Alright, folks, it’s that time again…

Time for some more car-buying advice from an expert!

And he was nice enough to share some pro tips for car buyers in a viral TikTok video about what workers at car dealerships don’t want to hear from customers.

The man said, “The first thing is when you’re talking to the finance manager and you tell them you have a pre-approval for financing. Yeah, they hate that. Because when you have a pre-approval, it means they have to match or beat that with whatever financing they get for you through the dealership.”

He continued, “When you get financing through a car dealership, it’s indirect lending, and the car dealer can actually mark up the interest rate on your auto loan. ‘Buy rate’ is the industry term for what the bank actually approved you for, and the sell rate is what the dealer marks it up to and then presents to you.”

The TikTokker continued, “You might get approved for a 5% interest rate, and the dealer will tell you you’re actually approved for a 7% interest rate. They mark it up and make money there. When you drop the words buy rate, they know you’re serious.”

Finally, the man told viewers, “Never tell the dealer how you plan on paying for the vehicle until the very end, after you’ve negotiated the out-the-door price.”

Check out the video.

@caredge

Impress the #cardealer and get a better deal when you know these three things! #cardealers #buyacar #newcars #newcar #caredge #cardealershiptiktok #cartok #carbuyingtips #buyingacar #cardealership #carbuyingadvice #carbuying #carbuyingsecrets #buyingacartip #carbuyinghelp

♬ original sound – caredge

And this is what folks had to say on TikTok.

This viewer shared their thoughts.

Another TikTokker chimed in.

And this individual shared a story.

It’s always nice to save money!

If you liked that story, check out this one about a delivery driver who gave two weeks notice… so his employer disabled his truck when he was 300 miles from home!