There is always room to negotiate when it comes to buying a used car. Apart from negotiating the asking price, you can also save money on your used car purchase by bargaining on the interest rate of the loan.

Used car dealers generally work with more than one lender. They usually place you with the lender who they believe will be most likely to approve your loan such as bad credit car loans, not the lender who will offer you the lowest interest rate. Your interest rate is of little consequence to the car dealer.

For this reason, it is a good idea to sit in the office with them, provide them all of the loan information they need, and wait and see what they come up with. If you believe the interest rate they offer is a good one, you can go with the deal. If you don’t like the rate, ask them if they can do better. It is also a good strategy to negotiate the rate no matter what. Even if you think the rate is fair, ask them to see if they can do better. All that can happen is that you wind up saving money.

Sometimes the car salesperson might tell you that the rate is fixed and the lender won’t change it.  A fixed rate simply means that this is the rate that you will pay for the life of the loan, and there are no balloon payments or adjustable rates. The fixed rate should still be negotiable, especially if you have good credit.

You also have the option of finding your own lender to give you the car loan. Don’t forget this even after the dealer has given you the best rate they can. Simply tell the dealer that you have a loan source that you think can do better, and that you want to check with them first. Then, you can take a day or two to find the best available rate from a few different lenders. When you have the rate you want, you can go ahead and buy the car.

This advice is best for used car buyers with good credit. If you are in a bad credit situation, you usually have little choice than to make the deal the used car dealer offers, and just be glad that you were able to finance your used car at all. Still, an attempt at negotiation won’t hurt, just be aware that you are probably limited to the best offer the dealer will make.

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