Shop around and compare rates from multiple lenders. Don't just accept the first offer you get from the dealership. Get quotes from at least three different lenders, including banks, credit unions, and online lenders. You can use a car loan comparison website to make this process easier.
Consider getting pre-approved for a loan before you visit the dealership. This will give you a stronger negotiating position and help you avoid getting stuck with a high interest rate.
Make a larger down payment. The more money you put down, the less you'll need to borrow, which can lead to a lower interest rate.
Look for special offers and incentives. Some lenders offer special rates or incentives for certain types of borrowers, such as recent college graduates or members of the military.
Consider getting a co-signer. If you have a thin credit history or a low credit score, getting a co-signer with good credit can help you get a lower interest rate.
Be prepared to negotiate. Don't be afraid to negotiate the interest rate with the lender. If they won't budge, be prepared to walk away and go to another lender.
Here are some additional procedures you'll need to follow to finance your new Honda Fit Sport:
Gather your documents. You'll need to provide the lender with various documents, including:
* Proof of income
* Proof of residence
* Your driver's license
* Your Social Security number
* The vehicle purchase agreement
Complete a loan application. The lender will ask you to fill out a loan application, which will include information about your income, debts, and assets.
Get approved for the loan. The lender will review your application and credit history to determine whether to approve you for the loan. If you're approved, the lender will send you a loan agreement.
Sign the loan agreement. Once you've agreed to the terms of the loan, you'll need to sign the loan agreement.
Make your down payment. You'll need to make a down payment of at least 20% of the purchase price of the vehicle.
Start making your loan payments. You'll start making your loan payments on the date specified in the loan agreement.
By following these tips and procedures, you can increase your chances of getting a low interest rate on your car loan and saving money on your new Honda Fit Sport.
