Bank or Dealership: What’s the Best Place to Get Auto Financing?

Man using a calculator
 



When shoppers are looking for a new car in Tuttle, they always hope to secure a great deal. Which leaves those who are car loan shopping pondering one question: “Where is the best place to get a car loan?” Today we will explore that topic and what your options are when looking for a car loan around Oklahoma City.

Car Loan Shopping

If you are wondering where to get a car loan, you have two main options when car loan shopping:

  • The dealership where you’re purchasing your vehicle
  • Your bank

These options both offer their own benefits for car buyers.

Car Loans From a Dealership

One of the best places to get a car loan is the dealership where you plan to purchase your car. Getting an auto loan at the dealership can offer benefits like:

  • A dealership can help determine if leasing vs. buying is right for you.
  • At a dealership, you get access to a variety of lenders.
  • With multiple lenders are competing for your business, you may get a better rate
  • Applying is easy, you only need to fill out one form to get multiple options.
  • Some dealerships work with those with no or bad credit
  • The dealership may offer financing incentives.
  • You may be able to negotiate your down payment when financing with the dealership.

Car Loans From Your Bank

When first thinking about a loan, your bank may be the first place that comes to mind. Know that if you have less-than-perfect credit, you will have a harder time getting a loan with a bank. In addition, talking to your dealership before signing up for a bank loan could get you a better deal, since dealerships work with a variety of lenders. Despite this, there are some benefits, including:

  • There are often set interest rates
  • You have a pre-existing relationship with your bank
  • You might be able to set a flexible payment schedule

Discuss Your Financing Options at AutoMax Hyundai Norman

To discuss your financing options further, contact us today at AutoMax Hyundai Norman. Our finance center team near Moore will be happy to address your concerns and walk you through the financing process!

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