when You are going to buy a car (by financing). How should you go about it? If you get the loan first, let's say from your credit union and then go to the dealer. You may bargain and get a lower price than what the loan is. Then what do you do with the excess? Let us say you bargained to $7500 and your loan is $9000. What do you do with the extra $1500. Again if you bargain with the dealer and agree on the price, it is silly to tell the sales man that you are going to get the check and you'll be back. Those who have financed cars before, how do you go about it. Step by step directions please.
2007-10-19 11:58:39 · 3 answers · asked by dey_denn 1 in Cars & Transportation ➔ Buying & Selling
Go to your credit union first and find out how much you can finance. Then go to the dealer and make your offer. Write the dealer a check for that amount and have the credit union cover the check with the proceeds of the loan.
2007-10-19 12:08:51 · answer #1 · answered by breeze1 4 · 0⤊ 0⤋
If it is a personal loan you can get it first. The excess would be paid back just like the rest of the loan. If it is a loan where the car is collateral, you get the paper work from the car dealer first and take it to the loan company/bank. The bank or loan company will hold the title to the car until the loan is paid for. They will normally loan you a percentage of the car's valvue. You will have to provide the rest.
2007-10-19 19:13:38 · answer #2 · answered by renpen 7 · 0⤊ 0⤋
find out what the intrest rate is from your bank on car loans. they need to know what your buying before they will lend you $. then find out what the intrest rate is fron the dealership. sometimes they can beat your banks rate, sometimes not.
Find the vehicle you want first. Negotiate. Then Finance
2007-10-19 20:04:04 · answer #3 · answered by Terri 3 · 0⤊ 0⤋