How to Get a Car Loan
Male1: Our deal is to make money in finance absolutely, our bankers are going to make money when he finance with them absolutely.
Male2: Monthly payment shopping is big mistake number one.
Male1: I think short term; financing short term leasing is the best way about the car just like your house. You can pay the least the more adventurous.
Male2: A car dealer can give you any monthly payment you want, if the loan is extended over a long enough period of time.
Male1: You know all and I do not appraise, they are just extending the term.
Male2: You tell the dealer, well I can afford $400.00 per month.
Male1: I would definitely take a look at the term, how far are we studying the term out.
Male2: Does that mean $400.00 per month over three years, over four years, over five years, over six years.
Male1: And somebody out there is going to extend the payments out long enough to make it attractive to the payment of probably within her budget.
Male2: The vast majority of Americans when they buy a car, they finance that car through the car dealership.
Male1: There are dishonest finance managers and dishonest dealers out there that would tell you to give allergy to people. Anytime that they tell you that the price of the car depends on whether or you finance here or not at the dealership, you should get out of there immediately.
Male2: Car dealership will often bump the interest rate on the loan.
Male1: You should try to get the rate that works best for you.
Male2: Take it to your bank and see if they can offer you a lower interest rate.
Male1: sometimes the dealer is going to be able to get it. Sometimes the bank can be able to get it.
Male2: If you are approved at 6%, maybe they will bump it to 8% or 9%.
Male1: It should be black and white. There is no greater here, it is black and white. My rate is 5.9%. That is my rate.
Male2: And then they will split as a part of that increase with the bank.
Male1: Whether my banker will gives it to me, whether the business manager or the car dealership gives it to me, that is the rate and any finance manager when he buys a car should be disclosing that to you on the contract making sure you are very well aware what the rate is.
Male2: If you do not know how the system works, you are not going to do as well.
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