If you’re in the market to buy READ THIS FIRST
NEVER mention where your credit score is UNTIL you have completely negotiated the price of the vehicle and got a worksheet for it.
Dealerships make money of the backend of your loan based off the info you give them.
Do not let them run your credit. Get your own financing.
If you CAN’T buy a car cash then reach out to someone who will look over your paperwork and loan approvals to make sure they are giving you the actual rate from the bank and not adding a reserve.🤞🏼 💎
What’s a “Reserve” at the Dealership? Let me break it down…
When you finance a car, the dealership usually shops your application around to banks and lenders to get an approval. Let’s say the bank approves you at a 7% interest rate. Cool, right?
BUT HERE’S THE TEA ☕️—
The dealership might turn around and tell you that your rate is 9%.
That extra 2%? That’s called a reserve, and it’s not from the bank — it’s money the dealership adds on top for profit.
They’re basically marking up your loan like a pair of sneakers and pocketing the difference. And legally? Yup, they’re allowed to do it… unless you catch it.
So what can you do?
💡 Ask to see the original approval from the lender.
💡 Ask if they’re charging a reserve.
💡 Bring someone with you who knows how to read the paperwork.
Because that extra interest adds up fast — costing you hundreds or even thousands over the life of the loan.
Moral of the story?
If you can’t buy the car in cash, don’t just focus on the monthly payment — focus on the interest rate.
And never be afraid to ask questions. Your money. Your terms. Your power. 💪🏾
if you join my FREE Facebook group and invite 200 people , you’ll receive a free service on me .
Search Wealth Revival Credit Academy on Facebook , join, invite for a chance to win free credit repair 🩷🩷🩷
Buying a car can be a complex process, especially when it comes to financing. Understanding how dealerships operate with your loan application is crucial to making informed decisions and saving money. A common pitfall in car financing is the dealer adding a "reserve" or interest rate markup on top of the bank's approved rate. For example, if the bank approves you at 7% interest, the dealer may offer you a 9% rate, pocketing the 2% difference as profit. This extra cost can significantly increase the total amount you pay over the loan's life, potentially costing hundreds or thousands more. To protect yourself, never disclose your credit score before negotiating the car price and obtaining a detailed worksheet on the vehicle cost. This prevents the dealer from using your credit information to inflate loan terms. Instead of relying solely on dealership financing, consider securing your own loan approval directly from banks or credit unions. This empowers you with a concrete interest rate to compare against dealership offers. Always ask to see the lender’s original loan approval documents and inquire explicitly whether the dealer is charging a reserve. Bringing along a knowledgeable person or financial advisor to review paperwork can help uncover any hidden fees or unjustified rate increases. Focusing only on monthly payments can be deceptive; scrutinize the interest rate and total loan cost to avoid overpaying. Remember, financing is about more than monthly affordability—it’s about the overall cost and terms. Additionally, joining community groups like "Wealth Revival Credit Academy" on Facebook can provide valuable resources and support, including opportunities for free credit repair services, which can strengthen your financing position. Empower yourself with knowledge, ask the right questions, and maintain control of your car-buying finances to ensure you get the best deal possible without unnecessary markups or hidden charges.
