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How to get the best deal on an automotive loan

Posted on Tuesday, January 24, 2017 at 9:09:18 AM

Consumers might not fully understand just how many things they can do to get the best possible deal on an automotive loan. If you're planning to purchase a vehicle using a financing program this year, you should know how to 'game the system,' so to speak. 

This begins at the point of purchase. First, negotiate the best price for the vehicle you can - the lower the price of the vehicle, the lower amount on the loan.

Then, do your homework. This means researching all lenders that offers loans for the vehicle you are looking to finance, and can be done using several sources including newspapers, websites and phone calls with the auto dealers and lenders directly. If speaking to a financial representative directly, always ask about a rate break for a direct payment, open account relationship, or shorter term program. Asking this question may save you money.

Also important is to disclose the year, make, manufacture and mileage of the vehicle, as some lenders will have restrictions on these matters. It is also important to disclose whether it is a private party sale, as many lenders will not finance such purchases.

Be aware of the 0% offers vs. cash rebate available. Why? Nothing beats 0% of course,  however if your credit is excellent, depending on the amount of cash back being offered and the size of the loan you need to obtain, a cash rebate may very well put more money back into your pocket, providing your credit qualifies for a low rate. Do the math before accepting any offer.

HLIB Auto does not have any restrictions on year, make, manufacturer, or mileage. We also finance motorcycles, RV's, commercial vehicles, and offer private party sales and refinancing.

As always happy and safe driving!