Lots of people fantasize about their dream car. As we get older that dream car may change a bit depending on our responsibilities and life circumstances, but wouldn’t it be great to finally be in a place where you can surprise your spouse with theirs? The commercials make it look so romantic with the big red bow sitting on the roof of the car. But there’s one thing the commercials don’t mention: how to get there.
If you don’t have the cash-in-hand or great credit to land you a good loan deal, it’s important that you be prepared when you walk into a dealership.
Your credit score can get in the way of buying your dream car, but it doesn’t have to. At The Credit Repairmen, we can raise your credit score by removing negative items from your credit report while giving you advice on what you can do to raise your score on your own to help you buy that new car.
The truth is, credit is a huge part of being approved for an auto loan. Luckily, there are some things you can do to prepare yourself from being discouraged when handing over your credit info.
Typically, online car buying gets you better pricing on the vehicle. Remember, you want to finance the car not the monthly payment. Sites such as Cars.com, Edmunds.com, and consumerreports.org can give you great, unbiased information and side-by-side comparisons with less pressure and more comfort – from your own home or office. Visit various dealers’ websites in your buying area to determine if they have your particular car in their lots, and, if they do have the car you’re interested in, find out how much they are asking for it.
If you have done the important research before shopping, you will know what the general fair price should be, how much the dealer should come down and what you will agree to pay. When you are ready to shop, give us a call. We can help you prepare so that you can ride off into that sunset knowing you got the best deal possible.
Get Your Score
Knowing your score going in is crucial. Many shoppers end up paying more for their loans because they think their credit is worse than it actually is or because they rely on the dealer to tell them their score.
If your credit is good, things will most likely go smoothly. It’s important to know your credit score before you sit down with the loan officer. You can be armed with information and prepared for any discussions you may have while in the hot seat.
If your credit is not so good you may find yourself in a sticky situation. Dealers who discover poor credit can demand a higher down payment from you and make the process more difficult. There are car loans for people with poor credit, but you have to be very careful not to be over charged.
Exploring your credit also enables you to look for mistakes that are bringing your score down and correct them before going in. The Credit Repairmen can help you understand your report and improve your score for the long run. We won’t just help raise your score temporarily and leave you empty handed—we’re dedicated to educating our clients and helping them maintain and build credit for a better future.
Know Your Choices
Get pre-approved for an auto loan before you start shopping for a vehicle. Dealership financing offices usually offer auto loan rates that are several points higher than what you could receive from an online auto lender or credit union. By getting a pre-approved loan, you’ll know the interest rate and amount you are already qualified to buy. This gives you additional negotiating leverage because you have other options.
On the other hand, if you qualify for a special 0% offer or you have bad credit and can’t get a loan from an outside lender, dealership financing may be your best choice.
Know what to expect and prepare yourself before car shopping. Getting your credit in shape is crucial. That’s where The Credit Repairmen can help. Incorporate our credit repair services into your preparation time so you’ll be ready to shop for loans and be on your way to surprising your honey with their dream car.