When you’ll go to a dealership to check out the car, close the deal, and take delivery. Keep in mind some steps; this is the phase when the dealership staff could try to make up for a low price on the car by making you pay more in other areas.
Do and Don’ts to follow
Maximize the research
Do the maximum research of the vehicle which you’re looking for. Get as much knowledge as possible in terms of features, price, reliability, and safety. In the modern era, the internet is our best friend who can provide all the information needed starting from the dealer until the completion of the deal.
Do set the budget and check credit score
The crucial task is to determine how much you can afford every month and how much amount you can as a down payment. If you don’t have proper information about these two it can be termed as a blind purchase. Knowing your credit score can get you the better deal also better financing options.
There are various discounts and deals offered by dealerships on new car financing and cashback deals. The offers are for those customers who possess a good FICO score. Before applying for a car loan do look at these things if you have a bad credit score, correct all the errors in your credit report and mend if required.
Break the transaction and check the invoice
Do check the transaction before you pay as confusion can lead you to pay extra dollars. Salesperson can hide the cost from you which results in overcharging you for the vehicle. The cost comes with the different variables i.e. financing, trade-in value, finance charges, etc. The invoice can provide you a clear picture of the costs which have incurred in buying your new car.
Take a Test Drive
Do a test drive before you buy. It can give you a clear picture of the car which you can’t obtain after researching for hours on the internet.
Be ready to walk away
Don’t settle for less always willing to walk away if you don’t find the appropriate deal for you. Just your willingness to leave the dealership creates the thought in the dealer’s mind that customer is gone and can acquire the best deals around the corner.
Never visit a dealership without financing offer
Don’t go to the dealership without having a financing offer in your hand. The dealership holds a relationship with the financial institution they get a cut every time a buyer accepts the loan through them.
Getting a pre-approved loan and financing offers from banks and credit unions can be of great advantage as it will open doors for the various deals and offers.
Don’t get into the trap of buying Add-ons
Dealers have a commission entitled to the sale of add-on products. The products are priced at higher rates which hold the double value if you buy outside of the dealership. Addons can increase your monthly payment amount as getting added to the bill.