Man Walks Into The Dealership. Then He Asks For The Buy Rate: 'Finance Manager Is Under No Pressure To Tell You'

A California car salesman offers advice on how to get the lowest possible interest rate at the dealership. Here’s what he says to ask before signing on the dotted line.

Creator MrElevate (@elevate.autohaus) posted a video with his tip from Orange County, California.

“Alright, here’s a simple tip,” he says. “Next time you go buy a car, ask them for a buy rate. Whatever rate you get hit at, just tell them, 'I want the buy rate.' They’re gonna tell you, ‘OK, I got you approved for 8%.’ [Ask them,] 'What’s the buy rate?' More times than not, it’s gonna be 6%.”

What Is A Buy Rate And Should You Ask About It?

According to the Consumer Financial Protection Bureau (CFPB), a buy rate for an auto loan is the interest rate that the bank or financial institution quotes the dealership when a customer applies for financing.