If this is your first time buying a hybrid SUV or just your first time buying a new vehicle we are going to give you the practical tips you need to make the right decision. The first thing you have to do is figure out what you can afford to buy, while everyone wants the best car possible, our budget is something that has a tremendous impact on what we can or can’t afford. The preliminary step that a person has to do is determine whether their credit score is in good shape, try asking the top three credit reporting firms to provide you with a copy of your credit report. When you review the credit report if you notice any mistakes this would be your opportunity to address them now, incorrect information inside your credit report could bring your score down making it harder to secure an auto loan so always check your report before applying.
Best Way to save Money on Auto Financing
With your credit report squared away, the next thing you will need to do is identify all of the lenders that provide auto financing, this list is going to be fairly long but if you are serious about saving money you have to review all of the prospective lenders. When you have completed the online application the lender should reply back to you with a quote in writing that will specify the maximum amount the lender will finance, the term of the loan which means how long you have to repay, the interest rate being charged and whether there are any loan origination fees. When you compare all of the fees and costs that each lender is quoting you will be able to identify the lenders that actually have a competitive deal. The reason you want to apply for your auto financing prior to going to any dealership is the dealer may have financing on site that probably is not very competitive but it is convenient and the dealer could convince you to take their deal instead of the more competitive offer being provided online.
After you have the financing in place the next thing you should do is begin screening the various dealerships to try and find the one who has the vehicles you want to buy in stock. Don’t go to dealerships that do not have the vehicle you want in stock, they will try to get you to try a different, more expensive vehicle. If you have located a dealership who has the vehicle you want to go for a test drive and inquire about an extended warranty, be sure to take this opportunity to haggle down the price before you have the discussion about financing with the dealership. Some dealerships will lower the price of the vehicle because they earn additional income from the financing so it offsets any losses from a price reduction. When you have all of the pricing details including the extended warranty you can finally make a decision on which auto financier is the one you are going to deal with.