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Sold on Dealer Financing? Make Sure You Consider all the Facts!
- Once on the lot, many buyers discover they don't qualify for the dealer's lowest rates.
- Dealer rates are almost always available only on short term loans.
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The low loan rates are usually offered as an alternative to a sizable rebate. Frequently, taking the rebate and lowering the principal amount you need to borrow has a greater impact on reducing your monthly payments than the loan rate does.
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Bigger down payments are usually a requirement and pre-payment penalties are common. At TopMark there are NO pre-payment penalties.
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The loan rates are often applied to slower selling dealer stock vehicles. Many of which tend to have a lower re-sale value.
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Dealer Financing Topmark Loan
| Loan Rate |
3.90% |
5.75% |
| Price of Car |
15,000 |
15,000 |
| Down Payment/Trade-In |
2,500 |
2,500 |
| Negotiated Price/Rebate |
|
2,000 |
| Amount of Loan |
12,500 |
10,500 |
| Term of Loan |
48 |
48 |
| Monthly Payment |
281.67 |
245.38 |
| Total Amount Repaid |
13,520.16 |
11,778.24 |
Total Savings when you take the rebate and credit union loan is $1,741.92.
Pre-approved loans means lower stress, better deal. Avoid costly mistakes. Stop by or call the credit union for a pre-approved loan before you shop for a new or used vehicle. You are now a cash buyer! That means you can negotiate your best deal from a position of strength. A pre-approval lets you drive a bargain on the car that's just right for you. Get .50% discount off our posted loan rates when your loan is pre-approved. An informed buyer is assured of getting a better deal!
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