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5 Things You NEED to Know Before You Buy a Car

Question One: Why do I have to show the dealer my driver's license before I go on a test drive?

Answer: For a multitude of reasons:

Number One if they want to make sure to verify you are who are.

Number Two they want to make sure that you actually have a valid driver’s license because for instance you go for a test drive and have an accident and it turns out you don’t have a valid driver’s license it just got messier for both parties, for example, the insurance company for the car dealership will have to get involved.

Number three they want to make sure you’re of age to be able to actually go out drive a car and negotiate on a car deal because if you are under 18 you can’t legally sign for a car and salespeople or sales managers cannot legally be negotiating a deal with you those are the top three reasons why the dealer would ask to see your driver’s license.

Question Two: Can I refinance my car loan:

Answer: As long as there is no prepayment penalty and always ask the finance manager. If there is no prepayment penalty. Yes you can refinance your car and we recommend to wait to

get your first statement in the mail the reason best reason is you have to wait until you get your first statement there is a processing time, there’s a lot of paper there’s a lot that loan has to go through to be completed so don’t throw a rush the process. Credit Union will need the loan number and then your credit union will call and get a 10 to 15-day payoff using that information that has been processed so just wait until you get your first statement and then refinance and get a better rate.

Question Three: Do I need to fill out the credit application?

Answer: Don’t fill out the credit application until you have agreed to the transaction. Some dealerships are going to want to know your credit history beforehand to make sure that they don’t quote you payments that you won’t qualify for. This is great but you should inform them have done a little bit of research on your end and you know where your credit falls. If in fact, you decide you want to finance the vehicle you haven’t made that determination yet end once you’ve agreed to a number to an out the door number for the vehicle that you want to buy at that point is when it is the right time to fill out the credit application.

Question Four: How do I make sure I am not getting ripped off in the finance department?

Answer: Before you leave that office read the fine print to make sure the bottom line on your loan contract which is a very long form and that your buyer’s order matches. The buyer’s order is going to itemize everything out for you generally starting with the purchase price or the agreed-upon sale price of that vehicle it’s going to add in taxes text title any fees and then it will break out any products that you purchase.

Question Five: When do I let the dealer know that I have a trade-in?

Answer: Right after you’ve negotiated the price on the new vehicle after you’ve got an out-the-door agreed-upon price because your trade is a separate transaction from buying the car. Even better is to come in with a third-party dealership buy bid in hand and just be front with the dealership.

Final Word:

Always read the fine print when you going to lease or purchase a vehicle and finally be ready to walk away from the transaction if it does not feel right. If the dealership does not understand and just tries to force you to take the deal, then that should tell you that you are making the right decision at the end of the day. Chances you will be getting a phone call or email ask what they can do to finalize the deal.

5 Things You NEED to Know Before You Buy a Car