Are you in the market to buy a new car and have a lender?

Excellent! It’s not uncommon to have a relationship with a bank or credit union to ease the new car buying process.

Lender 101.

Assuredly, you’ve visited your lender in person or online to discuss your car loan needs. You’ve reviewed your credit score, received pre-approval on your loan and have documentation so that you’re prepared when you visit the car dealership.

Be sure to discuss your down payment for the loan. The more money you put down payment, the less you’ll need to finance which saves you interest over the life of the loan.

As a result of doing legwork beforehand, you’ll save yourself time at the dealership. You’ll also be spared that often un-welcomed haggle with the financing department. In addition, your pre-approval keeps the salesperson with a firm budget in mind. That prevents him or her from trying to add on things to your car deal which you may not need or desire.

Another bonus to having a direct lender relationship is that you will not be hit with any markup on the rate. When working with the dealership financing department, you’ll often be hit with a rate markup.Once you’re ready to wrap up the purchase, your bank or credit union will finalize the details. The lender will run a hard credit pull and review your full credit report. These steps will complete your loan application process and finalize your interest rate.

CarSnoop protects your lender.

A perk of using CarSnoop to buy your new car is that your relationship with your lender is absolutely protected. When the dealer reviews your new car specifications it will note your lender. Guaranteed, when you visit the dealership to purchase your new vehicle, your lender relationship will be maintained.