"One of the most challenging things anyone can do is buy a car, which is arguably the most stressful purchase you can make, second only to purchasing a home. Between negotiating at different car dealers and even choosing a car itself, this isn't the most consumer-friendly activity. For one Redditor, having a preapproval on a car loan is creating some concern about how to negotiate best. There is no reason for this Redditor to be nervous, the odds are actually in his favor."
"The good news with preapproved loans is that not only can the terms be more favorable, but it also allows you to really understand what your budget is before you get into a new vehicle. Car dealers are all about making deals the same day, before you have time to really digest what is taking place financially. Not only do preapproved loans help you avoid surprises, but dealerships also notoriously mark up their rate a few percentage"
Car buying ranks among the most stressful purchases, involving negotiation and many consumer-unfriendly interactions. Preapproved loans provide clearer budget boundaries and can offer more favorable terms than dealership financing. Dealerships commonly push in-house financing and may mark up rates to increase profit. Buyers should consider negotiating vehicle price first and delay revealing external financing until agreeable numbers exist. Preapprovals reduce surprise costs and empower buyers to compare offers. Deciding whether to disclose preapproval upfront depends on negotiation strategy and the desire to preserve leverage while securing the best overall deal.
Read at 24/7 Wall St.
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