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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 financial calculators and interactive tools that provide objective and original content. This allows you to conduct research and compare information for free – so that you can make financial decisions with confidence. 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 deals that are displayed on this website are provided by companies who pay us. This compensation could affect how and where products appear on this site, including for instance, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offers that may be accessible to you.
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2 minutes read. Published 16 September 2022
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital content strategist, and she’s since been featured in a variety of top financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing precise, well-researched and well-documented information that breaks down complex topics into manageable bites.
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If you make an application at a dealership, they will shop your application to lenders in their network to find a fit. You may also apply for financing yourself through an institution like a credit union, bank or online lender. If you decide that is easier or prefer to take advantage of the incentives they provide you, there are steps that you can follow to ensure you receive the best price on an auto loan. There are four ways to save money when financing your car through a dealership Shopping for a new automobile can be stressful and with competitive terms are difficult when you’re strapped for time. Fortunately, there are ways to save money when financing your vehicle through an auto dealer. 1. The best way to get a down payment is through auto loans with low interest rates typically go to car shoppers who have excellent or good credit. But, it’s not the only option to get a good deal. You can also offer a to minimize the risk the lender will be taking through financing the vehicle for you. Plus, you will reduce the amount of interest you pay over the life of the loan as you’ll be financing a lower amount. 2. Check out the prices at the exit car salespeople concentrate on the monthly installment instead of the purchase price when trying to convince buyers to sign the bargain. But here’s the problem If you pay a monthly amount that is low, it likely means that you will get an extended loan term and that the lender has a few years to collect interest from you unless you pay the loan early. So, you want to be aware of this. 3. Be prepared to walk away when you are in love with a vehicle, you must be willing to walk away if the numbers don’t quite work for you. If you stick to what you can afford, you may also find that the dealer is open to returning to the drawing table to make get a better deal. 4. Make use of lender quotes to negotiate if you had a lower rate from your bank, credit union, or online lender and the lender might be willing to match the rate. And in some instances, they will offer you the same rate but at a lower price to win your business. The best time to stay clear of dealer financing Even if it is practical, it’s not always the best option. If you’ve got bad credit or a high ratio of debt to income, you’re more likely to qualify loan from a credit union, or bank than with dealer-arranged financing. Or maybe you are at the dealer, but they’re not able to match an offer you received by your lender. In that situation, it’s wise to avoid financing at the dealership to save money, however, even when the seller providing a lower payment per month. Keep in mind that you’ll be paying more interest if they stretch the loan over an extended period. Another reason to shop around for an loan is a shrewd dealer. While it’s important that they make the sale and ensure that you have the financing in place to meet objectives, they must also be willing to allow you some time to get a rate quote from your bank. If they’re unable to give you this option it’s a signal to go on. Next steps A car purchase is a major purchase, and you want to make sure you take the appropriate steps to secure the best price on financing. You can save money when you choose to take out an loan from a dealership. Still, some circumstances would necessitate you to search elsewhere. In the ideal scenario, you’ll take out an auto loan that has a low interest rate, minimal fees and a monthly installment that fits your budget, regardless of the method you choose to get financing. Learn more
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Written by
Allison Martin’s career began more than 10 years prior to that as a digital content strategist. Since then, she’s been published in several leading financial outlets such as 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 confidence to manage their finances with precise, well-researched and well-documented facts that break down otherwise complex subjects into digestible pieces.
Auto loans editor
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