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

happy couple with car dealer in auto show or salon

When you’re shopping for a new vehicle, you want to make sure you have a great experience all around. From easy approvals to favorable rates and terms, finding the best place to get auto financing can make a big impact on the car buying process and your long term budget. You’ve explored the Mercedes-Benz price list and found the right model for your budget, but where is the best place to get a car loan? Today, we’ll dive into that topic and explore what your options are in the Monroe area!

Where to Go Car Loan Shopping

When car loan shopping, you’ll have two main choices for your auto loan needs:

  • A bank
  • The dealership where you’re purchasing your vehicle

Both of these options offer different sets of benefits for Mason shoppers.

Auto Financing With a Dealership

If you’re not sure where to get a car loan, the dealership where you purchase your vehicle is a great place to start. The benefits of financing at a car dealership include:

  • Dealerships have multiple lenders that are competing for your business, which can lead to a better term or rate from one vs. another.
  • You may be able to take advantage of financing incentives.
  • There’s the possibility of negotiating your down payment when financing with the dealership.
  • You only need to fill out one form to get multiple options vs. needing to apply over and over again when shopping banks on your own.
  • Some dealerships work with buyers with low, no, or bad credit.
  • Dealers can help you determine if leasing vs. buying is right for you.
  • Dealers can help with questions like what is a lease buyout and how does trading in a financed car work or about car insurance coverage.

Auto Loans From Your Bank

Another option when car loan shopping is to try your bank. We still recommend speaking with a dealer, as they may be able to secure a better rate, thanks to their network of lenders. Additionally, you may have a harder time getting approval from a bank if you don’t have great credit. Despite this, there are some benefits, including:

  • There are often set interest rates.
  • A pre-existing relationship with your bank could benefit you.
  • You may be able to set a flexible payment schedule.

Explore Your Financing Options at Mercedes-Benz of West Chester

To discuss your financing options further, get in touch with the finance team at Mercedes-Benz of West Chester! We can answer your questions, or work to help you get pre-approved in West Chester!

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5897 Muhlhauser Rd • West Chester, OH 45069

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