If you are interested in purchasing a hybrid SUV and aren’t able to pay cash then you might consider applying for an auto loan. It would be prudent on your part to follow all of these suggestions to help reduce your risk of paying more than what is necessary.
Dealership Financing Isn’t Always Competitive
When you walk on a car dealership they know you must be interested in getting a new car so they will come up with a wide array of promotions to lure you in and that includes the promise of a competitively priced auto loan. What these dealerships forget to mention is that while they have convenient financing onsite it is not always competitive and in some cases could be downright pricey!
One way to protect yourself from being gouged by the car dealership is to shop around with various lenders and find out what credit terms they are willing to offer you, you are under no obligation to accept these offers you are just finding out what is currently available. When you have figured out what each of the various lenders are quoting you can then walk on the dealership lot and find out what they are willing to offer knowing you have an approval in your back pocket if they are not able to give you a competitive deal.
Getting a Good Vehicle
While we touched on a hybrid SUV as a vehicle of choice given the good gas economy you can enjoy, you should select a vehicle that has a good history of being reliable. Check for active or past product recalls on a particular make and model of vehicle, if that particular make or model is plagued with product recalls then you should scratch it from your list.
After your list of vehicles has been filtered to only include those that have a good reputation and are within your budget you should find out whether the dealership actually has one of those models at their location. The dealership is going to do everything in their power to sell you the most expensive car you can afford with the most expensive financing so they can maximize their earnings, that is just capitalism at its finest. If the dealership has the vehicle you want in stock then you should go early in the morning to schedule a test drive. The benefit of going early in the morning is the managers and everyone who has decision-making authority will be there to approve discounts when it comes time to negotiate a price. Along with haggling over the price you might consider asking for more discounts and deals in the form of free oil changes, tires etc. You would be amazed at how far a dealership will go to sell a vehicle especially when they know you are credit worthy and can make the transaction happen immediately. If you have stuck with the recommendations that were provided you can get the vehicle you want at the most competitive terms possible