topic Re: How to bargain for a lower interest rate in Auto Loans

How to bargain for a lower interest rate

Anonymous — Tue, 16 Jul 2013 17:20:06 GMT

This Friday I am off to buy a car. I was approved for 22k with 7.76% for a 60 month deal with Capital One Auto. My question is, if I go into a dealership telling them to match the interest rate on my approval and I tell them its 4.9%, so that they will match it and I lower my rate even more, is there a way that they can check that and call my bluff? I am unsure if the dealership has access to call up Capital One Auto and ask them for my current financing numbers. While the 7.76% to me is great, considering in the past my interest was in the teens, I know I might be able to score a better deal. Current FICO scores are 674 EQ, 660 EXP, 661 TU. Please let me know so I don't make a fool of myself out there.

Re: How to bargain for a lower interest rate

Rackham94 — Tue, 16 Jul 2013 18:48:46 GMT

Focus on getting a low purchase price do not reveal how you will pay for the car keep them guessing they will try to get you to slip and say I got a trade in or I got cash or guess your monthly payment range once you are comfortable with purchase price negotiate rate one thing at a time watch out for the finance manager

Re: How to bargain for a lower interest rate

Rackham94 — Tue, 16 Jul 2013 18:49:49 GMT

I recommend getting at least approval from three institutions to be sure a credit union and bank and major like capital one or chase

Re: How to bargain for a lower interest rate

sccredit — Tue, 16 Jul 2013 19:17:25 GMT

Doesn't sound like multiple approvals are going to be in the cards for OP in this situation.

I wouldn't lie about it, just tell them they have to beat your rate from Cap One or you'll use the Blank Check.