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How to save cash on car loans financed through a dealership Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to help you make better financial choices by providing you with financial calculators and interactive tools as well as publishing original and objective content. We also allow users to conduct research and compare data at no cost - so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation may impact how and when products are featured on the site, such as for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other products for home loans. However, this compensation will have no impact on the content we publish or the reviews that appear on this website. We do not cover the universe of companies or financial offers that may be accessible to you.
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2 min read Published 16th September, 2022
Written by Allison Martin Written by
Allison Martin's career began more than 10 years ago as a digital media strategist, and she's since been featured in a variety of top financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers feel confident to control their finances through providing precise, well-researched and well-documented facts that break down otherwise complicated subjects into digestible pieces.
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When you apply at a dealership, they'll compare the application with lenders within their network to find a fit. You may also apply for financing yourself through an institution like a credit union, bank or an online lender. If you decide that is more convenient , or you want to benefit from incentives they offer you, there are steps that you can follow to ensure you get the best deal for an automobile loan. There are four ways to save money when financing your car through an auto dealer Shopping for a new automobile can be stressful and with terms that are competitive can be challenging if you are strapped for time. However, there are ways to save money when financing your vehicle through dealerships. 1. The best way to get a down payment is through auto loans which have low-interest rates generally go to those with good or excellent credit. But that's not the only method to score a bargain. You could also offer to lower the risk the lender will take through financing the vehicle for you. Additionally, you'll save on interest over the course of the loan because you'll be financing a smaller amount. 2. Shop the out-the-door price Some car salespeople focus on the monthly installment instead of the purchase price when trying to convince customers to take advantage of the deal. However, here's the problem The fact that a low monthly payment likely means that you will get an extended loan duration as well as the lender has a few years to collect interest until you settle the loan early. This is why you should concentrate on avoiding this. 3. Be prepared to walk away even if you fall in love with the car You must be ready to walk away if the numbers don't work for you. If you stay within the budget you have set, you could also find that the dealer will be willing to go back to the drawing board in order to negotiate get a better deal. 4. Utilize lender quotes to negotiate If you had a lower rate from your bank credit union or online lender The dealer may be willing to match it. Sometimes, they will offer you an even lower rate in order to gain your business. When to skip dealership financing While it's an option that is convenient, it's not the best option. If you've got bad credit or a high debt-to-income ratio, it's more likely to secure financing through a credit union or bank, rather than dealer-arranged financing. Perhaps you're at the dealer, but they're unable to match the offer you received by your lender. In that case, it is also recommended to not take advantage of the financing offered by dealerships to save money however, even when the seller offering a lower monthly payment. Keep in mind that you'll be paying more interest if they extend the loan for a long time. Another reason to shop around for an loan is a pushy dealer. Although it's essential to make the sale and ensure that you have the financing in place to meet objectives, they must also be willing to give you a little time to receive a rate quote from your bank. If they're unable to give you this option This is your signal to go on. Next steps A car purchase is an investment of a significant amount so you must follow the right steps to get the best price on financing. It is possible to save money by choosing to secure a loan through the dealership. Still, some circumstances would require you to consider other options. Ideally, you want to get an auto loan with a low interest fee, no fees, and a monthly payment that is within your budget, regardless of the route you choose to get financing. Find out more
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Written by
Allison Martin's work started over 10 years prior to that as a digital content strategist. She's been featured in a variety of top financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-researched, and clear facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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