I finally applied for financing yesterday!
The Mazda dealer approved me for 4.99% for 72 months.
The Toyota dealership got me 3.9% for 60 months.
Then I got a call from the Hyundai dealership finance director and he said he got me a great rate of 6.9%.
So I told him that wasn't that great considering i got 3.9% and 4.9% from the other two places. Then he told me those weren't real rates and that those dealers would increase the interest rate once they got me in to sign the papers. He told me he only saw the dealer inquires on my credit report and not the ones from the banks.
I don't know who to believe. Does anyone know if the finance manager is right?
I wouldnt pay attention to that, however I LOVE my 2011 Sonata, I think hyundais are very solid cars and IMO mazdas suck. As far as the lenders the only way to find out is to get in there and find a car and get into the process. YOU HAVE THE POWER, YOU ARE THE ONE BUYING!! Do not forget that if at any point in the negotiations they tack something on or they increase the rate or anything WALK OUT!!!! That's all you have to do, if they are BSing you just go somewhere else. They will test you and get over on you IF YOU LET THEM. You have to come in firm, tell them if they cannot keep the 3.9/4.9% original offer, then you will go elsewhere.