Loans - What should I consider before taking a consumer loan through a dealer?
- Research financing options and check if you qualify for a
loan before visiting dealers to shop for your choice of washing machine or television.
After all, the point of going to a dealer for a consumer loan is to see that
you get a larger range of financing options from competing banks.
- When shopping, don't discuss financing until after the price
of the product is settled to your satisfaction. Avoid discussing prices with
dealers in terms of monthly payments.
- If you want the best deal, you need to shop quite aggressively
by comparing loan options and asking lenders to give you their best rates. See
yourself as a customer searching for the best deal among vendors competing against
each other for your relationship. That's the truth.
mer loan, here are some
steps you should follow: