Bank or Dealership: Best Place to Get Auto Financing?
Car shoppers between Cincinnati and Mason are always looking to get the best deal possible when purchasing a
new
or
used
Mercedes-Benz vehicle. This leaves many people wondering where the best place to get a car loan. If you’re our car loan shopping, the team at Mercedes-Benz of West Chester has your guide to where to get a car loan so you’re fully prepared when you’re ready to purchase our vehicle. Feel free to reach out to our
finance department
if you have any questions. We take pride in making sure your car-buying experience is stress- and hassle-free.
Car Loan Shopping: Where to Get a Car Loan?
Car shoppers wondering about the best place to get auto financing will have two main options:
-
The dealership where you’re purchasing your vehicle
-
A bank or other lending institution like a credit union
Both of these options provide different benefits to car shoppers.
Car Loans From a Dealership
An excellent place to get a car loan is the dealership where you’re buying your vehicle. The benefits of getting a car loan there include:
-
Dealers can help you determine if leasing vs. buying is right for you.
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Dealerships work with multiple lenders to ensure you’re getting the best rate possible.
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Applying is fast and simple. Simply fill out
one form
and get multiple options.
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Multiple lenders are competing for your business, which leads to a stronger rate.
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Some dealerships will offer options even for shoppers who have bad credit.
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The dealership may offer financing incentives.
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You can try to negotiate your down payment when financing with the dealership.
Car Loans From Your Bank
If you choose to visit your local Oxford bank, speak with your dealership before applying. Dealerships often have different financing partners, and if you have less-than-ideal credit, you may struggle with getting approved with a bank. Even so, there are benefits to financing with your local bank:
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You have a pre-existing relationship with them.
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There are often set interest rates.
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You may be able to set a flexible payment schedule.
In House Financing vs. Bank & Credit Union Financing
When car loan shopping around Monroe, there are differences between financing with a bank and dealership that you should know about. With a dealership, they’re offering in-house financing, whereas a bank uses services like Lending Tree or Capital One Auto Loan Navigator. Here’s what you need to know:
-
Bank Financing
: When applying for an auto loan at a car dealership, the dealer will typically send that application out to different lenders to see where they can secure the best rate for you. They are not the ones providing the financing themselves. You have the option of getting things started at home by getting pre-approved for financing online.
-
In House Financing
: In-house financing is financing provided directly by a dealership, so there’s no deal for any approval from a lender. Accordingly, it often entails higher interest rates but is beneficial for car buyers with little to no established credit.
-
Credit Union Financing
: If you belong to a credit union, you can apply for an auto loan there, and you may save money.
Discuss Your Financing Options at Mercedes-Benz of West Chester
If you have any questions about your financing options,
contact our team Mercedes-Benz of West Chester
. We will be happy to address your concerns and walk you through the financing process!