Avoiding The Finance Deal Breaker – Part 2

I must apologize to you.  I was supposed to post this 2nd part within a few days of the 1st part but got tied up in our end of month sales push.  Not to mention, we just started helping people get more downpayment money by getting their tax returns done at the dealership . . .   More on that later.

So, I left off with you being told by the finance officer that your payment will be higher and your downpayment must be greater to complete the deal – the deal you thought was solid.                                                                            

What happened?

Every dealership is subject to their finance company’s rules of engagement.  Simply put, the bank, credit union or other financial institution can change the downpayment requirement or even the interest rate you’re charged upon further review of your personal credit information.  It’s not the fault of the finance person you’re talking to.

Ever try to get a zero-money down deal & 3.9% financing with a couple of dings on your report?

Believe me, I’m not laughing . . . this happens all too often.

The real problem is YOU, not the finance officer, dealership or salesman.

So, if you want to ensure that your hard-negotiated deal is not blown to bits, here are a few tips to remember:

1. Before you go to the dealership, check your credit.  It helps to know ahead of time what they will be looking at, this way you can discuss these matters during the negotiations.
2. Know how much you can spend and don’t get side tracked by the latest gadget friendly, make your friends’ jealous car or truck.  Salesmen can smell when you’re hooked and your plan to keep your financing under control will be blown.
3. Have all the details laid out before you land in the finance person’s office.  Again avoid confusion and surprises.
4. Be ready to discuss options with the finance person and be flexible.  Sometimes the finance person can push the lender to accept other terms a little more favorable to you.  But, if you really want that car or truck, stay flexible and be willing to work through the situation.
5. The finance person is not a miracle worker.  While they will help you as much as possible, if you have a poor history of payments, bankruptcies or even a repossession, the matter may be out of their hands.  Some dealerships will even recommend a credit restoral company you can discuss improving your creditworthiness.

Most dealerships & buying services like Autosimple, spend alot of time with their customers, in order to ascertain how they can fulfill the customer’s buying needs, so help them help you make auto buying simple!

Anthony Whyms