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Step 1
Did you know that most times when you use the dealership to finance your car, they will mark it up as high as they can get away with. It's part of the financing game. And the black or other minority buyer may suffer an interest rate as high as 40 percent more than a white customer--even after accounting for the differences in credit scores.
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Step 2
If it's a used car, one in three blacks pay an interest rate up to 15 percent higher than the white buyer. Here's the key, folks. Don't use the dealership financing under any conditions. Any person buying a new or used car or truck, should be pre-approved (not pre-qualified) at a credit union or bank, first.
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Step 3
Think about it this way. If you spent an hour on the computer lining up your car, do the same thing with the financing. This way you will avoid a ton of headaches when it comes time to buy.
