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Reasons to arrange auto financing before visiting a dealership Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and unique content. This allows you to conduct your own research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation could affect how and where products appear on the site, such as, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage and home equity products, as well as other products that lend money to homeowners. This compensation, however, does not influence the content we publish or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that might be available to you. SHARE Tim Robberts/Getty Images

3 min read Published August 18, 2022

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Written by Bankrate Written by The article was created with the help of automation technology, and then checked and edited by an editor on our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the beginning of 2021. They are passionate about helping readers gain the confidence to take control of their finances. They provide concise, well-researched and well-informed information that breaks down complicated subjects into bite-sized pieces. Written by Mark Kantrowtiz and reviewed by Nationally recognized expert in student financial aid Mark Kantrowitz is an expert on student financial aid including the FAFSA, scholarships, 529 plans, tax benefits for education along with student loans. The Bankrate guarantee

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We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our website. Therefore, this compensation may affect the way, location and when products appear within listing categories, with the exception of those it is prohibited by law for our mortgage, home equity, and other home lending products. Other factors, like our own proprietary website rules and whether or not a product is available in the area you reside in or is within your own personal credit score may also influence how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include details about every financial or credit product or service. It is advisable to before visiting a dealership. Getting financing prior to going to the dealership allows you time to research the options available and find out what rates you can qualify for prior to speaking with a salesperson. It also makes sure that you don’t commit to a car you can’t afford or take dealer financing when you could get a better deal elsewhere. Benefits of arranging financing in advance When you arrange financing prior to visiting the dealer, you stand the best chance of getting the best deal. Affordable terms Before walking into a store, you will know what interest rates, loan terms and monthly payment options you can qualify for according to your score on credit. If you know the rates you can qualify to get, you are able to go into the store with confidence knowing that you are receiving the best price. Reduce stress levels By sitting down with an lender — or in person — before visiting a dealership can lessen the anxiety you experience when a dealer comes up with financing offers. If you can do some research and find the best loan terms for your situation you’ll be equipped to make an informed choice, instead of being pressured to buy something on the spot. You’re well prepared Arranging financing prior to going to a dealer can make it much easier to buy a vehicle that you are happy with. With the financing in place, you will be able to determine which vehicle makes the most financial sense and will be shopping based on your monthly payment. How to organize auto financing ahead of time To make sure you are getting the best terms and conditions, you should follow these steps. 1. Shop around Start by looking around. This can be done in one of two ways. Go online to find rates without having to fill in a ton of personal information or call several lenders and ask for quotations. More quotes that you request the more likely to get a competitive rate. It is best to request quotes from at least three lenders. 2. Find out about the dealerships Dealerships should be honest about this , so once you have a quote on the mail, you can look on the websites of the dealerships you are considering to find out what rates are on offer. If the dealership is offering an unbeatable rate, you can take it to the lender that you’re working with to see how they can beat the rate. 3. Pre-approval is the next step in arranging financing is to make sure you are connected to the lender that offers the most favorable rate and term for your needs. This allows you to enter the dealership with an offer in hand and give you more power when it comes to negotiating. 4. Find the best deal Once you’ve been accepted for financing, it’s time to research and negotiate for the most favorable deal. You can easily do this by walking into various dealerships with your preapproval forms in hand. Be sure to inform the salesperson that you’ll consider dealership financing. Keep your preapproval near the chest until you’re ready to actually purchase. You can then use the advantage of having financing to work around common high-pressure . What to do if you aren’t able to get financing in advance If you are unable to get approved for a loan prior to going to a dealership however, it doesn’t mean that you shouldn’t try. It is possible to talk to a salesperson who can assist you with getting financing. If you are still unable to obtain financing at an auto dealer, it could be time to step back. Instead of applying for an auto loan designed for customers who are visiting an “buy here, pay here” lot, it might be better to concentrate on improving your credit score and reduce your amount of debt. There are many ways to do this , but they require time. Begin by pulling your credit report and examining it for . From there, you will have to focus on paying down existing debts and lowering the overall ratio of debt to income. If you need a car sooner rather than later, you may be looking at alternatives with lower credit scores or a cheaper car. Shopping for a car could be a way to get a good deal on a well-maintained car. There is also the possibility to find a car for cheap by checking out vehicles that are being offered by college students but make sure it’ll actually get you to where you want to go. The bottom line There are many advantages to getting financing in advance, including favorable terms, a lower stress level as well as the possibility to get a great deal that you would not get taking a trip to the dealer. To ensure that you’re receiving the best rates and terms you can, you should shop around, get preapproved and research the dealership. Find out more

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The article was written by created using automated technology that was then thoroughly edited and checked by an editor from our editorial staff. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances with clear, well-researched information that breaks down complicated topics into digestible chunks.

Auto loans editor

Reviewed by Mark K. Kantrowitz Reviewed by Nationally acknowledged student financial aid expert Mark Kantrowitz is an expert on student financial aid and the FAFSA as well as scholarships, 529 plans as well as tax benefits for education along with student loans.

Nationally recognized student financial aid expert

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