Quote:
Originally posted by Sion
the best tip for buying a car at a dealership is NEVER, EVER, UNDER ANY CIRCUMSTANCES, finance it there.
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That's not always true though. On my recent purchase I was pre-approved at my bank at 11.25% (my credit is C teir, not terrible, but far from outstanding). I informed the dealership that I was pre-approved and therefore not interested in their financing. They make major money on financing, therefore they countered with a 6.9% interest rate to insure that I would use their bank and they could keep the interest money. The difference in interest rates saves me about $35/mo and over 2,000 over the loan term. Hell, some people are getting 0%-2% if they have really great credit. You'll never see a bank give you a loan at those rates, not even for a mortgage.
My advice is to know that you have options and make sure the dealer knows it.