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Is it better to finance with an auto dealer or a bank? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare data for no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the content we publish or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offerings that could be available 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 must first decide whether you will use your bank directly or the itself to obtain auto financing. While they both leave you with the ability to drive off with a brand new car but they differ in their the experience, rates offered in addition to loan lengths. How to decide between bank or dealer auto loans Be aware of the possible advantages and drawbacks of each option before you apply for financing. Bank financing The primary benefit of going directly to your bank is that you’ll get low interest rate. Dealers typically have higher interest rates, since dealers apply a markup on the interest rate when they connect you with the lender. Along with this the credit unions and banks provide an array of options, which means that they are more likely to provide a financing option that works for you. Dealer financing When you go through the process, you will be able to take advantage of several perks that make the financing process more simple. You can use the dealership’s financing office that will cut down on the amount of time you spend shopping around with other lenders. Dealerships also often provide manufacturer discounts, which include rebates and other . A bank can finance your auto 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 banks can be an excellent option. Banks tend to provide low interest rates and can be a good alternative for those who require a larger loan. There are some disadvantages to auto financing from banks. However, non-bank loans may take longer to process and you might have to apply in person. Also, you may not be eligible for an loan in the event of an unsatisfactory credit score. Consider the urgency of your car loan and the overall health of your credit prior to deciding to finance it through a bank or credit union. How do you finance with an institution If financing with a bank is the right choice for you, then you first must meet the eligibility requirements of your bank to qualify for a loan. Many banks will offer the auto loan minimum and maximum amount, so check if your chosen bank can provide you with an auto loan that meets your requirements. It is crucial that you are aware of the car you want to finance. Certain banks will only finance cars bought through dealership partners and be able to impose mileage and age limitations. Look for a lender which offers refinancing without fees. That way, if your financial situation improves or deteriorates over time, you are able to adjust your loan without incurring additional costs. It is also necessary to obtain a loan bank quote. When you get a quote you will be able to decide which term is best suited to your budget for the month and determine the total cost, including interest. Should you choose to go ahead with the application process, the lender will likely request documentation including W2s, pay stubs that have been recently submitted, proof of address and an ID issued by the government. Do you think bank auto financing is right for you? A bank loan may be a viable option for those who require a larger loan quantity, low interest rate or a repayment term that lasts five years or less. Take a look at the drawbacks and advantages of financing through banks prior to taking the final decision. Be certain to research your the options. Auto financing through a dealership is an option for you if your credit isn’t in great shape, or you do not have an existing connection with any banks and credit unions. Benefits of financing through a dealership The principal advantage of using a dealer to finance your vehicle is convenience. You won’t have to go through an institution and then wait for days, or weeks for approval. Instead, you’ll be able to visit the dealer and drive home behind the wheel of your . Additionally, if you own someone with you, you could have them accompany you to make the purchase process a little more relaxing. Drawbacks of financing through dealerships The initial drawback might appear as a positive. Dealerships generally offer financing options — sometimes with $0 deposit options. Although these may result in an affordable monthly payment and beginning costs, you’ll pay more in interest overall. It is also possible to get a higher interest rate. Dealership financing is more expensive than regular auto loans even with the same credit score. This is because dealers both apply a markup to the interest rate they offer and are enticed to refer you to certain lenders, even if you can find a better APR elsewhere. How do you finance with the dealerships Dealerships partner with major banks, online lenders and credit unions to provide automobile loans via their financing department. This means you’ll be in a position to finance your vehicle through a plan that the dealership has with an lender, and the dealer takes care of much of the heavy lifting. When you are accepted for financing by your dealership, you will be directed to the dealership’s financing department to conclude the deal. The process for approval will vary based on the dealer, however you will likely need to fill in a couple of forms and provide evidence that you have income or assets. Once you are accepted, the finance manager or representative who is the dealer’s automobile lender will be able to assist you with reviewing the loan details and then approve the loan. Is dealership financing right for you? Financing your vehicle directly through the dealer is the ideal choice if you want to avoid the heavy lifting associated with searching for car financing. It’s also simpler to get approved for, so if you have poor credit, financing through the dealership may be more accessible. Some tips for getting an auto loan If you’re applying for your car loan directly through the dealership or via an institution like a credit union or bank it is essential to make an application for prequalification, and research. Get prequalified If you are applying for financing via an institution like a credit union or bank make use of the procedure. The procedure is generally available on the internet and is a fantastic opportunity to determine of the amount you’ll be in a position to get. You’ll need your earnings as well as savings details on hand to complete the application. Find out more about the loan once you have been prequalified you can shop around for the loan with the rate you were given. The majority of auto loan rates are negotiated, as can be said about the fees and the length that you take out the loan. Numerous lenders compete to get your business and you can use this to your advantage. Don’t choose a lender that does not offer favorable terms. Next steps Both dealerships and banks could be choices when it comes down to financing your new car. They each have their pros and cons Be sure to research to find the most favorable rates and terms for repayment. Learn more

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Written by

This article was written with the help of automation technology, and then edited and fact-checked by an editor on our editorial team.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances through providing clear, well-researched information that break down complex topics into manageable bites.

Auto loans editor

Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged scholar financial aid specialist

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

Nationally anerkannt student financial aid expert

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