Getting soaked on car loans

[Calypso]

If you're a single woman buying a car, what's the best way to avoid getting the short end of the stick on car loans? Twice, now, I feel like I've gotten bad deals. Someone advised bringing a male friend with me when I go car shopping, but most of my male friends don't know any more about cars than I do!

[mamab]

Can you have your dad go with you? At least he's probably had more experience buying a car than you've had. Also, if you have a friend that's a mechanic, or have one you trust, ask them to check it out before you sign the papers.

[Calypso]

Having my dad go with me would actually be a great idea. He's a wonderful guy, but before you get to know that his bark is worse than his bite, he can be very intimidating. I've never known anyone to take advantage of him on any kind of loan.

Unfortunately, the only mechanic I know was married to a friend of mine. When they broke up on bad terms, he and I lost touch.

[mamab]

Your dad sounds a lot like mine. My guess is that if your dad knew you were being taken advantage of because you're a woman, when it comes to buying cars, he'd get riled up and want to go anyhow.

[moonmagick]

From what I understand car loans are based on your income and credit and thats it. It has nothing to do with gender. My husband is a car salesman. They submit the loan application to their lenders and then recieve the results. They have no influence over the rate. Now, repairs, thats a different story altogether. I took my vehicle in for a repair, they told my husband one price when he called to check on it, and when I went to pick it up, tried to get me to pay about 75 more, because of an "unforseen" problem, even though they were done with it when they talked to my husband. Little did they know, I know more about the maintenance side of things than he does.

[aquariancore]

Sales people get a stipend for convincing people to accept higher interest loans. That's a little known secret. Also shop around don't settle.

[moonmagick]

My husband is a salesman. He doesnt get one. Perhaps that is up to the dealership? Even if it was a little known secret for him, I would know about it. I know he gets more if the person chooses to go through the affiliate bank of the dealership, but that has nothing to do with the rates. It is because Chrysler gives them a per car bonus for what they sell. I do recommend shopping around though. My mother got a better deal through her own bank when she bought her car than she would have through her dealer.

[Tangent210]

I know a lot of women that bring their dad's or grandpas usually because they have much more experience and someone will be less likely to try to 'sucker' them into a bad deal. Most salesmen think women don't know anything about money or cars (which isn't true of course) and this causes them to try and rip you off more often than not, and if you don't happen to know exactly how to bargain you'll be taken advantage of which is a shame.

[SageMother]

I think you make a better impression NOT taking a male wiht you and talking to someone in the know before you iht the dealership. Take a set of notes with you on what to look for on the car, then let the salesman see you looking.

When I bought my van I had memorized a list of things to look for. You should have seen the look on the salesman's face when I got on my back and got under the car.

There's nothing like good psychological warfare to throw them off their normal course. YOu can get alot more out of them when you present from a position of strength.