Negotiating a great auto loan rate.
Long before considering a visit to a dealership, you need to know what you want to buy. Once you zero in on the model of car, the more flexible you can be on color and options, the more negotiating room you’ll have. Know that there is a big savings between “sticker” price (what is actually printed on the sticker you see on the car) and “invoice” price (the price the dealer pays for the car). And in today’s market, with rebates and incentives, know that paying below sticker price is a reasonable scenario.
Who gets 0% dealer financing anyway?
While it is true that there may be restrictions on the amount that can be financed, the number of months available to finance, and particularly, the credit scores required to qualify, 0% dealer financing is sometimes available for those who meet the guidelines. Many people will not qualify for 0% financing, but the prospect of getting that rate can lure people into the dealership before they’ve done their homework. So before you head straight to the dealer to see if you qualify, do all of the appropriate homework first to know what you want to buy, what rebates and incentives are available, etc. Finally, have a fallback plan for financing if you don’t qualify for the 0%. Getting preapproved for a low interest auto loan before you ever walk on the first dealer’s lot can give you more negotiating power and won’t leave you vulnerable to a last minute dealer financed rate that could end up well above the enticing 0% advertised offer.
Should I refinance my current auto loan?
If you still owe at least 24 months on your current auto loan, you may want to consider refinancing your loan. Just do the calculations to see if it might make sense for you. Check our current loan rates here and then use our handy calculator to see what the difference is in the monthly payment at your current rate and number of months left to pay, and what it might be at Cornerstone.* Stop by a Cornerstone branch today, call 615-385-6898 or email us. One of our loan experts will be happy to help you get preapproved for a loan or to talk with you about refinancing your current auto loan.