Save Thousands On Your Car Purchase Part 2
written by Credit-HQ ExpertAnyway you look at it, two grand is two grand, which you can use to beef up your car or purchase some accessories you deem are necessary. Keep in mind, however, that these savings cannot be realized when you’re in a rush. It pays to study the figures well or to walk away and come back another day if you feel that the deal is disadvantageous to you.
If they sense that you’re a serious buyer, they won’t just let this deal slip away and not follow you out the door! More often than not, they would ask you to take a look at another computation which is better than the initial offer. It’s possible that you may do this step several times until you get what you want or at least something close to what you want, but be patient.
Experts advise that the best time to visit the car dealer is a couple of hours from closing time, preferably during the last few days of the month. The reason? The agents are exhausted toward the end of the day and would very much like to make a deal before the day ends. The same thing goes for monthly quotas. However, never fall for the “on-the-spot-delivery” trap.
Studies show that women are more vulnerable to sales pressure tactics, and because they’re generally less knowledgeable about cars, they’re more often taken advantage of in situations like these than men. Take a male friend or someone who knows cars like the palm of his hand, and get that bias out of the way!
Based on these three simple tips, let’s now see if you can actually save more than just chump change on your car purchase:
Let’s say for example you have your heart set on a $13,000 sedan. If your credit card score is 700 and you select a paying period of 5 years, you’ll be given an APR of about 9%, bringing your monthly amortization to $270. That’s $16,200 in total costs.
Now, if you took the time to improve your credit score a tad to raise it to above 750, then you could just qualify for an APR of about 7%, which reduces your monthly payment to $257, and your total interest to $2,445 – resulting in total costs of $15,420. That’s already a savings of almost $800.
Next, try to reduce the APR even further by looking for an online lender. Your improved credit score rating could get you 5% APR if you’re lucky, bringing the monthly payment down to $245, giving you a total of $1500 in savings from your original figure.
If you could get yourself to negotiate with the sales agent, you could probably still get a $500-$1,000 discount, and if you could pay a thousand dollars or more upfront as down payment, then the dollars saved could well amount to more than $2,000.
Anyway you look at it, two grand is two grand, which you can use to beef up your car or purchase some accessories you deem are necessary. Keep in mind, however, that these savings cannot be realized when you’re in a rush. It pays to study the figures well or to walk away and come back another day if you feel that the deal is disadvantageous to you.
If they sense that you’re a serious buyer, they won’t just let this deal slip away and not follow you out the door! More often than not, they would ask you to take a look at another computation which is better than the initial offer. It’s possible that you may do this step several times until you get what you want or at least something close to what you want, but be patient.
Experts advise that the best time to visit the car dealer is a couple of hours from closing time, preferably during the last few days of the month. The reason? The agents are exhausted toward the end of the day and would very much like to make a deal before the day ends. The same thing goes for monthly quotas. However, never fall for the “on-the-spot-delivery” trap.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
[...] Click here to see Part 2: Save Thousands On Your Car Purchase Part 2 [...]