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Kelley Blue Book executive editor Brian Moody joins Wealth with Brad Smith to discuss his five tips for potential car buyers.
Moody's first tip is to know your credit score. He notes it's "no problem if you don't have excellent credit, but you want to know that before you go into the process, not in the middle because it will affect your payment if you're borrowing money to buy a car."
Second, he recommends getting pre-approved for a loan, explaining, "You're not borrowing the money yet. You still will allow for the dealership to beat that rate and oftentimes they can, but if they can't, then you have that in your back pocket."
The third tip is that buyers "should know approximately what interest rate you qualify for, [which is] tied to your credit score, and the bank can help you with that."
Watch the video above to hear all five of Kelley Blue Book executive editor Brian Moody's tips for prospective car buyers.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
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This post was written by Naomi Buchanan.