Question:
just like if they give us 4.99% apr and we ask them to make it lower than that? because i just bought a new car and they said the interest rate is not negotiable, i just wondering if they tell the truth or not. Thank You
Answers:
Why do car salesmen ask how much you owe on your trade?
should have posted before buying..you lost 25 percent of new car value when you drove off the lot....4.9 is a good rate....next time buy a used carWhat would be a better truck, a 2007 Toyota Tacoma, or a 2006 Nissan Frontier NISMO ?
Most lenders don't have to negotiate; however, you are free to shop around and find the best rate. Bankrate.com is a great source for evaluating car loans.-MM
Sold my car, but now am i screwed?
Yes, it's negotiable.Where do you go to sell a old car? 1957 Chevy, has everything in it but dosent run.?
What most dealers do is, they add on a percentage point or two so they can make money off of you. Let's say a lender has a rate of 5.9% but the dealer will offer it to you at 7.9% so the 2% is pure profit to them.
The best way to negotiate is to secure financing BEFORE going to the dealer. They will then be motivated to beat it. But if you walk in empty handed, you're likely to get screwed.
Generally, the interest rate will be pretty firm based on what they can offer and your credit rating. Be sure to do your homework before taking "on the lot" financing. Be aware of the available loans outside the car lot (capitol one, your bank, credit unions, etc). Then you'll know if their offer is a good one.
What is the most luxurious mini-van?
ALSO, be sure you negotiate the TOTAL COST of the vehicle, not the cost of the payment. If you tell a car salesman you can afford $250 a month, you'll get a seven year loan at 8% and like magic... you've got a $250 payment.
I have $6000 cash to spend on a car. What would be my best bet?
Good luck. By-the-way, 4.9% is really good right now.
Can you trade in two cars for one?
yesFor value and practicality, would one recommend a Prius over a Civic Hybrid or vice versa?
You can try to negotiate with the dealer. I just bought a new car and the dealer wouldn't budge from its high 8% range loan even though I have top-notch credit. I used Capital One which has a 6.25% rate for a new car loan of 4-years or less now. HSBC and a few others have similar rates. If you go to a credit union, you may do even better. Also, make sure there are no pre-payment penalties if you want to pay off the loan early.yes, you can negotiate on rate with a dealer
Dealers make money on marking up the rate and then split the profit with the bank. Sometimes the dealer will do what is called a flat, which doesn't allow them to change the rate but flat's are usually the lowest you can get anyways
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