Auto Loan Blog

Car Talk

Holding your own on the car lot can be a challenge with the number of details and add-ons to consider. Drop these statements during your negotiations to increase your saving power.

Savvy consumer statement: “I want your best loan rate.” Dealerships want you to sign on the dotted line, but a wise consumer strategy is to do some legwork before shopping. Get preapproved for an auto loan at TEG Federal Credit Union so you have something to compare the dealership’s offer to, and then opt for the loan that provides you the best rate and terms.

Savvy consumer statement: “I don’t think an extended warranty is right for me.” If you plan on driving your car for more than four years, an extended warranty may eventually save you money. Otherwise, you could be throwing cash away because newer model cars are less likely to need repairs within that timeframe. If you want an extended warranty, negotiate the rate with the dealership or buy a policy direct from the warranty company at a lower rate.

Savvy consumer statement: “I think my trade-in is worth more than you’re offering.” Arm yourself before shopping for a new vehicle by knowing the value of the car you’re trading in. Use a reputable source to find the trade-in value and bring a printout of your research with you. If the dealer offers less for your trade than you think is fair, share your research to make your case.

Get preapproved at TEG before you go car shopping. Auto loan rates are as low as 2.24 percent APR* for up to 48 months for qualified members. Have a car financed with another lender? Let us see if we can help lower your monthly payment!

Leave a Reply

Your email address will not be published. Required fields are marked *