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DealerZAPPER.com
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How to use DealerZAPPER.com:

This site works on your cell phone - visit this site right from the dealership to save money on your car! Try it today!

1. First, figure out your finance amount. This is generally the price of the car, MINUS down payment and trade, PLUS the amount to pay off the loan on your old car.
2. The dealer will probably quote a deal to you by telling you a monthly payment and number of payments.

Simply enter this information into DealerZAPPER.com and click submit.

The computer will calculate the interest rate that you will be paying for your car.

Is it a reasonable rate? If yes, then you can proceed. If not, then you should bring this to the dealers attention and continue negotiating or simply leave.

Second, the term (how many months) is important as well..... Many car loans are for five years (60 months) other terms can be six years (72 months), seven years (84 months), or four years (48 months)..... You should really stick to four or five years or less. If you are quoted a long term above 60 months, this can be suspect as well..

BACKGROUND

This method of buying a car is called "payment shopping". Our tool is designed to help a payment shopper realize a potential bad loan early in the negotiations.

To avoid payment shopping altogether, you can contact a lender such as a bank or credit union before visiting the dealership. Then you simply shop the dealership based on the price of the car. Many lenders will give you a loan check or a lender letter to take to the dealership. If you have a loan check or lender letter, our tool will probably not help you much... since you already know the terms of your car financing.

Sometimes a buyer cannot or does not wish to obtain financing from an outside source and will arrange financing at the dealer. The dealer can sometimes use this as an advantage, because they only quote the payment and the loan term. A bad dealer knows that they are giving you a bad interest rate. They make money by selling these bad loans to the banks. A bad dealer can get away with this even more, because many buyers are only concerned about the monthly payment, so if the dealer can produce a payment that works, the buyer will not care that the loan is for ten years, or that the interest rate is 12%....

Finally, you must remember that once you sign the dotted line in the sales room, THINGS ARE NOT OVER.......!!!

You will then be taken to the financing room, to sign various documents. This is the dealers best opportunity to get you to buy more stuff, such as vehicle warranty / service plan, vehicle care package, gap protection, theft protection / etching program, and credit life insurance. These items can probably be had cheaper anywhere besides the dealers office. They simply generate more profit for the dealership... (and they do not have to pay their salesman on this profit! - this is called back end profit... the bad dealers best friend!)

ANYTHING YOU BUY WILL FURTHER INCREASE YOUR LOAN!!! BE CAREFUL!


Why does this website look like crap?

This site was designed to be used on a cell phone, at a car dealership.... so it looks terrible on a desktop machine.... oh well.

Go to DealerZAPPER.com
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