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Bank or Dealership: What's the Best Place to Get Auto Financing?

When the time comes to purchase a new vehicle, everyone wants to get the best deal. So, where is the best place to get a car loan? Learn more about financing with the dealership vs. a bank to see which can offer you the lease or loan you need for your new model. Our finance team is here to help you answer any questions in the meantime.

 

 

Car Loan Shopping

Interested in learning where to get a car loan? You have two main options when car loan shopping. Both offer different benefits to shoppers so you’ll want to further research both to see which is best for your budget and driving needs:

  • The dealership where you’re purchasing your vehicle
  • A bank or other lending institution like a credit union

Car Loans From a Dealership

One of the best places to get a car loan is the car dealership where you bought your vehicle. Here’s why:

  • Dealers can help you determine if leasing vs. buying is right for you. 
  • Dealerships work with a variety of lenders to get you the best rates possible. 
  • It is easy to apply. You only need to fill out one form to get multiple options. 
  • Multiple lenders are competing for your business, which can lead to a better rate.
  • Some dealerships offer options for those who have issues with credit.
  • The dealership may offer financing incentives.
  • You may be able to negotiate your down payment when financing with the dealership. 

Car Loans From Your Bank

Still not sure where to get a car loan? You can try your local bank. You’ll want to speak with your dealership before applying at the bank however, because each dealership has different financing partners. Also, it can be tougher to get a bad credit car loan with a bank. Despite this, there are some benefits, including:

  • You have a pre-existing relationship with your bank
  • There are often set interest rates
  • You may be able to set a flexible payment schedule

In House Financing vs. Bank & Credit Union Financing

When the time comes to shop for an auto loan, it’s important to differentiate between financing that a dealership is able to secure for you from a lender such as a bank, dealership that the dealership itself offers in-house, and financing you seek out yourself whether by sending out applications to banks or by using services such as Lending Tree. Here’s what you need to know:

  • Bank Financing: When you apply for an auto loan at a car dealership, the dealer typically sends that application out to different lenders to see where they can secure the best rate for you. In other words, they’re not actually providing the financing themselves. However, you can also get approved before stepping into the dealer by shopping around for your own financing.
  • In House Financing: In-house financing, sometimes called “buy-here-pay-here” financing is provided directly by a dealership, so you don’t need to get approval from a lender. Accordingly, it often entails higher interest rates, but is beneficial for car buyers with little to no established credit.
  • Credit Union Financing: If you belong to a credit union, you can apply for an auto loan there, and you may save money. 

Explore Your Financing Options at Land Rover Anaheim Hills

Have more questions about financing options or our savings options at Land Rover Anaheim Hills? Contact our team! We look forward to helping you get the financing you need.

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