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 Dealership Specials: What to Consider

Buying a car is a process filled with many different decisions; white or black, large or small, standard or automatic, gas or hybrid? But some of the most important decisions involve the financing. When shopping for a new or used car, one thing to consider is the difference between seeking an auto loan from a financial institution versus accepting a car dealership’s "special offer."

Somehow, while walking the dealership, the new cars always seem to catch your eye…. They’re chic, shiny and filled with that delightful new car smell. You find yourself doing some quick mental math and thinking “Hey…I may just be able to swing this!” If you haven’t taken the time to sit down with your preferred financial institution (we hope that's Bellwether) before heading out to the dealership, you may find yourself making a quick purchase and accepting a loan that isn't exactly what you had in mind.

Here are a few things about Dealership Specials to consider:

·         In an attempt to ensure car sales, many dealerships offer special deals such as 0% with $0 down to “excellent borrowers”. Although these offers are ideal, and definitely a good deal, the problem is not many buyers qualify for these specials.

·         According to Credit Card, as of 2013, a majority of Americans have an average credit score of 750 or lower. To be considered an “excellent borrower”,  depending on the lender, your credit score may need to fall between 800 and 900. (

·         Talk with your preferred financial institution before heading out to the dealership and making a purchase you'll regret. Know what you can afford, what rates are available and what loan you are already approved for, and you won't get caught taking whatever loan options are offered simply because you want the car you see. You'll be able to negotiate the best deal on a car loan, with the best rate and term for you based on your personal situation.

Quick Tip: You can also take advantage of useful, online financial tools such as an Bellwether's auto loan calculator. A car loan calculator can help you figure out your monthly auto loan payment by quickly factoring your auto loan amount, term, rate and start date. Visit our auto loan calculator page:

At Bellwether Community Credit Union, we welcome the opportunity to meet with our members and discuss their important financial decisions. We reward our members with great solutions and multiple options for their financial needs. We also offer online loan applications and closings from the comfort of your home! Ask us today.

To learn more about our auto/truck loans visit our page.

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