ALT-1 How to Save on Car Truck Suv
If you know four people who are considering the purchase of a new or used vehicle, chances are high that two of them have credit issues. Why is that a problem? Well, even if they choose an ethical dealer, they will probably pay too much - either for the car, or the loan it takes to get it.
Most dealers are honest and hard working. However, they do not all have access to the same lenders. That means if you don't fit their perfect profile, you may pay a higher rate of interest or a higher price for the car.
For example...Let's say you are looking for a car and have had a few late payments in the last year or so. You visit a few dealers looking to get the best deal and fill out applications at each one. One dealer who has been in business for years may only have a lender to handle this type of purchase who charges 14 percent and only will go for a two-year loan. Another dealer can go longer term, but the rate is 16 percent. Still another dealer who has lots of lenders can get you into a nicer car and at a lower rate, but you chose not to visit them. Which one is ripping people off?
The answer is none. Each dealer will offer the best deal available to them. While one dealer may have a better rate or term, if you can't find them or choose a car at another place, it may mean you've paid too much. But that dealer didn't do anything wrong. You can prevent this from happening.
Thanks to the Internet, you can often find dealers perfectly matched to your situation. You can visit sites that are like dating services that match the right customer with the right dealer. One site,www.igotmycar.com, even shares tips on how to improve your credit in addition to helping you find the right dealer. These sites ask a few general questions and then search their database to find the dealer in your area that can best serve you.
One word of caution. Some of these sites are actually lenders. While that may not be a bad thing, keep in mind that you are filling out an application for one of their loans and will be sent to one of their dealers. While that could mean a good car, it may not be the best you could have done. If they start asking for information like your social security number, there's a good chance you're on a lender's site.
If you carefully shop using all the tools available, it would be very difficult to overspend on your next vehicle.
