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Does a dealer have to give you the best rate possible?
Someone told me that they're legally required to tell you the lowest rate you qualify for; Is this true? I want to finance a car, but I'm not sure if I should go with the dealer.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“There’s nothing that legally binds a dealership or any other lender to automatically give you the lowest rate possible.
You may qualify for a lower rate, but they don’t have to tell you.
However, failing to tell you or offer the lowest rate can damage the dealer’s ability to make a sale. Therefore, giving you the best rate on a
new car
possible is usually in their best interest, as well as yours.Still, the fact that they aren’t legally required to give you the lowest rate makes it all the more important to shop around.
View full answer
- Gregory R.
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