Question:
i recently bought a car and financed it through the dealership. however the dealer told me that if i find a better interest rate, i can use that rate instead of the one the dealership gave me. which banks or institutions would have the best interest rate and how would i go about doin that
Answers:
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First thing I'd do is go to Kelly Blue Book or Edmunds online and click on a link to one of the credit advertisers. Although what the dealership told you is true, it's not easy. As soon as you drove off the lot, your car depreciated, and getting a new loan isn't the easiest thing to do. In addition, your new car interest rate is going to now be a used car rate, as your car is now techniocally used. I know that's not what you want to hear, but that's pretty much how it works.What are the consumer protection rules RE: private sales in Michigan?
However, if your rate is high because of poor credit, making a good 12-18 months of payments on time might open up doors through your local credit union or bank that might really offer a better rate, but you need to show a positive payment history for a while for that angle to work.
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go to any bank or CU and apply. you may have to money down. banks do not like to do a zero down loango to bankrate.com or just search Yahoo or Google for Car loans. Keep in mind that the difference of 1% of interest on $20000 is $10 a month on a 60 month loan. Is all the hassle of saving 1/2point or maybe a point worth 5-10 dollars a month in payment. Just trying to put things in perspective. Good Luck
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