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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 smarter financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content. We also allow users to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products are displayed on this site, including, for example, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage or home equity, and also other products that lend money to homeowners. But this compensation does have no impact on the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial offers that may be open to you.
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2 min read Published 16th September, 2022
Written by Allison Martin Written by
Allison Martin’s career started over 10 years ago as a digital content strategist. She’s been published in numerous prestigious financial media outlets, 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 from late 2021. They are dedicated to helping their readers to manage their finances by providing clear, well-researched data that breaks otherwise complex topics into manageable bites.
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When you apply at a dealership, they will shop the application with lenders within their network to find a fit. You can also get financing on your own with a bank, credit union or online lender. If you decide that is more convenient , or you want to benefit from incentives they offer, there are actions that you can follow to ensure you get the best deal for an automobile loan. 4 ways to save on financing your vehicle through an auto dealer Shopping for a new automobile can be stressful and with terms that are competitive could be a challenge when you’re strapped for time. There are many ways to save when financing your car through an auto dealer. 1. Up the down payment Auto loans which have low-interest rates generally go to car shoppers with good or excellent credit. But, it’s not the only option to score a bargain. You could also offer to reduce the risk that the lender will take by financing the car on your behalf. In addition, you’ll reduce the amount of interest you pay over the life of the loan as you’ll be financing a lower amount. 2. Check out the prices at the exit car salespeople focus on the monthly installment rather than the price of purchase when convincing customers to take advantage of the bargain. However, here’s the problem The fact that a low monthly payment could mean you receive an extended loan term and that the lender will have several years to collect interest from you unless you pay the loan off early. Therefore, it is important to focus on the to avoid this. 3. Be ready to walk away even if you fall in love with a vehicle You must be ready to walk away if the numbers don’t work for you. By sticking to what you can afford, you may be pleasantly surprised to discover that the dealer will be willing to go back to the drawing board to offer you a better deal. 4. Utilize lender quotations to bargain if you were with a better rate from your bank credit union, or online lender, the dealer might offer to match the rate. And in some instances, they will offer you a slightly lower rate to win your business. The best time to stay clear of dealer financing While it’s convenient, isn’t always the most effective option. If you have bad credit or a high ratio of debt to income, you’re more likely to secure financing through a credit union or bank than with dealer-arranged financing. Perhaps you’re at the dealer, but they’re unable to match an offer that you got through your lender. In this case, it is also wise to avoid financing at the dealership to save money even if the dealer providing a lower payment per month. Keep in mind that you’ll be paying more interest if they extend the loan over an extended period. Another reason to shop around for the loan is a pushy salesperson. While it is vital that they make the sale and get your loan to achieve your the goals they set, they should be willing to allow you a little time to obtain an estimate of your rate from your bank. If they’re not willing to grant you this request, that’s your sign to proceed. Next steps A car purchase is a major purchase so you must make sure you take the appropriate steps to secure the best price on financing. You can save money by choosing to secure the loan from a dealership. But, there are certain situations that require you to search elsewhere. In the ideal scenario, you’ll take out an auto loan with a low interest rate, low fees and a monthly payment that works for your budget, regardless of the method you choose to get 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. She’s been published in several leading financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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