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Old 06-10-2018, 09:31 AM
 
27 posts, read 83,830 times
Reputation: 17

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Hello. I am planning to buy a new car. I need some quick tips.

First of all, I have a trade in. One of my questions is.....will tax, title, fees etc be added to the FULL PRICE of the car or will I get a tax break after my trade in allowance? I know it differs by state.

Also, I went to my bank to see how much of a loan I would qualify for. My credit score is 830, but since I currently have a mortgage, and my take home salary before taxes is approximately $2200, I only qualify for a $12,000.00 car loan. This actually works for me because I have a trade in and have money saved to put money down.

The car dealership is having a 0% APR special for the summer, which I'd like to take advantage of.

Do I tell the salesperson up front that I only want a loan for $12,000 since I would not qualify for more.

I am told that if I am honest, the sales rep would be more open to helping me achieve my goal.

Any advice for me would be helpful.
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Old 06-11-2018, 09:14 AM
 
Location: Wappingers Falls, NY
1,618 posts, read 2,387,165 times
Reputation: 1098
In NY the price of the trade in is subtracted from the price of the car. You only pay sales tax on the difference.

Don't tell the salesperson anything. Do the math on what a 0% APR loan from the dealer would be, versus a loan from your bank plus whatever cash back deal the dealer might be having (Usually it's either 0% or some amount back). Sometimes one is a better deal than the other. Take whichever is better. The dealer likely isn't going to approve you at any more than your bank is, unless they bump up the interest rate (higher risk of default because of your available income).

Don't negotiate monthly payments either, it's too much of an opening for them to play games. Let them make offers, do the math on your phone, and decide.

Most of what I'm saying is assuming a pretty bad salesperson. Unfortunately, that's the way the odds tend to go, you're more likely to end up with a snake than not. That's sad but true. If you determine that you actually ended up with an honest and fair salesperson you can be more open with them, but just keep in mind that even if the salesperson is honest, his manager, and the dealer's F&I officer might not be. So keep your guard up.
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