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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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing objective and original content. This allows you to conduct research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including such things as the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity, and also other products that lend money to homeowners. This compensation, however, does have no impact on the information we publish, or the reviews you see on this site. We do not consider the universe of companies or financial offerings that could be accessible to you. SHARE: Tim Robberts/Getty Images

3 min read Published August 18, 2022

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Written by Bankrate Written by This article was generated with the help of automation technology, and then verified and edited by an editor from our editorial team. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the beginning of 2021. They are passionate about helping readers gain confidence to manage their finances. They provide clear, well-researched information that breaks down complicated subjects into bite-sized pieces. Reviewed by Mark Kantrowtiz Reviewed by Nationally well-known expert in student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as 529 plans, scholarships, education tax benefits as well as student loans. The Bankrate promises

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We are compensated in exchange for placement of sponsored products and, services, or through you clicking specific links on our site. Therefore, this compensation may impact how, where and when the products are listed within categories, with the exception of those the law prohibits it for our mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether a product is offered in the area you reside in or is within your personal credit score may also influence the way and place products are listed on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. It is advisable to research your options prior to visiting a dealer. Working out financing ahead of visiting the dealership gives you time to explore your options and determine the rates you are eligible for before speaking to an agent. It also makes sure that you don’t purchase an automobile you’re not able to pay for or use credit from a dealer when you can find a better deal elsewhere. Benefits of arranging financing prior to your visit When you arrange financing in advance of visiting the dealer, you stand the best chance of getting the best deal. Affordable terms Prior to walking into a dealership you can know what interest rates, loan terms and monthly payments you will qualify for based on your credit score. If you know the rates you are eligible for, you can enter into with the assurance that you are getting the best deal. Lower stress levels Sitting down with the lender or in person prior to visiting a dealership could reduce the stress you feel when the dealer offers you with financing deals. If you are able to look up the most suitable loan conditions to suit your needs, you will be more equipped to make an informed decision, instead of being pressured to buy buying something right away. You’re well prepared Arranging financing before visiting a dealership can make it much easier to buy a vehicle that you’re happy with. With the financing in place, you will be able to determine what kind of vehicle will make the most financially sound and will make your purchase based on the the monthly payment. How to organize auto financing ahead of time To ensure that you’re receiving the best terms it is recommended to take these steps. 1. Find a bargain Start with a search. It is possible to do this by using one of two methods. You can either go online to look up rates without having to input a lot of personal details, or you can call several lenders and ask for rates. If you get more quotations request the more likely you are to find a reasonable rate. It is best to request quotes from at least three lenders. 2. Find out about the dealerships Dealerships should be transparent about the rates they offer, so after you have a quote on the mail, you can look on the websites of any dealerships you’re considering to find out what rates are on offer. If the dealership is offering a low rate, you can take it back to the lender you’re working with to see how they can beat the rate. 3. Get preapproved The next step in arranging financing is to work with the lender that offers the most favorable rate and time frame to meet your requirements. This will allow you to enter the dealership with a deal in hand which gives you more leverage when it comes to negotiations. 4. Negotiate for the best deal After you’ve been approved for financing, it’s now time to shop around and negotiate for the most favorable deal. You can do this easily by going to several dealerships with preapproval documents with you. Be sure to inform the salesperson that you’re planning to think about financing from a dealership. Keep your preapproval close to the box until the time you’re prepared to actually purchase. Then, you can use the existing financing to avoid the typical high-pressure . What to do if you aren’t able to get financing in advance If you can’t be approved for an loan prior to visiting a dealer, that doesn’t mean you shouldn’t go. You may ask to speak with a salesperson to assist in getting financed. If you are still unable to finance your purchase through the dealership, it may be time to reconsider taking a step back. Rather than getting an auto loan specifically designed for those who are visiting a “buy here pay here” lot, it may be more beneficial to focus to improve your credit score and lowering your credit card debt. There are a variety of ways to tackle this, however they require time. Begin by pulling your credit report, and then examining it for . From there, you will be required to pay the debts you have and lowering your overall debt-to-income ratio. If you need an automobile sooner then later in the future, you might require looking into the possibility of a low-credit option or a cheaper car. Shopping for a car could be a option to get a bargain deal on a well-maintained car. There is also the possibility to rent a car low cost by looking at vehicles that are being offered by college students but make sure it’ll actually get you where you need to go. The bottom line There are many benefits to arranging financing in advance, including favorable terms, lower stress level, and the ability to negotiate a price that you would not get visiting the dealership directly. To ensure that you’re receiving the best rates and terms possible it is recommended to shop around, get preapproved and research the dealership. Learn more

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Written by This article was created using automated technology and thoroughly edited and fact-checked by an editor from our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down complicated topics into manageable bites.

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, the FAFSA as well as 529 plans, scholarships as well as tax benefits for education and student loans.

Nationally recognized student financial aid expert

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