Hold your Cards close to your Chest while dealing with a Dealer
Car buying is pleasurable, but searching for affordable financing is painful. But, now you don’t have to spend your days in searching for a sub-prime lender. It is because your local dealer can help you in getting bad credit auto loan.
Bad credit dealerships are quite common in America. They provide a second chance to bad credit buyers. Sadly, most people are scared of dealers. They want to stay away from dealers because they have heard terrible dealership stories. But, don’t think every dealer is out there to con you. Dealers are normal businessmen. And, if they keep committing frauds, no one will buy from them.
When you apply for bad credit dealers finance, you have to be smart and cautious. Don’t worry about dealership frauds because this car financing guide is going to help you. Here are a few things which you should never say to the dealer.
Statement 1 – “I don’t know my credit score.”
You cannot walk into a dealership lot without prior knowledge of your credit score. Dealers can take advantage of your ignorance and charge higher interest rates. So, check your credit score before starting your car buying search.
You can even order a free copy of your credit report. It will show you the reason of your bad credit history. You can also use it to answer any question asked by the dealer.
Statement 2 – “I want a car. Only you can help me.”
You should never show your desperation to the dealer. If he knows that he has the upper hand in the negotiation, he will try and draw out more money from you. You should not let the dealer select a car for you. He may try to sell you a lemon or an expensive vehicle. Instead, you should take interest in the car selection process. It will aid you in choosing a reliable car.
Statement 3 – “I can afford ‘ABC’ amount of payments only.”
It is not wise to discuss your financial situation in the very beginning of the car buying process. If you inform the dealer that you can afford up to ‘ABC’ amount, he will set the same amount as your monthly payment. You will not have any chance of reducing it.
The best time to talk is after selecting the car. Once the dealer knows that you are serious about buying a car, he will offer you a better deal. Also, it is important to concentrate on the bigger picture. Don’t just talk about monthly payments. It is quite possible that the dealer may offer you lower monthly payments and high interest rates. So, calculate the APR of the bad credit dealership financing program and then decide whether it is affordable or not.
So, these are three things that you should avoid while dealing with a dealer. If you keep your cards close to your chest, you will achieve your goal of affordable bad credit dealership financing program.