to dealer, as do the promotional incentives, and value offered for your trade-in. Being a rather large purchase item, all these details can add up to make a big difference. Here are a few tips to make sure you get the best deal when shopping for your new or used vehicle.
Get pre-approved for financing
Receiving a pre-approval for financing can give you a more focused look when buying a vehicle. You will have a better understanding of options that will fit in your budget versus shopping for something you may have trouble qualifying for or paying towards every month.
Shop different finance options
The dealership often makes the deal very focused on the monthly payment you qualify for but getting this where you want can often come at a big long-term cost. Keep in mind your financial institution, like Central Sunbelt, generally has more of your overall financial wellbeing in mind while a dealership’s typical strategy is selling the highest priced vehicle you can afford. When you are getting your pre-approval, it’s always best to compare several financial institutions and the dealership rates to make sure you are getting the best deal.
Negotiate your deals separately
Locking in on a purchase price of your vehicle before mentioning a trade-in can heavily influence the bottom line and is always best. Sometimes the savings off the sticker price of the vehicle being purchased can directly affect how much the dealer is willing to provide for the trade-in. This ends up being a balancing act that doesn’t work in the buyer’s favor. In the same territory, negotiating a rebate and / or sale price of the vehicle before discussing financing options is important. Dealers may receive special incentives to push certain financing options which can have a direct impact on the deal. By having your financing lined up, you already know your monthly payment and term for a set price point. Your focus should be negotiating the best vehicle price, then the trade in price without having to worry about financing options affecting the deal.
Do your research
Research is a lot easier to conduct when you receive pre-approved financing. You can research what vehicle options best fit your budget and walk into a dealership knowing what inventory falls under that category. Arm yourself with NADA and KBB values as well as consumer reports to ensure you get something that is worth investing in and at the price you want.
No matter whether you are buying new or used, put these tips into practice when shopping for your next vehicle. Don’t be afraid to talk to your loan officer or a certified financial professional at Central Sunbelt for free by calling 601-649-7181 option 6 or chat online here.