Many people shop for car loans at banks or credit unions, but dealerships often offer financing options of their own. Though you may be able to secure a perfectly favorable loan from a bank, there are several reasons why financing your new car through the dealership itself may be worth considering.
When you’re getting a loan through the dealership, the process suddenly becomes simpler. You are saved the homework of getting preapproved by a bank or other financial institution, and you have less pressure to haggle with the dealership over money. Instead, you’re working with them to find the best financing option for you in conjunction with the particular vehicle that you’re interested in purchasing.
Many dealerships are able to process and approve your loan far more quickly than any bank. In a number of cases, people can get their loan from a dealer and bring their new car home that same day, which is a very convenient option for everyone involved.
When applying for car loans through a dealership, you will likely find out that they examine your credit score and history less critically than banks do. Therefore, your chances of getting approved without a perfect credit score are generally higher. This can be beneficial if you’re dealing with some tough financial times, but still need to get a good car.
Another benefit of financing through the dealership itself is that their rates are often less rigid than a bank. More so than banks can, dealerships are usually able to work out a deal with you that benefits both parties.
While many people shop for car loans at different credit unions, banks, and other financial institutions, it may be worth researching loan options provided by the car dealership. The above factors are some strong reasons why getting a loan through the dealership may work well as you shop for the vehicle that’s right for you and your family.