Bag the Best Auto Loan: Negotiating with Your Dealer

Be aggressive in negotiating with your dealer to get the best auto loan.  Asking tough questions and draw firm lines. When you ask the right questions, you will discover potential pitfalls. By standing firm, your dealer will know you have the power in the negotiation.

Ask the Right Questions

Your interest rate is the biggest factor in your total cost of ownership. Do not forget about hidden costs, though. Ask about penalties for paying the loan early, the cost of credit insurance and trade-in options. When you ask these questions, your dealer will immediately know you cannot be fooled.

Do Not be Afraid to Stand Firm

Remember: you have options. If your dealer does not meet your terms, you can go elsewhere. Consider seeking other loans first so you know what your options are. Have a few items you will not compromise on, such as rate, and a few you will, such as refinancing penalties.

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