Buying a New Car
Car shopping is fun. You get the opportunity to browse a dealership’s inventory, do a little fantasy car “shopping” and go out on fun test drives. In the end, you get to negotiate a (hopefully) good price with the dealership’s salesperson. Once all of this is over, though, you should not content yourself with signing the paperwork. Relaxing will be a big problem at this point, because unless you are paying cash for your new car, you will be soliciting lenders for a car loan.
You should always try and get the lowest rates you can. Don’t take the first offer that they give. Try and push for a better deal and remind them there are several out there.
After you and the salesperson have picked out your car you will be directed to the finance office. They will try and upsell you with fancy add-ons. Sometimes they are perfect for you but most the time they can be an unnecessary expense.
If you go to a large bank they can offer competitive prices and they won’t try and upsell you. The one downfall is because of their size they don’t have the flexibility of their loan options and you don’t always get personalized customer service.
Small Banks and Credit Unions
The positive side to using a small bank is they NEED your business. They normally have lower rates and won’t try and upsell you on unnecessary products. Sometime because of their size they may not have the convenience the other banks may have such as online banking.
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