Check your credit rating - Make sure it's accurate, and correct any errors before you apply for a loan.
Explore all of your financing options - Most people know they can get a car loan at the dealer, but you can also look into “direct-to-consumer” financing options before you visit the dealership. Online lenders, banks and credit unions offer auto loans and you can comparison shop for interest rates online, so you know a competitive rate when they see one.
Arrive at the dealership with no - obligation financing in hand - This strategy empowers the buyer, because now they know their interest rate and monthly payment and can shop like a cash buyer (if the dealer wants your finance business, he’ll have to beat the rate you already have in hand.) You can apply online and receive competitive, no-obligation financing within minutes from our trusted partner, Capital One Auto Finance®. |
Treat the car-buying process as three separate negotiations - a) vehicle price, b) trade-in value, and c) financing This strategy helps simplify your deal, while maximizing your negotiating opportunities.
Read the final contract carefully - Make sure you’re getting the exact deal you want. Don’t sign until you know your interest rate, total amount financed, length of your loan, monthly payment, and trade-in value. And don’t sign a contract with blanks.
Match your loan term to the time you expect to own the vehicle - This will help prevent you from becoming “upside down” on your loan when it comes time to trade it in for your next car.
Keep in mind it may not be too late to get a great rate - Even if you have already purchased your vehicle, you still may qualify for a better rate than you received at the dealer, and may qualify for a better rate through the refinancing program at Capital One Auto Finance. Apply now! |
