Credit Card Center Advertiser Disclosure†
02-01-2013 12:10 AM
I'm a first time new car buyer. I've got my eye on a 2013 Toyota Tacoma 4x4 Regular Cab I've done my research (KBB.com / NADA Guides and Consumer Reports)
Each one had a slightly different target price. I've been negotiating via e-mail with a dealership in my area and offered the exact one I want for $21,300 (+ tax ttl and license) which is a couple hundred dollars lower than the "fair prices" I found in my research. I've been "pre-approved" at my CU but haven't been given the interest rate yet (the rep said with my credit I would qualify for their best rate... currently 2.99% I believe. My credit scores are 792 via this website (Score Watch) and 750 on Credit Karma.com. I have $3K to put down, make a nice salary and owe less than $500 on my CC.
My questions: 1.) Is there any more room for negotiation on price? I feel like I beat them up pretty good. Hit ten dealers in my area and played each quote off the other until they stopped matching. I did my research on which dealerships had a good reputation and I feel like the one I want to do business with is legit.
Second question: Should I also apply for dealer financing? It would pay to compare right?
Here are the results of my price research:
02-01-2013 12:52 AM
02-01-2013 09:56 AM
You will qualify easily for 0% thru toyota.
+1 for talking to the dealership financing as well. They likely can beat the CU's rate in your case, and worst case you already have a good loan to fall back on in my estimation.
I think you did fine.
02-01-2013 12:40 PM
02-02-2013 03:41 PM
Aaaargh. I chickened out. I made it all the way to the dealership, took a test drive then haggled with the salesman to get an additonal $150 bucks off (floor mats?). The salesman kept me waiting for 30 minutes while he "finished up the paperwork" and then came back asking me to fill out ANOTHER credit application? I started thinking... Gosh...$20K is a lot of money. I also witnessed a weird price haggling thing going down in the dealership and I just freaked out.
I left. With my $6K still in my bank account.
I'm not sure I'm cut out for this. I think I have debt-phobia and a fear of the future.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.