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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 decisions by offering you financial calculators and interactive tools as well as publishing original and objective content. This allows users to conduct research and compare information for free to help you make financial decisions with confidence. 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 offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products appear on the site, such as such things as the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage and home equity products, as well as other products for home loans. However, this compensation will not influence the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that could be available to you.
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2 min read Published 16th September, 2022
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since been published in several leading financial publications, including 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 from late 2021. They are passionate about helping readers to manage their finances by providing clear, well-researched facts that break down complicated topics into bite-sized pieces.
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When you apply for an automobile dealership, they’ll compare the application with lenders within their network to determine if they are a good match. You can also get financing on your own through an institution like a credit union, bank or an online lender. If you feel that it is easier or prefer to take advantage of an incentive they are offering, there are actions you can take to ensure that you get the best rate on an auto loan. 4 ways to save when financing your car with an auto dealer Shopping for a new car can be stressful and competitive terms could be a challenge if you are strapped for time. However, there are ways to save when financing your vehicle through a dealership. 1. The best way to get a down payment is through auto loans with low interest rates generally go to people with good or excellent credit. But that’s not the only way to get a good deal. You can also offer a to reduce the risk that the lender will assume by financing the car on your behalf. Additionally, you’ll save on interest over the life of the loan as you’ll be financing a lower amount. 2. Find out the price at the door auto salespeople focus on the monthly installment instead of the purchase price when convincing buyers to sign the deal. However, here’s the issue The fact that a low monthly payment is likely to mean that you receive an extended loan term as well as the lender has a few years to collect interest from you in the event that you don’t pay off the loan off in advance. This is why you should concentrate on avoiding this. 3. Be prepared to walk away even If you fall in love with a vehicle You must be ready to walk away if numbers aren’t working for you. If you stay within what you can afford, you might also find that the dealer will be willing to go back to the drawing board in order to negotiate a better deal with you. 4. Use 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 might offer an even lower rate in order to win your business. When to skip dealership financing Although it may be an option that is convenient, it’s not the best choice. If you have bad credit or a high debt-to-income ratio, it’s more likely to secure financing through a credit union or bank, rather than dealer-arranged financing. Perhaps you’re in a dealership and they’re not able to match the offer you received by your lender. If that’s the situation, it’s recommended to not take advantage of financing at the dealership to save money, however, even when the seller is providing a lower payment per month. Remember, you will pay more interest if they extend the loan over an extended period. Another reason to search elsewhere for the loan is a shrewd dealer. While it is vital that they make the sale and get your loan to achieve your objectives, they must also be willing to allow you a little time to obtain an interest rate estimate from your bank. If they’re unable to give you this option it’s a signal to proceed. Next steps A car purchase is a major investment that requires you to follow the right steps to secure the best price on financing. It is possible to save money when you choose to get an loan from a dealership. Still, some circumstances would require you to search elsewhere. Ideally, you want to get an auto loan with a low interest fee, no fees, and a monthly payment that fits your budget, no matter which route you take to secure financing. Learn more
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Written by
Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since been featured in a variety of top financial publications 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 since late 2021. They are passionate about helping readers gain the 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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