Always Finalize the Fine Print Before You Leave the Lot

Have you ever had someone tell you that you could take something from their store and pay for it the next day? You probably haven’t because it’s really not the best way for that business to make money. But when you’re buying a car it actually is something that the company will do because they want to get you really hooked on the vehicle and then get a little more money from you later on. After all, once you take it home you feel like you are locked into the deal, even though you haven’t signed anything yet.

carloan_412133_600What you want to do is make sure that all the fine print is finalized before you leave that dealership. You want to make sure the loan amount is agreed to and the interest rate and the payments. Absolutely everything should be final so you don’t need to come back to the dealership or if you do it’s only to drop off the agreed upon down payment. Everything else should already be done before you ever pull off the lot with the vehicle you’ve chosen so you know exactly what you’re getting and paying.

Once you’ve signed all the paperwork and the financing is final there are no changes that can be made unless you authorize them. That means, if you agree to a payment schedule and an interest rate, nothing can be changed without your okay. On the other hand, if you agree to leave the finalizing to the last day you will wind up with problems in the end because you have no guarantee of the rates that have been finalized until you get there the next day to sign the papers. Things can easily change overnight including your credit score, the average interest rates and a whole lot more. Don’t get caught in the middle of those changes.

loan_1427261142If you do leave the dealership with the vehicle and come back the next day to find your deal changed make sure you stick to your guns about it. Don’t give up on the deal that you’ve agreed to because you don’t have a responsibility to purchase that vehicle at the new terms if you don’t want it. Even if you did take it home with you the day before, if you didn’t sign any paperwork binding you to the loan you’re not obligated to take it and no matter what they say the court will side with you.

Make sure you know what you’re getting into from the start. Those dealerships do want to get you into a car you really want or need, but they’re not doing it for you. Don’t assume that because you have a salesperson you’re working with they are automatically your friend. Instead, keep an eye on what’s going on and definitely anything you sign. If you’re looking for a loan first you can check right here  for more information about what’s available to you and even apply for the loan right online without meeting with an agent.