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Should I use my preapproval rate of 2.79% to negotiate a price with the dealer?
I went to a dealer and they offered me a financing rate of 9.49%, which I found unacceptable. I then went to my bank and they gave me a rate of 2.79%. Should I use the bank interest rate as a bargaining tool to get a lower price on the car, or should I just accept the rate as a discount on the car?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you get a rate that much lower than what the dealer is offering you, you should probably accept that as a discount.
It’s unlikely that the
dealer
will negotiate on the price, especially if you’re going with outside financing. However, it never hurts to try. Even if they won’t negotiate, you have a great interest rate with your bank.
Don’t forget that when you buy a new vehicle, you will need proper coverage. If you haven’t already found insurance, use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
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