Why You Shouldn't Get a Loan at the Car Lot

It seems like the simpler option, and they're the experts on this particular situation

, right? But the fact that this is the easier option is a big part of what they're counting on, and is one of many reasons why you shouldn't get a loan at the car lot.

A lot of the money that dealerships make is in their financing department. They are counting on the fact that once you're sold on wanting a particular vehicle, that it will be easy to sell you the financing package they have available for you. It's fast, it's easy, and since you're right there you don't really feel like you have the time to do your normal shopping around for the best rates. All of these factors work against you.

If you want to get a good deal on auto financing you absolutely need to shop around. I generally recommending comparing five different companies (and possibly mixing online and local locations) to get a good representation of what's out there and available to you.

Before signing anything, even a deal that looks amazing, make sure to carefully read the terms and conditions. This is where a lot of companies will hide fees to make up for a seemingly lower interest rate, and may end up making it so you can't afford your monthly payments (as they turn out to be much bigger than you had anticipated).

Don't let the people at the car lot rush you, or tell you that they are offering you a special deal that you have to take right there and then. Take your time, shop around, and read the terms and conditions. There are always options out there, and shopping around is always the way to find the best deal out there.

While the financing department at a car lot is certainly an option, it is not something that you should do without exploring your other options first.

Why You Shouldn't Get a Loan at the Car Lot

By: Jennifer Quilter

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