Financing With a Bank or Dealership: What’s the Difference?
Now that you’ve found the new car that’s perfect for your South Brunswick commute, you’re probably wondering where the best place to get a car loan is. Luckily for you, the finance center at Land Rover Princeton has the best advice on where to get a car loan. Compare financing with a bank vs. financing with a dealership with us, and let us give you some great advice when you go car loan shopping. Discover the best place to get auto financing with Land Rover Princeton.
Where to Get a Car Loan
When you go car loan shopping in the Mount Laurel area, you have a few different options. Your main options to get a car loan will more than likely be:
- The dealership from which you are buying the vehicle
- A bank or other lender like a credit union
Keep in mind that one option isn’t necessarily “better” than the other, and each option offers different benefits to car shoppers.
Financing With a Bank
When trying to determine the best place to get a car loan, your first instinct might be to finance with a bank. Some of the benefits of financing with a bank include:
- A relationship with the bank already exists
- Usually, there are set interest rates
- The payment schedule may be pretty flexible
One of the cons about financing with a bank is that you may have a harder time getting a loan if your credit is subpar. You can always speak with your dealership before you head to a bank since dealerships have different financing partners.
Financing With a Dealership
If you’re looking for the best place to get auto financing in the Hopewell area, we would strongly recommend financing with a dealership. Here are some of the perks of dealership financing:
- Dealers can provide consultation on leasing vs. buying
- Dealerships have a large connection with a variety of different lenders, allowing you to get great rates
- The application process is easy. You can apply for financing at Land Rover Princeton completely online in minutes
- Multiple lenders mean more competition for your business and can lead to great deals on rates
- It can be easier to get financing options if you have subpar credit
- You can negotiate your down payment when you finance with a dealership
In-House Financing vs. Bank/Credit Union Financing
When car loan shopping, you should at least know the difference between financing at a dealership, a bank, and a credit union. Knowing the main differences between these financing organizations can help you decide which option is best for you. Here are some things to consider:
- Bank: When applying for a loan, the dealership will more than likely send out your application to different lending institutions to see which one will offer the best deal. The dealer doesn’t finance the vehicle themselves.
- In-House: This is financing that’s provided directly from the dealership, which means you don’t have to get approved from a lender. Usually, this will mean higher interest rates, but it’s an excellent option for drivers with subpar credit.
- Credit Union: If you happen to belong to a credit union, then you can apply for a loan at that credit union. This option may help you save some money during the process of getting a loan.
So, where is the best place to get auto financing? It depends on which option works for you. You can visit Land Rover Princeton in Princeton or contact us online for expert financial consultation, so you can make the best decision when getting a car loan.
Get Financing Advice at Land Rover Princeton
Contact us to explore your options and see how you can get the financing you need. Let us help you make the best decision when getting a new car. Want to know how to sell a car at a dealership? We can help with that too!