Haggling at doors of financial services

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Wednesday, March 20, 2013

Haggling at doors of financial services



Image courtesy of [Phaitoon] / FreeDigitalPhotos.net

Is haggling permitted while buying a car, especially, when you try and grapple with a salesman from a financial firm? Yes, it can be done. Why not? Every financial service stands to benefit from a sale, and, therefore, entitled to a commission from a sale. However, it’s often difficult to understand the intricacies involved while buying a car through any financial firm. 

Here, the car is sold from the premises of a car dealer. So while, you pay or the investment firm pays the car price directly to the dealer, there’s no way a financial firm plays any role in bringing the price down at the door of a car dealer. But, you can of course haggle to lower the car loan interest rate and secure from the decreased price while purchasing through a financial firm. 

However, haggling takes a new form and is a different ball game when you opt for a life insurance policy from any financial services. On one, hand, the seller and the financial loan offering company do not fall under the same umbrella. On the other hand, insurance companies have their own agent, they are run by them, and, it’s much easier to bargain through an insurance agent. 

From my own personal experiences, I have known the wily ways that insurance agents follow. Some of them even go to the extent of paying the customer’s premium for the 1st month, while some agents even pay the customer’s premium for the first quarter out of their own pockets. Now that is weird and happens because of haggling. And mind you, haggling is an art. You just can’t go on haggling without any direction.

You also need to understand the product and its value before you continue to push the giveaway button. For instance, In case of credit card companies, there’s no way you can haggle for being charged a certain amount on your card, however, in case of those who default, and falls under the defaulter’s list, you have the opportunity of haggling, to reduce and pay a lump sum amount, but never before that. And also if you opt for a card transfer, the new credit card company may succumb to your haggling and provide the most suitable price. 

The big loans, such as housing loans from large investment firms don’t usually allow you to negotiate. There’s no way it can be done, unless, you arrange to spend a sizeable down payment, and your home purchase price is unusually high. In such cases, insurance companies may alter interest rates to your convenience. The best instances of successful haggling can be seen in the case of property mortgage. Mortgage rates can be affected if you know how to bargain the right way, but not before you complete the homework of finding the right platform to bargain.

2 comments:

john smith said...

NO field is untouched by haggling today whether its a car dealer's financial issue or an International Business Company

Rajiv said...

You are right John, may be that's why we need to be prepared to face it.

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