Buying a new sweater at a shopping mall is pretty straightforward. But buying a vehicle is a bit more complicated. Whether you are buying new or used, you will need to be able to successfully negotiate with a dealership salesperson to get the best price and financing. You can help prepare yourself by learning as much as you can before walking in the door. Sherry Zimmer, a Financial Center Manager with Fifth Third Bank, provides the following four tips:

Start with solid research. Research vehicle values in the Kelly Blue Book or consult a financial institution, such as Fifth Third Bank, for a report from the National Automobile Dealers Association (NADA). This will tell you how much a vehicle is worth, based on year, make, model, options and features. Also, don’t be afraid to visit several dealerships to see what each is offering in terms of prices and financing.

In addition to researching vehicle values, you should also investigate what interest rates are being offered by various financial institutions. If you neglect to do this, you won’t know if the financing package you’re presented with is a fair deal. You can find this information on the Fifth Third Bank Web site.

Get familiar with your credit score. Your credit score is a deciding factor on whether you’ll receive financing for a vehicle, and if so, what interest rate you’ll pay. You can obtain your credit score and report from a number of sources, including Fifth Third Bank or online from Equifax®, Experian® or TransUnion®. If you have excellent credit, you may qualify for the best interest rate deals. However, if your score is on the lower end, you might consider working to improve your credit before shopping for a new vehicle – unless you’re willing to pay a higher interest rate.

Get pre-approved before shopping. Many people shop for a new vehicle before getting pre-approved for financing because they either don’t understand their options or they assume the dealership will offer them the best deal. Unfortunately, this approach may cause you to end up paying more than you should. Getting pre-approved for a no-obligation loan not only helps you determine how much you can afford – it also helps you negotiate the best price. Most financial institutions can tell you how much financing you will receive for a specific model. “Getting pre-approved helps eliminate the pressure to use the dealership’s financing,” Zimmer says. An added benefit of getting pre-approved is knowing exactly how much you can finance, which means you’ll be less likely to go over budget if you get caught up in the excitement of test driving a vehicle that’s outside your price range.

Understand your financing options. Your goal is to obtain the lowest interest rate possible so you pay less for your new vehicle over time. Although zero-percent financing is usually the best deal around, understand that sometimes it pays to take a rebate offer instead. Or, if you secure financing through your financial institution, you may be able to take advantage of both. “At Fifth Third, we’ll calculate different options to find out which is the best deal for you,” Zimmer says.

A vehicle is a major purchase, so it’s important to work with someone you trust. The financial professionals at Fifth Third Bank will help guide you through the vehicle-buying process and give you advice on what to look for and what your best financing options are. “We like to talk to people about their options so they are fully informed before they go to the dealership to purchase their new vehicle,” Zimmer says.

To learn more about buying a vehicle, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans subject to credit review and approval.