Question for buying a car...

[DPK]

So does the monthly payment amount change slightly after they recieve the interest rate offers?

 

[RossMAN]

Originally posted by: DPK
So does the monthly payment amount change slightly after they recieve the interest rate offers?

Yes.

 

[Kelemvor]

You should NEVER haggle based on the monthly payment. ALWAYS haggle based on the price of the car. Then work on the interest rate later. Lots of places tell you XX/mo. They are really getting you a low interested rate in the background and charging you more for the car so you are getting screwed.

 

[vi edit]

1. Get pre-approved for the best loan you can from a local credit union
2. Go to dealer and negotiate best price on car
3. When you get a price hammered out, tell them you are finaced already at X.XX%. Ask the dealer if they can beat it. If they can, good. If they can't, oh well. You'd be surprised at the rates they can get.

I'd also consider a pre-owned car from a brand like Nissan that frequently offer very competitive rates on their used vehicles.

Bottom line is to negotiate the sale price and the interest rate independent of each other.