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

February 26th, 2019 by

Woman using a calculator on a tableShopping for a new car in Oklahoma City is about more than the vehicle itself: it’s about finding an affordable rate that works with your budget, and helps improve your credit score. If you’ve ever wondered whether it’s better to finance through a bank or a dealership, we can help. Learn the differences and see what makes sense for your next car purchase.

Car Loan Shopping

Starting the car financing process may feel overwhelming at first, but when it comes down to it, you have two main options for car loans:

  • Your local bank
  • The dealership where you’ve found your vehicle

Each route offers unique perks to Mustang shoppers. Let’s compare the differences.

Car Loans From a Dealership

Working directly with your chosen dealership is a convenient choice, and simplifies the hunt for a new car loan. The finance department can walk you through your finance questions, discovering whether leasing vs. buying is the right path for you. After filling out an application, you’ll receive access to a variety of rates and incentives, oftentimes from the manufacturer. You’ll also be able to negotiate your down payment at the dealership and work to value your trade-in for additional savings.

Car Loans From Your Bank

You can also get a car loan from your preferred bank, though it will require some additional steps. Banks are less willing to work with those with less than stellar credit, meaning your rates will be less competitive. Dealerships partner with may lenders who compete for your business, but banks operate differently. The biggest benefits to financing with a bank are:

  • Possible flexibility in payment schedules
  • Set interest rates
  • Taking advantage of your pre-existing relationship and track record at the bank

Discuss Your Financing Options at Westpointe Chrysler Jeep Dodge

If you’re unsure of where to get an auto loan near El Reno, or have questions about the process, reach out to the finance team at Westpointe Chrysler Jeep Dodge. We’re here to help you make a smart, informed decision, and want you to make a purchase you feel good about. We can’t wait to work with you! We can also help with repair financing.

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