If you need a car in the Tulsa, OK area be careful before trusting just any dealer in town. There are to many ways for you to be taken advantage of.
My goal here is not to sell you a car personally. I just want to help you get the best value possible for your time and money.
Dealerships do not have special finance departments because they just want to help you get a car. Usually bad credit customers who buy cars are the ones that dealerships profit the most from.
My goal here is not to sell you a car personally. I just want to help you get the best value possible for your time and money.
Dealerships do not have special finance departments because they just want to help you get a car. Usually bad credit customers who buy cars are the ones that dealerships profit the most from.
Pitfalls of Letting a Dealer Handle Special Financing for You.
Almost every dealership in Tulsa has a "Special Finance Department" and their goal is to arrange financing for you even with bad credit. Why do you think they do that?
It is to put you in the car that will allow them to make the most money possible for their efforts. Here are some things you will have to deal with when a dealership arranges a car loan with bad credit.
It is to put you in the car that will allow them to make the most money possible for their efforts. Here are some things you will have to deal with when a dealership arranges a car loan with bad credit.
Discount Fees
Lenders that deal with car dealership finance departments bad credit departments charge the dealer "Discount Fees".
What is a Discount fee?
A discount fee is how much the lender holds back from the dealer when they cash your contract. If you sign a contract for $10,000 with a 10% discount fee then the dealership only gets $9,000.
So you have paid an extra $1,000 to a lender that the dealership uses for them to give you a loan. The dealership is not going to just give up that $1,000 they are going to charge you the buyer for it and still make a profit.
A discount fee is how much the lender holds back from the dealer when they cash your contract. If you sign a contract for $10,000 with a 10% discount fee then the dealership only gets $9,000.
So you have paid an extra $1,000 to a lender that the dealership uses for them to give you a loan. The dealership is not going to just give up that $1,000 they are going to charge you the buyer for it and still make a profit.
The easiest way to avoid the Discount Fees is to get approved before you visit the dealership. This will allow you to be treated like a real cash buyer
- Get Pre Approved
- Use the link above to avoid the finance fees and be treated like a cash buyer..
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