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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 choices by providing you with interactive financial calculators and tools as well as publishing objective and original content, by enabling you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited 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 may impact how and where products are displayed on the site, such as, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not include the vast array of companies or financial offerings that could be available to you.
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4 min read Published August 18 2022
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When it's time to buy your next car it is important to decide whether you will use your bank directly or through the bank itself to get car financing. While they both provide you with the chance to drive off with a new car but they differ in their the experience, rates offered and loan lengths. How to decide between bank or dealer auto loans Think about the benefits and downsides of both options prior to applying for financing. Bank financing The main advantage of applying direct to your banks or is that you'll likely receive less interest. Dealers usually have higher interest rates, because dealers add a markup to the interest rate whenever they connect you with an lender. Additionally, banks and credit unions have many different products so you're more likely to locate the right financing solution for you. Dealer financing When you go through the process, you will be able to take advantage of several perks that will make the process of financing more simple. You will be able to make use of the financing office at the dealership which reduces the time you would be able to shop around with other lenders. Dealerships also often provide manufacturer discounts, which include rebates as well as other . Auto financing through a bank The bank you finance your car through can be an excellent option if you are looking to avoid and feel confident shopping and comparing rates. Benefits of auto financing from a bank If done properly using a vehicle loan from a bank can be an excellent idea. Banks tend to have low interest rates on an and are a great alternative for those who require an additional loan. Drawbacks of bank auto financing However, non-bank loans are more time-consuming to process and you might have submit your application in person. It is also possible that you will not be eligible for an loan if you have an unsatisfactory credit score. Be aware of the urgency of your car loan as well as the condition of your credit prior to deciding to borrow from a bank or credit union. How to finance through the bank If borrowing from banks is the best choice for you, then you first must meet the eligibility requirements of your bank in order to be eligible for the loan. A majority of banks will have the auto loan minimum and maximum amount, therefore, make sure you check to see if the bank offers the auto loan that meets your requirements. It is crucial that you know the type of car you wish to finance. Certain banks will only finance cars bought through dealership partners and be able to impose mileage and age limitations. Find a lender which offers refinancing without fees. This way, if your financial situation changes or worsens in the course of time, you can adjust your loan without additional hefty costs. You'll also have to get a request from your bank. During the quote process you will be able to decide what term best fits your budget for the month and get an idea of the overall cost with interest. Should you choose to move through with the application and the lender will likely require documentation like W2s, recent pay stubs or proof of address, as well as an ID issued by the government. Do you think bank auto financing is right for you? The option of borrowing money from a bank may be a viable alternative if you require an increased loan amount, a lower interest rate, or a repayment time of at least five years. Be aware of the disadvantages and benefits of bank financing before signing off and be certain to research your alternatives. Auto financing through a dealership is an ideal option if you're credit isn't in the best shape or you do not have a current connection with any banks and credit unions. Benefits of financing through a dealership The principal advantage of using a dealer to finance your car is convenience. You don't need to make an application for financing with banks and wait days, or even weeks, to get approval. Instead, you can simply go to the dealership and then drive home behind the steering wheel of your . Plus, if you have someone with you, you could have them accompany you to make the purchase process a little less stressful. Dealership financing has its drawbacks initial drawback might appear as a positive. Dealerships generally offer financing options that include a minimum of $0 down payment options. While these can make for an affordable monthly payment and the initial cost, you'll pay more in interest overall. You are also likely to get a higher interest rate. Dealership financing is more expensive than regular auto loans even when you have the same credit score. Dealers both apply a markup to the interest rate and are also enticed to direct customers to specific lenders, even if you can find an APR lower elsewhere. What is the best way to finance a dealership Dealerships work with large banks, online lenders and credit unions to provide car loans through their own financing division. This means you will be in a position to finance your vehicle by using a program that the dealership has with an lender and the dealer will handle the bulk of the work. Once you have been accepted for financing by your dealer, you'll be directed to the dealership's financing department to finalize the transaction. The process for approval will vary based on the dealership, but it is likely that you need to fill out a few forms and then submit documents of income and assets. If you're accepted, the finance manager or an agent from the dealership's auto lender can help you review the loan details and then approve the loan. Is dealership financing right for you? Financing your vehicle directly through the dealer is the right option if you are looking to stay clear of the heavy lifting associated with searching for financing. It is also easier to obtain, and if you have poor credit, financing through the dealership is likely to be the best option. Some tips for getting an auto loan Whether you are applying for your car loan directly through the dealership or through an institution like a credit union or bank it is important to apply for prequalification and research. Prequalify yourself If you're applying for financing through an institution like a credit union or bank, take advantage of the procedure. This process is typically offered online and is a great way to get an idea of the amount you'll be able to get. It is necessary to have your income, savings and other personal details on hand to complete the process. Find out more about the loan once you have been prequalified you can shop around for a loan with the rate you were offered. A lot of auto loan rates can be negotiated and the same can be said of fees and length of the loan. Many lenders will compete to get your business and you should use this advantage to your advantage. Do not settle for an lender that does not offer favorable conditions. The next step is to consider dealerships as well as banks could be alternatives when it comes to financing your new car. They each have their advantages and disadvantages Be sure to shop around to find the best rates and terms for repayment. Find out more
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Written by
The article was created using automation technology and thoroughly edited and fact-checked by an editor on our editorial staff.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
Review by Mark Kantrowtziz. Reviewed by Nationally known 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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