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Financing With a Bank or Dealership: What's the Difference?

Finance Paperwork with Glasses

 

Every Centerville driver is going to be on the lookout for the best deal possible when purchasing a new vehicle, so you might ask yourself this question: “Where is the best place to get a car loan?”

To help you find the answer, we’re going to dive right in and go through your main options, so read on for everything you need to know.

Where to Get a Car Loan

Before you decide on where to get a car loan, you really need to know all your options. For the vast majority of Centerville drivers, that’s going to mean deciding between:

  • Financing with the dealership where you’re purchasing the vehicle.
  • Financing with a bank or other lending institution.

Both offer their own merits, so all you need to do is explore the advantages of each option and decide which one best suits your needs.

Why Take Your Auto Loan from the Dealership?

Dealerships are often the best place to get auto financing. Just a few reasons why include:

  • They can help you choose between buying and leasing.
  • They can work with a variety of lenders to get you the best possible rates.
  • You only need to fill out one financing form.
  • Some dealerships will offer financing for those with poor credit history or no credit history.
  • Dealerships often offer financing specials.
  • You may be able to negotiate your down payment when financing with a dealership.

Just keep in mind that there’s a difference between in-house financing, which is provided directly by the dealer, and bank financing, where you apply at the dealership and they send your application to different lenders. In-house is less common, but it’s often the best option for anyone with credit history issues.

Why Take Your Auto Loan from a Bank?

Of course, Kettering drivers do have other options, including going through a bank. Benefits of financing with a bank include:

  • Being able to leverage any pre-existing relationship with your bank.
  • Often enjoying set interest rates.
  • Freedom to set up a flexible payment schedule.

Secure the Best Financing Package with Voss Hyundai

The finance team here at Voss Hyundai in Dayton can always help you find the best place to get auto financing. For any further advice or assistance, please don’t hesitate to contact us directly or visit our showroom at a time that suits you.

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