Buying a dream car is an expensive deal, but no one wants to shy away from it, especially when you have Chase Bank with you. If you have an account with Chase Bank, you can use Chase logon to access your loan account. You can use the following tips while you negotiate for your car loan at the bank or with other lenders:
Get the finance beforehand
After you have finalized the make and model of the car you want, you would not like to wait for buying it. However, you must get a pre-approved loan for the car; else you may have to use the dealer financing services, which are pretty expensive. The finance manager and salesman try to sell unnecessary things like floor mats, extended warranties, etc. which raise the cost of loan. The worst part is that you may not be able to cope with their sales pitch.
Negotiate the price
The idea here is to negotiate the price of your car, not the price of loan. When you go to the showroom to buy the car, you must finalize the car and then try to reduce its price. The salesman may try to dig out the monthly installment you are willing to pay, but this is a way of trapping you in longer tenure of loan rather than lowering the price of the car.
Take a loan for shortest term possible
A car loan is not a productive asset, so you must not take it beyond the range of 3-5 years. Your vehicle is a depreciating asset regardless of its emotional value to you. The salesmen often try to sell you the car loan for more than 5 years so that they can earn more interest, but it makes the car loan very expensive for you.
Choose the best possible interest rate
You should do your research to find the best rate of interest from various lenders. If you simply sign up for the car loan from the car dealership, you will not get time to research well. You can also aim to increase your credit score to negotiate for a lower rate of interest. No lender would want to let go a person with great credit rating.
Do not invest in the add-ons
The car dealers make over 30% of their profits from the aftermarket add-ons. They may want to lure you into buying rust proofing, embellishments for your car, paint sealant, etc. You can find these things much cheaper in the market. You can politely refuse to buy any of these add-ons if you cannot afford. An intelligent customer knows how to refuse to give in to the sales pitch.