Have you ever spent your entire day car shopping, AT ONE CAR DEALERSHIP!!!
Remember being outside in the blazing sun, or rain, or bitter cold, and the sales person taking forever showing you the cars, and then the scaring feeling in the pit of your stomach from having your credit run to see if you even qualify for the car you want and/or need?
Then after selecting the car you fell in love with and the sales person telling you “congratulations” you can get this car but, it we will need your first born for the down payment and your entire months income for the monthly payment. Sign here. With a big smile on their face.
There has got to be a better way, right? Well, I sold cars for years and that system was designed that way. It was designed so you would eventually get tired at being at the dealership all day long, stressed out by the numbers, and the salesman trying to close you like you were a book, knowing your credit was bad and that you finally throw your hands up in despair and sign the paper work, just to get out of there.
YES, there is a better way.
Look, i sold cars for years and you are about to discover some powerful advice that will help you buy a car and win.
Do you have a bank or credit union that you do business with? You may have a checking or savings account with them. Exactly. And you deposit your paychecks there right? So, you already have a relationship with a financial institution, right? Well then why not go to them first and talk to them about getting a car loan?
Think about it for a moment. When you go to a car dealership, they run your credit, and if you have poor credit they are going to run it as many times as they need to. What I mean by this is, they are going to send it to as many lending institutions as they can to get you approved. And your credit score will take a 5-10 point hit every time it is ran.
And guess what? The Car Dealerships Don’t Care. It’s not their credit. What would they care if they run it to 15 different places to get an approval? They don’t make money unless you purchase a car from them. And, yes, I have seen it done. In fact, I have seen managers laugh at how many times a customer’s credit had to be run to get approved, or sometimes, not even approved.
Your bank already has your credit information. Talk to them about what you can or can not do about purchasing a car and what your rates will be. You are more likely to get a better rate from someone you already have a relationship with. It’s like going to a friend to borrow money or going to a stranger to borrow money. Who is most likely to let you borrow the money? And, who will give you a better rate and terms when they do?
So, if you want to buy a car and win, why go to the dealership for the best rates and terms? You need to go to your bank or credit union and talk to them first. Apply for the loan with them and get the best interest rate (they will only run your credit once).
Then go to the dealership knowing the amount you are approved for and the payments you can afford and select your vehicle. Do not let the salesperson control you and talk you into something you know you can’t afford or get approved for.
If you do this you will BUY A CAR AND WIN!!!
You are Stronger Than Failure