What you can and cannot negotiate

The CFPB lists these items when you shop for a car and an auto loan:

From What things can I negotiate when shopping for a car or auto loan? (Ask CFPB) and Can I negotiate a car loan interest rate with the dealer? (Ask CFPB), Consumer Financial Protection Bureau, read November 4, 2026.

Before you visit: three numbers to bring

A loan quote. The CFPB suggests getting prequalified or preapproved by a bank, credit union or other lender before you shop, so you can show the dealer the rate you have been offered. It says getting quotes from multiple lenders generally will not hurt your credit score, and keeping your loan shopping within 14 to 45 days means the credit checks count as only one inquiry.

Your credit report. Review your credit reports for free from the nationwide credit reporting companies before you apply, and dispute any errors. See how to finance a used car and how much car you can afford.

A trade-in estimate. The CFPB says a good first step is to get an approximate trade-in value from online resources such as Consumer Reports, Edmunds, Kelley Blue Book and NADA Guides, and to compare what different dealers offer with selling the car yourself. Read how to trade in a car.

From Can I negotiate a car loan interest rate with the dealer? (Ask CFPB) and What things can I negotiate when shopping for a car or auto loan? (Ask CFPB), read November 4, 2026.

Negotiate each number on its own

Because several numbers move at once, the CFPB suggests writing down the key details and negotiating some of them separately. For example, a dealer may quote the value of your trade-in while a bank or credit union offers a better interest rate. Ask every dealer or lender for the trade-in value, the interest rate, the term of the loan and the estimated monthly payment, early in the process.

The first quote you receive may not be the lowest rate you qualify for. The CFPB says negotiating can be as simple as asking whether those are the best terms available or pointing out a lower rate from a competing lender. If you owe more on your current car than it is worth, the CFPB warns that rolling the old balance into the new loan adds cost; see what negative equity is.

On a used car, the vehicle's condition and history are part of the price conversation. Read the Buyers Guide on the window (what the Buyers Guide means), take a test drive and check the vehicle history report before you settle on a number.

From What things can I negotiate when shopping for a car or auto loan? (Ask CFPB) and Can I negotiate a car loan interest rate with the dealer? (Ask CFPB), read November 4, 2026. The Buyers Guide, test drive and history report tips are our own general advice.

Compare the total cost, not just the monthly payment

It is common to focus on the monthly payment, but the CFPB says other factors have more impact on what you pay over the life of the loan. A longer term may mean smaller payments, but you ultimately pay more interest, and longer loans are more likely to leave you owing more than the vehicle is worth. Compare offers by the amount financed, the APR and interest rate, the length of the loan and the monthly payment.

Add-ons such as extended warranties or service contracts, GAP insurance, and credit insurance are optional. The CFPB notes that adding them to the loan increases both the monthly payment and the total amount you borrow. A larger down payment means you borrow less, and the CFPB says it may also lower your interest rate. See APR vs. interest rate and what GAP insurance is.

From How do I compare auto loan offers? (Ask CFPB) and What things can I negotiate when shopping for a car or auto loan? (Ask CFPB), read November 4, 2026.

Before you sign

The federal Truth in Lending Act requires lenders to give you written disclosures with the important loan terms filled out before you sign, including the APR, the finance charge, the amount financed, the total of payments and the total sale price. The CFPB says you can ask for these disclosures earlier so you have time to review them, and even take them home to compare with other offers.

Make sure every blank is filled in, the paperwork is signed by you and the dealer, and you receive copies of all documents. If you are asked to sign a blank or partly filled-in form, the CFPB says to decline. If you are not comfortable with any part of the deal, you can walk away. After you buy, see what to do after buying a used car.

From What should I know before I finalize a car or auto loan? (Ask CFPB), read November 4, 2026.

Shopping for a used car at Elgin Auto Sales & Service Center

Browse our used inventory, get a value with our trade-in form, or start a finance application. Looking for something specific? Our we'll buy a car for you service can help.

Our sales department at 1200 E. Chicago St. in Elgin is open Monday to Friday 9 a.m. to 7 p.m. and Saturday 9 a.m. to 6 p.m., and is closed Sunday. Get directions.