You've done your research, been pre-qualified for a loan, and are on your way to the dealership to buy a car. Once you get there, the feeling of readiness can dissipate rapidly in the face of numerous forms, fees, financing options, and extended warranties.
Being prepared for this whirlwind will save time and money, and let you focus on the joy of driving off in a new car.
Here's a list of what to bring.
New cars are cranked out by the tens of thousands, but there really is only one example of the used car you've selected. Look online at several examples of the model on several different lots and see what's out there. Look at different makes that offer similar models.
Once on the lot, you already know you have several options and will more rationally judge the car you've come to test drive. The salesman will tell you it's the only one around; you will know differently.
Getting your finances in order before setting foot in the dealership means you can focus on the price of the car. There will be no negotiating over payments, APR, and length of the loan. It removes much of the stress of buying a car, and protects you from possibly spending thousands more than you had intended in the confusion of a long loan application form.
If you do wind up in the loan office, you need to know beforehand what your credit score is. This shuts down unscrupulous finance officers who charge a higher interest rate because of your "bad credit rating."
Make sure to bring along all your existing loan information, such as the account number and branch address. This greatly speeds the process if the dealership will be paying off your trade in.
If you have pre-qualified for a loan, make sure to bring that information in, as well.
Those who might have difficulty qualifying for a loan may be asked to provide proof of address and employment. Bring along phone or utility bills, as well as paycheck stubs.
If you will be trading in your old vehicle, make sure to bring along proof of ownership to speed the process.
As obvious as it sounds, many car deals are delayed because of lack of payment. Make sure your bank knows you'll be writing a large check for the down payment, or that you be charging a large amount to your debit or credit card.
Many states will not allow a car to be driven off the lot without insurance. Talk to your broker first and make sure you have all the necessary paperwork in order.
Getting a vehicle history report such as CARFAX or CarProof before buying a used car is cheap insurance against lemons or flood-damaged vehicles. It's important to know that these reports are not always 100 percent accurate, and that unscrupulous dealers may product fraudulent ones.
Car buying can be a long and tedious business. A friend can keep you company, watch out for bad deals, and help you remain strong during negotiations.
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