Do you know what a good finance deal is when you see one? Where can you look to find the best deals? Learn where to find great vehicle finance deals!
Having the ability to recognize a good or a bad deal is an important part of financing a vehicle. While a low advertised price may seem like a great find, that alone doesn’t equate to getting a good deal.
Research, Research, Research
When it comes to purchasing a vehicle, doing your research online will help you when it comes time to buy. Use sites to Edmunds, Auto Trader and even Kijiji Autos to determine how much the vehicle you want is selling for.
If you can figure out the dealer invoiced price, you’ll be able to negotiate better than if you just know the MSRP.
Negotiate on the Selling Price
Make sure that you negotiate on the selling price of the vehicle, not based on the monthly payment.
Negotiating on the selling price will allow you to get the best possible deal for the vehicle. If you negotiate on the monthly payment, the dealer may stretch out your payments over a longer term or add different warranties and options that will bring the payment closer to your monthly budgeted number.
Where to Find Good Vehicle Finance Deals
Here are a number of ways that you can find a good financed deal.
- Promotional offers in newspapers, TV and the internet. Brands will typically advertise great deals to consumers in hopes of getting them into a dealership.
- Manufacturer’s Websites. Vehicle manufacturers will typically offer special limited time offers on some of their models. They’ll either discount the price or lower the interest rate. It’s important to note that dealerships don’t have control over the interest rate. It’s based off your credit score and the lender they use.
Manufacturer sponsored lease deals are usually better than deals you may be able to negotiate yourself. Especially if it’s a vehicle from last year. The vehicle is still new but just hasn’t sold.
On The Lot Deals
When you’re ready to buy a vehicle, look at the existing inventory for dealers in your area. If you’re flexible on color and features, dealers will typically offer better pricing on a vehicle that’s on their lot compared to one that has to be dealer traded.
The longer a car sits unsold on a lot, the more it costs the dealer. So if the vehicle has been sitting for 6 months or longer it’s in their best interest to sell it, sometimes you may get it for a few hundred over their invoiced price.
Summary
By negotiating on the selling price of the vehicle and keeping an eye out for manufacturer’s deals you’ll ensure you get a great deal.
Make sure you research the vehicle you’d like before going into a dealership. Remember, make sure you negotiate based on the selling price! The worst thing a dealer can say is “no.”
