Hello all,
I know this isnt the right place for this question but I havent found a car/dealership forum that will answer in the time frame im looking for so thought I'd try here.
First my question - When shopping for a car and the dealer asks if Im financing on my own, which I am, should I say yes or no. My thoughts is if I say yes Im afraid that they wont give me the best deal and was planning on telling him/her after we agree on a price. --- Any thoughts??
Second - info on what Ive found while researching - please add/comment to share with other car shoppers
- Dealers will raise the interest rate to make money. For instance - if a bank gives you 5% the dealer will add 2% and collect the difference.
- Sometime dealers will tell the buyer that the bank requires a downpayment in order to make a profit off the veichle. - If the car is worth 10,000 the dealer will look for financing for 8,000 and collect the difference. I learned that from a family member who works for a dealership.
- A dealership/finance company look at your Fico Credit Score and FICO Auto Industry Option which is only available for dealerships and financing companies.
- Never tell them what your score is but obviously find out before hand. After your approval ask them what your score is, its a good way to see if the dealer is on the truthful path.
Theres more that Ive found but its a good start.
Thanks in advance..
