| There's a reason why the phrase "used car salesman" | | | | trade-in value? How much down payment must I |
| conjures up certain images - and that reason doesn't | | | | have? How much will I be financing after trade in and |
| completely revolve around engines and transmissions. | | | | down payment? Are there other fees, such as credit |
| Car salesmen are masters at getting people financed | | | | insurance? What Annual percentage rate will I be |
| to purchase - one way or another. The trouble is, the | | | | paying? How many payments will there be? What's |
| way might not be a benefit to you, even while they | | | | the exact amount of those payments? What's the |
| claim it is. | | | | total cost of credit? Include interest, fees, etc. |
| So, be prepared. Before you even consider visiting a | | | | And last but most definitely not least: Is this the final |
| car lot, get your credit report and check your scores. If | | | | deal? When I drive off your lot, are we finished? |
| they need some improvement, take the necessary | | | | That last question seems odd, but it's an important one, |
| steps, because the better your credit scores, the | | | | because this is the spot where unethical dealers pull |
| better interest rate you'll get on that car. | | | | the "bait and switch." |
| Don't wait for the dealer to check. For one thing, if the | | | | They'll send you home with a car, give you 2 or 3 |
| score tells you there's going to be a delay, that inquiry | | | | days to fall in love with it, and then call with the bad |
| will harm it further. Secondly, not all dealers will tell you | | | | news: The lender refused the deal. But it's OK - don't |
| the truth about your score. Remember, the higher the | | | | panic. Your salesperson has made a heroic effort and |
| interest you'll pay, the bigger their income. | | | | found another lender who will approve the loan. |
| OK, now you know your score and you've decided it's | | | | Of course, the interest will be slightly higher, and you'll |
| high enough for you to go forward. Write down these | | | | have to pay a small fee, but hey! You've got your car! |
| questions and make sure they're all answered to your | | | | Don't fall for this. Unless the dealer can show you who |
| satisfaction before you sign anything. Remember, if it | | | | the lender is, and unless you can see documentation |
| isn't in writing, and signed, it doesn't mean a thing. | | | | that they've approved the loan - tell them you'll be |
| How much does this car cost - including taxes, license, | | | | back after the financing is approved and the |
| dealer prep - everything? How much am I getting for a | | | | transaction is final. They can call you when it's ready. |