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Auto Finance Tips on Dealing with a Car Dealer

If given the option, most car buyers would rather avoid dealing with car dealers. It is almost scary and there’s so much haggling involved you want to bail out on it. Dealers will make you pay high interest rates, get you into credit trouble or else make you get something that you really didn’t need to. Keeping this in mind, here are a few pointers that you should know and keep.

Always know what you want in a car. If you can’t find the specifications you want in a car, consider ordering them. When it comes to auto finance, don’t settle for less than the best. Yes, it will take longer, but don’t be impatient; you would rather wait and pay for what you want than get mixed into the car dealers “extras”. Knowing what you want is essential and vital but keep in mind a second option as well. If you don’t find what you want and you don’t budge on your requirements, the dealer might offer a cheaper option if the car has “almost” what you want. This gives you a chance to pay less for an auto finance deal that’s close to what you wanted.

Do not get excited. If you get to a showroom and a certain vehicle gives you the “high”, calm yourself and do not show it. Dealers are very keen and if you get overly enthusiastic, they will easily exploit you on that. Emotions can cost you.

Know the prices. Always research and find out competitive prices. Most of all find out how much the car you desire is worth by knowing the factory invoice price. Use this price as a basis since all car dealers get cars at the same price at the factory invoice price. Negotiate with the dealer to give you a price that is considerable and comparable to others. Don’t be embarrassed to walk away. Most showrooms are designed to keep you inside so do not allow yourself to get greedy. Auto finance is once in long-time option, so know when to walk away.

Most dealers have a profit margin of between 10 to 25 percent. This is a calculated difference of the original price of the car, i.e. the factory invoice price and the price on the sticker that they want you to pay.

Avoid paying for extras. Tax charges, registration charges and licensing charges are the common charges that have to pay for but do not be fooled into paying for charges like delivery, promotions, sales charges and a lot of very mediocre dealer charges. It may not be easy to remember all these tips but armed with this knowledge, you’ll get amazing auto finance deals.

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