July 11, 2008, Newsletter Issue #86: Dealer Loans
Tip of the Week
Dealerships do sometimes offer excellent loan products for new auto loans, but that doesn't mean you should rely on them solely when the time comes to purchase a new car. You should never walk on to a car lot and expect to receive the best interest rate available from the dealer without first having done some research from other lenders.
You should always secure financing for a new car before you head to the dealership. It doesn’t matter if you haven't even picked out a car yet; you can get pre-approved for a dollar amount instead of for a specific car. If the dealership can get you a better interest rate then take it, unless the terms are tricky and extra fees are added to the loan. Many times, however, dealerships are indeed able to provide quality new auto loans with competitive interest rates. Just be sure that you don't limit yourself to a dealership loan without first checking out other options.
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