Because there are several factors to keep track of as you’re negotiating the best auto loan for your new car or vehicle, you want to make sure you’re writing down or capturing the key details
in order to better compare and negotiate.
You may also want to negotiate some of the details separately in order to get the best price. For example, while a dealer may quote you the value of your trade in, you may get a better interest rate and loan terms through a bank or credit union.
When talking with any dealer or lender, ask them to provide:
Trade-in value of your current vehicle (if applicable)
Interest rate
Term of the loan
Estimated monthly payment
It’s important to get these numbers early in the process. The first quote you receive – whether from a dealership or a bank or credit union – may not be the lowest rate you qualify for. When negotiating, you can also ask for a better rate or more favorable terms.
Download our auto loan worksheet to help track your auto loan details so you can better compare and negotiate.