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Is it better to finance through dealers or a bank? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling users to conduct research and analyze data for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation could affect how and when products are featured on this site, including for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. But this compensation does not influence the content we publish or the reviews appear on this website. We do not contain the entire universe of businesses or financial offers that may be open to you.


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4 min read. Published August 18, 2022

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If it is time to buy your next car you need to first determine if you’ll go directly through your bank or directly to the bank to secure auto financing. While they both provide you with the chance to drive away with a new car, they differ in the experience, rates offered as well as loan lengths. What should you consider when choosing between bank or dealership auto loans Consider the potential benefits and downsides of both options prior to applying for financing. Bank financing The major benefit of going direct to your banks or is that you will likely have less interest. Dealers typically charge higher rates of interest, due to the fact that dealers apply a markup on the interest rate each time they connect you with an lender. In addition, the credit unions and banks offer a wide range of products, which means that you’re more likely to locate the right financing solution for you. Dealer financing Once you’ve gone through the process, you’ll be able to avail a number of advantages that make the financing process more simple. You will be able to use the dealership’s financing office that will cut down on the amount of time you have to spend looking around for other lenders. Dealerships are also known to provide manufacturer discounts, which include rebates and other . Auto financing through a bank Financing through a bank can be a great option for those looking to steer clear of shopping and comparison shopping. Benefits of bank auto financing If done properly, financing a car through the bank is an excellent option. Banks tend to provide lower interest rates for an and could be a suitable alternative for those who require more of a loan. The drawbacks of auto financing at banks However, other bank loans are more time-consuming to process, and you might have to apply in person. Also, you may not be eligible for an loan in the event of low credit scores. Consider the urgency of your car loan as well as the condition of your credit before making a decision to finance it through an institution like a credit union or bank. What is the best way to finance the bank If borrowing from a bank is the right choice for you, you first will need to satisfy the eligibility requirements of the bank you choose to use for an loan. A majority of banks will have an auto loan minimum and maximum amount, therefore, make sure you check to see if the bank will offer you the auto loan that meets your requirements. It is important that you are aware of the car you want to finance. Certain banks will only finance cars bought through partner dealerships and may have age and mileage restrictions. Find an lender which offers refinancing without fees. In this way, in the event that your financial situation improves or deteriorates over time, you are able to adjust your loan without incurring any additional fees. You will also need to request a quote from the bank. During the quote process you can choose which term is best suited to your monthly budget and gain an understanding of the total cost including interest. Should you choose to move forward with the application and the lender is likely to require documents like W2s, pay stubs that have been recently submitted as well as proof of address and an official ID. Are bank auto loans the right choice for you? The option of borrowing money from a bank might be a good option if you need more loan quantity, low interest rate or the repayment period is at least five years. Take a look at the drawbacks and advantages of bank financing prior to taking the final decision. Be sure to evaluate your alternatives. The dealership financing option is a good alternative. The dealership could be a good option if your credit isn’t in great state as well as if you’re not in a relationship with any bank or credit unions. Benefits of financing with a dealership principal advantage of using a dealer to finance your car is the convenience. You won’t have to go through an institution and then wait for days, or weeks, to get approval. Instead, you’ll just visit the dealer and take home the wheel of your . Plus, if you have an, you can let that person come with you and make the buying experience a bit more relaxing. Dealership financing has its drawbacks first disadvantage may appear to be a good thing. Dealerships usually offer financing terms that include a minimum of $0 down payment options. While these can make for an affordable monthly payment and beginning costs, you’ll pay more in interest in the long run. It is also possible to receive a greater interest rate. It is also more costly than typical bank auto loans regardless of the credit rating. Dealers both have a markup on the interest rate offered and are enticed to refer customers to specific lenders, even if they could offer an APR lower elsewhere. How do you finance with a dealership Dealerships work with major banks as well as online lenders as well as credit unions to offer car loans through their own financing division. This means you will be able to finance your vehicle with a deal that the dealership has in place with a lender, and the dealer will take care of most of the lifting. Once you have been granted financing through your dealer, you’ll be directed to the dealership’s financing department to close the transaction. This process can differ based on the dealer, however it is likely that you need to fill out several forms and then submit proof for income as well as assets. If you’re approved, the finance manager or representative from the dealership’s auto lender will be able to assist you in reviewing the loan details and finalize the loan. Is dealership financing right for you? A direct loan to your vehicle through the dealership is the best alternative if you’re looking to skip the hassle that comes with shopping for financing. It’s also simpler to get approved for, so if you have poor credit, financing through the dealership may be more accessible. Guidelines for obtaining an auto loan No matter if you’re applying for your car loan directly from the dealership or via a bank or credit union it is essential to make an application for prequalification, and shop around. Be prequalified if you are applying for financing via the credit union or a bank make use of the procedure. This process is typically offered on the internet and is a fantastic method to gain an understanding of how much you will be able to borrow. You’ll need your earnings, savings and other personal details on hand to complete the application. Find out more about the loan once you have been prequalified, shop around for an loan with the rate you were offered. Many auto loan rates are negotiable, and the same can be said about the fees and length that you take out the loan. Many lenders will compete with you for your business, and you can use this advantage to your advantage. Don’t choose an lender that does not offer favorable terms. The next step is to consider dealerships as well as banks are viable alternatives when it comes to financing your car. However, each has its advantages and disadvantages Be sure to research to find the best interest rate and repayment terms. Find out more


Written by

This article was written using automation technology and thoroughly edited and fact-checked by an editor from our editorial team.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances by providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.

Auto loans editor

Review by Mark Kantrowtziz. Reviewed by Nationally known Student Financial Aid expert

Mark Kantrowitz is an expert on student financial aid, the FAFSA and 529 plans, scholarships, education tax benefits and student loans.

Nationally recognized student financial aid expert

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