Tips for finding deals-shopping for new vehicle
Now is a great time to take advantage of the stabilising economy and go for that vehicle loan.
12:15 13 May 2013
One of the latest trends in Scotland is quite a surprise. New car purchases have risen dramatically over the recorded previous year. If you have been thinking of purchasing a vehicle now might be the best time for a vehicle loan.
Since there is increased demand for vehicles, here are a few ways to help you get a slightly better deal:
- Wait—you may be able to negotiate more with your sales person if you wait until the end of the month.
- Sales—watch for sales and are aware of competing dealerships that might be willing to price match.
- Compare—take some time to research vehicle loan terms with a few different financial institutions to find the ones that offer the best deals for you.
- Reputation—since many people have purchased vehicles lately, see if anyone you know has a recommendation for a particular dealership, sales person, or even vehicle loan financer.
- Warranty—if you can’t get anyone to lower an interest rate during negotiations, consider negotiating an improved warranty, just make sure to get whatever is agreed upon in writing with signatures and dates from you and the dealership representative.
- Down payment—negotiates pricing, if possible, before mentioning a down payment amount or trade-in.
- Vehicle Loan—if you found your own funding, be sure to let the car dealership know so they can use your preferred banking institution when drawing up all necessary paperwork and calculating terms.
Increase in car sales is a favourable indicator for the economy, and it also shows that banks are also comfortable with issuing a vehicle loan, so they are experiencing increased financial stability as well.
If you don’t want to trade-in your vehicle, try selling it first and you may receive more money from it than you expect which will give you an even better down payment on your own new vehicle.