If you’re in the market for a new or used vehicle, you may not be thinking about the loan until you’re ready to buy. Getting pre-approved through Members Trust, before visiting the dealership, might feel like an extra step; however, it can be advantageous to you!
- Rate – Direct loans with us usually have the best rates. This could save hundreds, if not thousands, throughout your loan.
- Affordability – Having a pre-approved amount in mind will help you stay on track with your budget while negotiating your deal.
- Convenience – Thanks to our one-stop auto shopping website, you can save time by locating your dream car and getting pre-approved before visiting the dealership.
Keep in mind that the dealership sales reps sell cars all day long, every day. If they’re not negotiating a car deal, they’re training to improve their negotiation skills. On the other hand, the rest of us only get a new car a couple of times per decade so we don’t have as much experience.
When you arrive at the dealership, keep these tips in mind to negotiate the best price for your vehicle.
- Shop online – Knowledge is your best tool to help level the playing field so start your search online so you know your numbers and learn as much as you can about the vehicle, including specs, tech features, and gas mileage. More importantly, research the book value of a given car and what other dealers in your area are charging. This will give you an advantage when it is time to make a decision. Plus you can look and talk to multiple dealerships without leaving home!
- Get pre-approved – A pre-approval takes that piece out of the negotiating puzzle so you don’t have to haggle about approvals or your rate.
- Negotiate just the price of the car – Focus on the vehicle’s price and don’t get distracted from it. Ask the salesperson for the price of the car, including all fees and taxes. They’ll want to know what you want to pay – avoid that because once you mention a price, you can’t go lower. Once they, as a seller, mention a price, they can’t go any higher. The first price they’ll give will be near, or even above, the sticker price. If you negotiate based on the payment alone, your chances of getting a good deal drop to zero. While the monthly payment does need to fit your budget, you want to focus instead on the price of the car.
- Be prepared to walk away – You may think that the dealer and its sales professionals hold all the cards. However, you hold the best card of them all. If you don’t like the deal they’re offering or just feel uncomfortable with the way things are going, you can simply walk away. There are other vehicles and other dealerships to visit.
- Remember it’s a business deal – Getting a new car can be emotional. There’s the excitement of getting behind the wheel of a new ride that’s often tempered by the stress of the buying process but don’t let your emotions creep into the negotiation process. Remember it’s a business transaction, nothing more and nothing less.
Get the Best Deal on Your New Vehicle
We’re here to help you understand the entire shopping process, and how to get the best deal on a new or used vehicle. Talk to us today or check out our online car shopping program.