Car Buying Tip: Low Interest Versus Rebate

Car Buying Tip: Low Interest Versus Rebate
By Chuck Russell

As Summer is heating up, so are incentives to drive car sales. The question is, do I take the low interest incentive or the rebate? It is an either or situation so a choice has to be made. The dealership will help you with your decision, but take a proactive approach and decide for yourself to make sure you are getting the best deal possible.

First, you must find out what type of interest rate you will receive if you take the rebate. You can apply at a reputable finance company online to find out. I suggest Capital One because they have interest rates from the best of rates, to rates for those with less than perfect credit. You can fill out a short form with the type of car you are looking at to find the rate you will receive. Another good benefit of Capital One is that they will send you a blank check that can be filled out by the dealership, so essentially you are a cash buyer.

Now that you know the rate you will receive, check and see what the low interest incentive is and the rebate on the auto you are looking at. You can get this from the dealership or you can go to the respective manufacturers website (ie gm.com). After you have this info., use a payment calculator and see which way is more beneficial. Something to consider, if you trade often, take the rebate! This will make your payoff less when you go to trade as most interest charges will be deducted when a payoff is figured. Bottom line, take some preparation before going to the dealership. If you are unsure, have the dealership figure both ways for you and analyze the results. Ask the Salesman for their opinion, most have nothing to gain by giving you advice on rebates versus low interest unless they get paid on the back end, meaning they get paid on finance income, which most do not.
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Written by Chuck Russell
Car Buying Tips To Save You Money

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10 Used Car Buying Tips

10 Used Car Buying Tips
By Chuck Russell

Here are some great used car buying tips to save you money. They are in no specific order, but maybe they will save you some money!

1 Check NADA.com for pricing on the used car you are looking at. This is what most banks use to finance cars.

2 Check Kelly Blue Book for a guide on your trade.

3 Dont get too caught up on the trade value as most never get payoff for their vehicle. Instead, look at the bottom line. If the dealer uses wholesale on your trade, make sure you get wholesale price on the used car you are buying.

4 Consider financing the used car for fewer months. Try doing 48 months if you can swing the payment. If you finance longer, try paying a little extra on months that you can.

5 Negotiate your best deal! After you have done this, tell the dealer they have a deal if they will pull a carfax report and everything is clean. Dont pay for a carfax yourself. Most dealers have an account where they can pull it for you.

6 Check the oil in the used car you are buying to make sure it has been changed. You can check inside the windshield, there will usually be a sticker telling when the next oil change is due. Check the back exhaust to make sure there is not excessive black residue around the opening--this would indicate that it may be burning oil.

7 Once you have negotiated your best deal, tell the salesman that you have one more used car to check out at a nearby dealer. Go to your car, even if you drive around the building and come back. If they let you leave, you are probably getting the best deal possible.

8 Remember to apply for your financing prior to looking for a used car. DONT FORGET, it is FREE to apply online. You will get an email with the results almost instantly.

9 Check your insurance on a specific car before you sign the dotted line online to see who will give you the best quote.

10 After you have purchased your car, make sure you do not leave anything in your trade because the trade may be gone by the time you return. Check your CD player and above your visors, and dont forget your garage door opener.
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If you do not get treated professionally, go to another dealership. How you are treated at the time of purchase is a good indication of how you will be treated if you have a problem. Even though you are buying a used car, it is new to you. Most dealers will gladly take your business, even if they do not make as much on you as the next because you are equipped with some great car buying tips.


Written by Chuck Russell
Car Buying Tips To Save You Money

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