Bank or Dealership: What's the Best Place to Get a Car Loan?

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When you’re car loan shopping, you want to ensure you’re getting the best deal possible. So, where is the best place to get auto financing? Keep reading to learn about your options of where to get a car loan near Hubbard.

 

 

Where to Get a Car Loan

You have two primary options when car loan shopping, each with their own benefits. These include:

  • The dealership from which you’re purchasing a car from
  • A bank or credit union

Let’s take a closer look at these options and which is the best place to get auto financing.

Getting a Loan From a Dealership

When you’re looking for the best place to get a car loan, your local Hermitage dealership from which you’re purchasing a vehicle from is an excellent option for several reasons:

  • The finance center can help you determine whether leasing or buying is the better option for you.
  • Dealerships work with multiple lenders to ensure you get the best possible rates.
  • Applying is as easy as filling out an online form where you get multiple options in return.
  • You’re likely to get better rates with multiple lenders competing for your business.
  • The dealership may offer different options if you have issues with credit, as well as financing incentives and specials.
  • Your down payment may be negotiable when financing with a dealership.

Getting a Loan From Your Bank

When trying to figure out where to get a car loan, you might consider your local bank around Mercer. However, it’s recommended that you speak with your dealership before applying for a loan at your bank, especially if you have less-than-perfect credit. Despite this, getting a loan from your bank has some benefits, including:

  • You already have a pre-existing relationship with your bank
  • Set interest rates are common
  • You may be able to set up a flexible payment plan

In House Financing vs. Bank & Credit Union Financing

When car loan shopping, it’s important to understand the difference between in house financing and bank and credit union financing. Here’s what you need to know when determining the best place to get auto financing:

  • Bank Financing: In this case, the dealership is not providing the financing themselves, but rather, they send out your application to different lenders to determine the best possible rate for you.
  • In House Financing: This type of financing is provided directly by a dealership and doesn’t require approval from a lender. While this often leads to higher interest rates, it is beneficial for those who have little to no established credit.
  • Credit Union Financing: You can save money by applying for an auto loan through a credit union if you belong to one.

Learn About Your Financing Options at Shenango Honda

If you have any other questions about the best place to get a car loan near Sharon, feel free to contact us at Shenango Honda. Our team of dedicated experts will be happy to assist you and guide you through the financing process!

 

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