When it comes to reaching an agreement, negotiation is expected and has a vital impact on the terms of the car’s finance that you submit to. Research has shown that almost 2 million people have made basic and avoidable errors when agreeing car finance terms with dealers. Moreover, one in four of the people surveyed by Confused.com said they felt unable to challenge of question dealers on the finance terms. With Insurance Finance Talk’s tips today, you will enter negotiations with a firm advantage. Keep reading to see how to get the most from your new car finance deal!
Planning – Planning is key to any negotiation. Enter the negotiation armed with market knowledge of an estimated rate you should pay. Be prepared with options of car prices and finance terms you should be paying for your desired vehicle. With preparation, you’re simply less likely to get a bad deal.
Alternatives – When you are focussed on one car, your ability to negotiate is restricted and this gives the dealer the upper hand. An essential part of planning is to have options at your disposal.
Details – Inspect the vehicle thoroughly and utilise any imperfections as bargaining chips. Check the mileage, paintwork and tyres. Depending on your manner with the dealer, the slightest imperfection could go a long way.
Cordiality – Your car dealer has sales targets to meet and pressures of their own. Maintaining a cordial relationship will help the negotiations. Rather than playing hardball in pursuit of your own interests, aim to meet the dealer halfway, as concessions granted to you will cost them parts of their bonus.
Timing – If the dealership has had a successful day, you may have arrived at a time when sales targets have been met. If this is the case, be prepared to walk away and regroup. Use this in your favour.