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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 providing you with financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct your own research and compare data at no cost and 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 Make money The products that appear on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as such things as the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other products that lend money to homeowners. However, this compensation will have no impact on the content we publish or the reviews you read on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.
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2 min read Published September 16, 2022
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital media strategist. She’s been featured in a variety of top financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complex topics into manageable bites.
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When you apply for at a dealership, they’ll compare your application to lenders in their network to determine if they are a good fit. You can also get financing on your own through the credit union, bank or online lender. If you think that this is more convenient , or you want to take advantage of the incentives they provide you, there are steps you can take to ensure you get the best deal when you take out an auto loan. Four ways to save money on financing your vehicle through an auto dealer Shopping for a new automobile can be stressful and competitive terms are difficult when you’re strapped for time. However, there are ways to save when financing your car with a dealership. 1. Up the down payment Auto loans which have low-interest rates typically go to people who have excellent or good credit. However, that is not the only way to get a good deal. You could also offer to lower the risk the lender will assume by financing the car for you. In addition, you’ll reduce the amount of interest you pay over the course of the loan because you’ll be financing a lower amount. 2. Check out the prices at the exit car salespeople concentrate on the monthly installment in lieu of the cost of buying when trying to convince eager shoppers to seal the deal. However, here’s the issue: A low monthly payment likely means that you will get an extended loan period as well as the lender will have a long time to collect interest unless you pay the loan off early. So, you want to concentrate on avoiding this. 3. Be ready to walk away even If you fall in love with the car, you must be willing to walk away if the numbers don’t quite work for you. If you stay within the budget you have set, you could also find that the dealer is open to returning to the drawing board in order to negotiate get a better deal. 4. Utilize lender quote to help negotiate if you were with a better rate from your bank credit union or an online lender and the lender might be willing to match it. Sometimes, they will offer you an even lower rate in order to earn your business. The best time to stay clear of dealer financing Although it may be an option that is convenient, it’s not the best choice. If you’ve got bad credit or a high debt-to-income ratio, you’re more likely to secure financing through a credit union or bank than with dealer-arranged financing. Or maybe you are in a dealership and they’re unable to match an offer you have received by your lender. In this scenario, it’s recommended to not take advantage of dealership financing to save money, even if the dealer is offering a lower monthly installment. Keep in mind that you’ll be paying more interest if they extend the loan over a longer period. Another reason to search elsewhere for a loan is a shrewd dealer. Although it’s essential that they make the sale and secure your financing to reach your the goals they set, they should be willing to give some time to receive an estimate of your rate by your lender. If they’re not willing to grant you this request it’s a signal to proceed. The next step is to purchase a car. is an investment of a significant amount, and you want to follow the right steps to get the best price on financing. It is possible to save money when you choose to get the loan at the dealership. But, there are certain situations that necessitate you to consider other options. In the ideal scenario, you’ll get an auto loan with a low interest rate, low fees and a monthly payment that fits your budget, regardless of the route you choose to secure financing. Learn more
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Written by
Allison Martin’s work started over 10 years prior to that 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.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-researched and well-documented information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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