How to Qualify for Special Finance Rates
You need to have really good credit to qualify for these programs.
A lot of car buyers get excited, spend a lot of time negotiating the price of the car, only to later find out they don't qualify for the special finance rate.
Suddenly, they're now having to pay a lot more than they realized and they don't want all their time spent researching and negotiating to go to waste, so they sign the contract.
Don't let this happen to you.
In order to qualify for the low finance rates, you typically have to have Tier A+ credit. This means a credit score of at least 720 - but it depends on the lender.
Sometimes you can get by with a slightly lower score as long as you provide a larger down payment or show a long history of making car payments on time.
The first thing you need to do is check your credit score.
If it's above 740, you should qualify for the best interest rates.
If it's below 740, you need to call the dealership and ask to speak to someone in the finance office. Ask them what it takes to qualify for the special finance offer.
Knowing this before you start negotiating will save you a lot of time and headache and allow you to budget accurately for your situation.
My Recommendation for Car ShoppersTrueCar No-Haggle, Edmunds Price Promise and Ryde Shopper are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About: Gregg Fidan
Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.