Ask an expert: How can I find the best interest rate for my credit?
LeeAnn Shattuck
Get preapproved for a loan through your local bank or credit union first. Then take that preapproval to the dealership to see if they can beat that rate.
You don’t have to show them the preapproval letter — just tell them the rate you’re approved for. Feel free to fudge a little and tell them a slightly lower rate to see if they can beat or match that to get an even lower rate.
Dealers have relationships with multiple banks and can sometimes negotiate better rates on your behalf.