When it’s time to reward yourself with a new car, you might have your eye on a particular make and model at a luxury auto dealer. As you go through the financing process for that car, you want to get the best deal possible. The residents of the New York Tri-State area go to Richmond Hill’s Queens Auto Mall for exceptional customer service and the highest quality cars, including luxury brands. Their salespeople share three tips to ensure you get the best financing deal at a luxury auto dealer.
How to Get the Best Financing Deal from a Luxury Auto Dealer
1. Know Your Credit Score Before Doing Anything
Just as with a mortgage, your credit score will influence the rates you’ll receive on an auto loan. Check your credit score using an online resource, such as Credit Karma®. Even if it’s low, the good news is that you’ll still receive car financing since banks consider it relatively easy to repossess a vehicle. However, low-interest rates may only be available to those with credit scores above 750. It’s important to compare rates from various lending institutions to find the one that best fits your financial needs.
2. Make the Loan Period as Short as Possible
Your salesperson might offer lower monthly payments to make it appear like a good deal, but that means your loan term will be longer. As a result, due to interest, you’ll then pay more in the long run. Some banks may even increase your interest rates the longer your loan is. You could end up paying more money than your car is worth.
3. Pay 20% Upfront
By putting 20% down, you’ll avoid paying more money than the car’s value. Your auto loan terms will become more favorable, and you’ll owe less. If you have to sell your vehicle soon after buying it and you haven’t put 20% down, you’ll end up owing more on your car than you’ll get from selling it. That’s particularly the case with an expensive, luxury car since your vehicle will depreciate as soon as you drive it off the lot.
Do you want to get the best deal for your dream car from a luxury auto dealer? Give Queens Auto Mall a call at (718) 523-9090. Their knowledgeable staff is dedicated to getting you the car you want within the budget you need. They’ll also work tirelessly to find you the best loan rates, terms, and incentives. Visit them online to learn more about their financing services and to view their pre-owned cars.