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Direct auto finance: what is it, and is it an ideal idea? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with financial calculators and interactive tools as well as publishing unique and impartial content. This allows you to conduct research and compare information at no cost - so that you can make informed 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 offers that appear on this site come from companies who pay us. This compensation can affect the way and when products are featured on this site, including such things as the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. However, this compensation will not influence the information we provide, or the reviews you see on this site. We do not include the vast array of companies or financial offerings that could be open to you.
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3 min read published 21 October, 2022
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At Bankrate, we consider the quality of our content very seriously. "Expert verified" means we have the Bankrate Financial Review Board thoroughly evaluated the article for clarity and precision. Its Review Board comprises a panel of experts in the field of finance, whose mission is to make sure that our content is neutral and fair. Their evaluations ensure that we are publishing high-quality and trustworthy content.
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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 gain the confidence to take control of their finances by providing concise, well-studied information that breaks down otherwise complex subjects into digestible pieces.
Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized student financial aid expert
Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as scholarships, 529 plans, education tax benefits and student loans.
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Indirect auto is when the lender offers financing to the vehicle seller instead of directly to the buyer. The seller passes the loan to the buyer, and the buyer is required to make regular monthly payments to the lender whom the dealer is connected with to repay the loan. This method of financing vehicles is not without its drawbacks and benefits, therefore it is crucial to know all the choices before you sign off on an indirect auto loan. What is indirect auto financing? Indirect auto financing is available through from lenders in their network of partners. Instead of searching for an loan and getting preapproved before visiting the dealer and obtaining the financing once you buy the vehicle. The seller will receive a commission or other type of payment in exchange for connecting you to the lender. This can be in an amount of percentage that's added to your interest rate. When you make the final payment then the lender will let the lien or title for the automobile to the. For the duration of the loan term, you will also be charged interest on the loan the same way as you would with a . Other indirect loans Indirect loans may also refer to the process of making use of a marketplace or broker. Through these choices, you input your personal details and then are matched to any or all lenders. Most of the time your credit score won't be affected as these marketplaces need an inquiry that is soft. Furthermore, you will be able to view potential loan offers that contain the estimated monthly payment, time frame for repayment and the interest rates to help you make an informed choice. Before you decide on one, you'll also want to evaluate the cost of all loans. The pros and cons of indirect financing While indirect financing can help you have the most seamless experience when buying a car However, there are some disadvantages to consider before moving forward. Benefits of indirect financing In some cases, it makes more sense to . Shop and purchase at the same time. It's usually more convenient to buy at the dealership. You can shop and secure financing the on the same day. Less legwork. Although it's still beneficial to do so do so, it's not essential. If you want, you can go in without applying with other lenders prior to deciding on your vehicle. Bad credit options available. Specialty dealers can offer solutions for those with less than perfect credit. Pros and cons of indirect financing Prior to you make a trip to the dealer without a preapproval from an outside lender be aware of the drawbacks. The higher rates. The dealership usually will add a percentage to the over what is provided by lenders who meet your requirements. This means that you'll probably get the direct lender. You won't have as much control. You don't get to choose which lender you share your information around with. If you're already working with a credit or bank union, it could be beneficial to join it -- you may get a better rates or conditions than you would otherwise. Unavailable for some purchase types. If you're looking to buy from a , indirect financing is not likely to be an option. How do you get indirect auto financing The steps for obtaining the indirect financing for your vehicle are comparable to the procedure for a conventional loan. However, before applying make sure you have any documents handy that the dealer will need to send to the lender's on their network. This is a step-by-step guide on the process to follow by visiting the dealership. Explore the options and pick the car you want to drive. You can apply for a loan from the dealer. Get approved and choose the best deal. Sign your loan documents. Take possession of your . Alternatives to auto financing indirect If you do not want to obtain an auto loan via a dealer There are a variety of alternative options to finance your next car. Banks typically offer loans for vehicles, however it can be an involved process. If you're a credit-worthy person and a good credit score, a bank may be the right choice. But if you have a poor credit score, this may not be the best alternative. Credit union operate much like banks, but the members in the credit union will always be the main focus rather than investors. You will likely need to join the credit union, and membership requirements for members will vary from one to another. However, joining a credit union that provides auto loans can save you money, and also give you more flexibility. Online lender The use of the internet as a lender is another possibility to finance a car, without having to go through a dealer. Many online lenders focus on offering affordable rates and reasonable loan terms, as opposed to the huge commissions that you would encounter at a traditional dealer. The bottom line is that indirect auto financing is a convenient solution to help you purchase your next ride. It is important to research you do your research prior to visiting the dealer because you could get cheaper elsewhere. There is a chance that the dealer will match or beat an outside loan offer to earn your business. Learn more
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Written by
This article was generated by using automated technology. It was then thoroughly verified and edited by an editor on our editorial staff.
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 gain confidence to manage their finances through providing concise, well-studied information that breaks down complex topics into manageable bites.
Auto loans editor
Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized student financial aid expert
Mark Kantrowitz is an expert on student financial aid including the FAFSA as well as 529 plans, scholarships educational tax benefits, student loans.
Nationally acknowledged expert in student financial aid
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