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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 offering you interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and compare data for free to help you 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 Make Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products are displayed on this site, including such things as the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage and home equity products, as well as other products that lend money to homeowners. However, this compensation will have no impact on the content we publish or the reviews that you read on this site. We do not contain the vast array of companies or financial offerings that could be open to you.
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2 min read published September 16, 2022
Written by Allison Martin Written by
Allison Martin’s career started over 10 years ago as a digital media strategist. She’s been featured in a variety of top financial outlets, including 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 since late 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-researched and well-documented data that breaks otherwise complex topics into manageable bites.
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When you apply an automobile dealership, they will compare the application with lenders within their network to determine if they are a good fit. You may also apply for financing yourself through an institution like a credit union, bank or online lender. If you feel that it is more convenient or want to take advantage of an incentive they are offering There are steps you can take to ensure you receive the best price on an auto loan. 4 ways to save when financing your car through a dealership Shopping for a new vehicle can be stressful, and competitive terms could be a challenge if you are strapped for time. Fortunately, there are ways to save when financing your vehicle through an auto dealer. 1. A higher down payment loans that have low rates of interest generally go to those with good or excellent credit. But that’s not the only way to secure a great deal. It is also possible to offer to lower the risk the lender will take through financing the vehicle on your behalf. In addition, you’ll save on interest over the life of the loan as you’ll be financing a lesser amount. 2. Shop the out-the-door price Some car salespeople concentrate on the monthly payment rather than the price of purchase when convincing customers to take advantage of the bargain. But here’s the problem If you pay a monthly amount that is low, it could mean you be granted a longer loan duration and that the lender has a few years to collect interest until you settle the loan off in advance. So, you want to be aware of this. 3. Prepare to walk away Even if you fall in love with a vehicle and you are tempted to buy it, you should be prepared to walk away if numbers aren’t working for you. By sticking to what you can afford, you may be pleasantly surprised to discover that the dealer will be willing to go back to the drawing board in order to negotiate get a better deal. 4. Use lender quotations to bargain if you were with a better rate through your bank, credit union, or online lender The dealer may offer to match the rate. In some cases they might offer a slightly lower rate to gain your business. When to skip dealership financing While it’s convenient, isn’t always the best option. If you’ve got bad credit or a high ratio of debt to income, you’re more likely to secure financing loan from a credit union, or bank rather than dealer-arranged financing. Or maybe you are in a dealership and they are unable to match an offer you got by your lender. In this situation, it’s wise to avoid financing at the dealership to save money, regardless of whether the dealership offering a lower monthly payment. Be aware that you’ll pay more interest if they extend the loan for a long time. Another reason to shop around to get an loan is a shrewd dealer. Although it’s essential to make the sale and secure your financing to achieve your the goals they set, they should be willing to offer you some time to receive an interest rate estimate at your banking institution. If they’re not willing to give you this option This is your signal to go on. Next steps A car purchase is a major purchase, and you want to take all the proper steps to secure the best deal on financing. It is possible to save money if you opt to get an loan from a dealership. However, certain circumstances may call for you to look elsewhere. In the ideal scenario, you’ll get an auto loan with a low-interest fee, no fees, and a monthly installment that works for your budget, regardless of the route you choose to get financing. Find out more
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Written by
Allison Martin’s work began over 10 years prior to that as a digital content strategist, and she’s since been published in several leading financial 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 from late 2021. They are dedicated to helping readers gain confidence to manage their finances with precise, well-researched and well-documented facts that break down complex subjects into digestible pieces.
Auto loans editor
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