The Do's and Don'ts of buying a car

It's like Rocky Balboa, and your goal is to win! You step on the car lot and you got the theme music in the back. Your goal is to get the best deal possible and here is how you will do it.....

Before heading straight to the dealership, there are a couple of things you need to do...

  1. Get pre-approved. Head to your bank to see what you qualify for. They will let you know how much you qualify for, your interest rate, monthly payment, and term. This will only be one inquiry on your credit report VS If the dealership runs your credit they will blast it out to all their partnered banks and you could get up to 15 new inquiries added to your credit report which would hurt your credit score.

Now do a little bit of research. (Knowledge is power!)

  1. Check out TrueCar, chances are you already have the car you want in mind. This website will show you the price the car is worth or how much you should pay. Never pay more than the amount its worth. This helps you avoid being upside down on your car. Being upside down is when you are paying more than the car is worth. The goal is to pay less than the car is worth!!!!

Now your ready to go to the dealership with your pre-approval and some knowledge. Avoid car dealerships that advertise buy here pay here. Those places are for lower credit scores. They will have you overpaying for your car. Don't be afraid of the big-name dealerships. Sometimes those places can take a loss on selling a car.

As soon as you make contact with the salesman let them know you have been pre-approved. (This gives you the upper hand).

Here are some negotiation tips!!

  1. Once you find the car you want to buy. Do a quick search for that car on the dealership's website. Online prices are sometimes cheaper than the sticker price.
  1. Negotiate the overall price of the car. Don't answer how much you are willing to pay monthly, instead focus on the total amount of the car. (remember you want to pay less than the car is worth)

Don't be scared to low ball the worse they can do is a counteroffer. After you get to the lowest amount you think is possible then you add all the specials for example: if you're doing a trade you would ask for them to deduct the trade-in value and if you qualify for the loyalty program they can also deduct that deal.

**if the dealership tells you that they can beat your bank's interest rate,call your bank and see if they can match the interest rate the dealership will give you.

Check out Bankrate this website can help you figure out what your payment would be with different interest rates.

Now that you are a New Car Owner. Check out Root Car Insurance to see how you could save money on car insurance.

How? Well, Root gives you a rate based primarily on how you drive. Changing insurance providers could help you save money monthly. Root could save you up to 52% on car insurance.

Your goal is to save money, to keep money, your goal is to Cheat Debt!

April 26, 2020

The Do's and Don'ts of buying a car

It's like Rocky Balboa, and your goal is to win! You step on the car lot and you got the theme music in the back. Your goal is to get the best deal possible and here is how you will do it.....

Before heading straight to the dealership, there are a couple of things you need to do...

  1. Get pre-approved. Head to your bank to see what you qualify for. They will let you know how much you qualify for, your interest rate, monthly payment, and term. This will only be one inquiry on your credit report VS If the dealership runs your credit they will blast it out to all their partnered banks and you could get up to 15 new inquiries added to your credit report which would hurt your credit score.

Now do a little bit of research. (Knowledge is power!)

  1. Check out TrueCar, chances are you already have the car you want in mind. This website will show you the price the car is worth or how much you should pay. Never pay more than the amount its worth. This helps you avoid being upside down on your car. Being upside down is when you are paying more than the car is worth. The goal is to pay less than the car is worth!!!!

Now your ready to go to the dealership with your pre-approval and some knowledge. Avoid car dealerships that advertise buy here pay here. Those places are for lower credit scores. They will have you overpaying for your car. Don't be afraid of the big-name dealerships. Sometimes those places can take a loss on selling a car.

As soon as you make contact with the salesman let them know you have been pre-approved. (This gives you the upper hand).

Here are some negotiation tips!!

  1. Once you find the car you want to buy. Do a quick search for that car on the dealership's website. Online prices are sometimes cheaper than the sticker price.
  1. Negotiate the overall price of the car. Don't answer how much you are willing to pay monthly, instead focus on the total amount of the car. (remember you want to pay less than the car is worth)

Don't be scared to low ball the worse they can do is a counteroffer. After you get to the lowest amount you think is possible then you add all the specials for example: if you're doing a trade you would ask for them to deduct the trade-in value and if you qualify for the loyalty program they can also deduct that deal.

**if the dealership tells you that they can beat your bank's interest rate,call your bank and see if they can match the interest rate the dealership will give you.

Check out Bankrate this website can help you figure out what your payment would be with different interest rates.

Now that you are a New Car Owner. Check out Root Car Insurance to see how you could save money on car insurance.

How? Well, Root gives you a rate based primarily on how you drive. Changing insurance providers could help you save money monthly. Root could save you up to 52% on car insurance.

Your goal is to save money, to keep money, your goal is to Cheat Debt!