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How to Qualify for Special Finance Rates

Whenever you see special financing offers such as 0% interest for 60 months, there's always a catch.

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.






3 Steps Every Car Buyer Needs to Take to Save Maximum Money

The key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:

Step 1 Get Prices From My Trusted Network

Select the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Select Vehicle to Get Local Pricing

Step 2 Get Prices From TrueCar / CarsDirect

TrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.

Step 3 Complete my Checklist

Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan

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About The Author

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.
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