subject: Getting The Best Car Finance Deal [print this page] Buying a car is a big move financially, and if you are able to negotiate the best deal on your car, then you may end up saving thousands. That is why when you approach a car dealer, you must be prepared with every price detail, to make sure you know what you are signing up for, and what benefits are you getting out of it.
There are certain smart ways and times to approach car dealers so that you get the best of the best deals. Recommended times are the end of the month or prior to the March and September closings. During these times, the sales staff are looking to complete their sales targets, and you may get a good deal from them. Always ask for additional benefits like dealer discounts or even extra equipment like alloy wheels, mats and mud flaps. If nothing, then get the dealer to fill your tank up with fuel worth at least 150. As far as dealer discounts are concerned, you have a good chance of getting one in the case youre taking out finance. This is because they can offset the commission from the finance lender against a discount.
For those with good credit, you are eligible for a personal loan too, so get a quote for a personal loan and you can use it to bargain with the dealer to get a good finance deal. One idea often applied and quite effective is to go to two competing dealers, and play them off against each other. All these tactics aside, one tool to aid you in getting a good deal is knowing the finances, from APR to your budget and the impact of monthly payments on the same.
If you know the real APR (annual percentage rate) of the loan, then you can easily compare one credit deal with another. Keep in mind that dealers while explaining their finance offer will use the flat rate to make it seem like a cheap deal. But you must get to know the APR complete with the fees and the interest. Knowing this will let you compare the total cost of a car loan with parallel ways of finance, like a personal loan. Never be pressurised by any dealer offering you a discount if you get the car financed from him. Even with the discount offer and all, he is still making a creamy profit from you, so there is no rush to enter a deal like that. Explore other dealers too!
Always be ready with your maths, and know the total cost of car finance. This must include the fees, interest and additional charges. Also understand that while weekly or daily repayments seem an affordable option, they can be quite expensive in reality. Like a 11 a day payment gets round to a monthly payment of 330. Another dealer tactic that you have to be aware of is that they will offer you a lower monthly payment option by extending the loan by a couple of years. While this may make the deal look more affordable, but the truth is that a longer loan period will cost you more in the long run.
Do not give in to pressures like limited deal offers, take your time in evaluating and choosing the dealer. As a parting tip, one good time to check in with the dealers is when a new car model is about to come out as dealers will be keen to sell off their older stock. Keep your calm, know your facts and you can get the best deal in car finance Manchester, London and other metropolises of the UK have many car dealers that may furnish good deals for you, all you have to do is find the best dealer whom you can trust.
by: Julie Cheung
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