1. The purchase of a car online is becoming the best method of getting new car. Waiting for good incentives and rebates will help your wallet when buying a car. Printing out your information with the best quotes you can find and bringing them to your dealer will lower the price of the car quite a bit. Showing your dealer lower quotes from other companies will usually get you a better deal for your car.
2. Bringing a copy of your credit score to the dealership when you’re about to buy a new car would be a great idea. If you have a good credit score, it can lower the interest rates for your car loan. You should have a good idea of your credit score, as the dealer can have access to it also.
3. If you still owe money on a car, don’t bring it to trade towards the purchase of another car! The dealer won’t usually pay the outstanding balance on time and it will cause you to pay giant late payment fees to the bank. If you decide that you have to trade in your old car to buy the new car, make sure the dealer signs a contract or has something in writing that says they will pay the full balance of the loan within 10 days.
4. There is a common scam going around that many dealers like to try on you when you’re buying a car. They will often say that the financing fell through and you end up having to pay more cash towards your loan. If you bring your credit score along with you, it will be hard to fall for this trickery.
5. Another scam common by the dealers is when they say to you that they found you a lower interest rate on your car loan, but you will need to re-sign your copies of the car loan. That is usually an outright lie. Once they draw your credit score information on financing, they have an advantage if you do not know the details about your information of credit. You can get a free copy of your credit score on Equifax, so it’s better to spend a few minutes grabbing one now, instead of paying thousands of dollars later on.
6. The dealer can sense if you’re in desperate need for a car when you’re buying one and will always try to take advantage of the situation. Don’t let your old car die before looking for a new car, as you have to give yourself some time to browse the different car shops and try to get a great deal on another car. Your judgment will also be affected when you are in desperation.
7. Dealers will sometimes not have all the options or even the whole car in their stock and will have to order it from the dealership. When this happens, they usually ask you for a big deposit if you’re really buying the car. Do not pay more than $500 and try paying with a credit card, because dealers will lie and tell you that your car has increased in price and will demand more money. Using a credit card will let you have more room to dispute the amount they’re trying to take. Never pay them by check, or you might as well say goodbye to your money.
