If you’re in the market for a new car, or a new-to-you car, it really pays to do your homework before you walk on a car dealership’s lot.
According to Business Insider, if you secure your financing before you go car shopping, you can save thousands over the course of the loan.
That’s because when dealers ‘run the numbers’ to find lenders willing to loan you the money, they’re not required to offer you the lowest rate they find.
Not only that, they’re allowed to add up to 2% to the loan rate as a type of convenience fee!
Your best bet is to call your local credit unions and banks to see what rates you qualify for, and how much they’ll be willing to loan you.
