My wife and I are going car shopping this afternoon and considering a trade in for the first time. I’ve only bought one vehicle from a dealership so I’m pretty new to this process. Also have never traded in. Wondering if anyone has any advice on a few things.
We have a good credit score (~760). What is a good interest rate? What is a bad? Should I expect a better interest rate through the dealership or going through my bank (US BANK).
FWIW, our budget is $20K. Looking for an AWD SUV with low mileage. Need AWD for winter with a new baby. My vehicle is a 2014 Kia Soul +. 75K miles, professionally detailed, new tires and breaks 2 months ago. Carfax report suggests $10,600 retail. I’m expecting a trade in offer of ~$7K, which is too low. I have it listed privately for $9,300 and haven’t gotten any serious inquiries.
More interested on advice/heads up on the interest rates, but if you have advice on negotiating a trade in I’d appreciate that as well.