All of us here at Larry Jay Mitsubishi understand that making the choice to purchase or lease a new or used vehicle is one of the biggest decisions you will have to make. We want you to be confident with your decision and have all of the accurate advice when you make this vital decision. Below are some tips to use when purchasing a vehicle.
Financing obtained through a dealership is the most frequent type of vehicle financing. A good number of dealership financing processes involve a contract with the actual dealership. Customers may also organize for their own loan over the internet or directly from a finance company, bank, or credit union.
The Main Points to Remember During a Dealership Visit:
Negotiate your finance terms to accomodate your needs.
Reflect on whether the transaction will in fact meet your requirements and budget.
Stay inside your price range.
Read the full contract very vigilantly before signing.
Recognize the value and cost of products such as: extended service contracts, credit insurance, or guaranteed auto protection, some of which are not actually required.
Don’t drive off the lot in the vehicle you are purchasing or leasing until you have fulfilled the finance process.
Don’t sign documents that are blank or missing information about the terms of your purchase.
Before Arriving at the Dealership, Do your Research:
Determine your purchasing/leasing budget.
Obtain a copy of your credit report in advance to find out if there is anything negative they will need to be aware of that could potentially harm you.
Research and find your current credit score. (www.myfico.com).
Do a bit of research on the vehicle you have in mind before stepping onto the lot.
Research the average price of the vehicle you are in the market to purchase.
Be sure to compare all finance rates at local banks, finance companies, etc.
Compare dealer quotes and non-dealer quotes.
Tips of Negotiation with the Dealership:
Once you have decided on a vehicle, you will sit down with the representative at the dealership to determine your finance rates.
You will now have an opportunity to negotiate the interest rate on your contract with the dealership representative and the terms for payment.
Be sure to ask the representative if there are any special financing offers or rebates for the model you wish to purchase or lease.
If you follow these steps, you will be well prepared to finance a vehicle whether it is for a purchase or lease. You can go to our credit application online now to get a head start in the process. You can also use our online payment calculator to estimate what your payments would be for one of our vehicles.
If you have any further questions, feel free to contact us at any time and we will be happy to help.