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

When you are shopping for a new car in the O’Fallon area, you want to be sure that you are getting a great deal. You may have questions like, “Where is the best place to get a car loan?” Auffenberg Dealer Group would be glad to discuss your options when looking for a car loan that doesn’t break the bank. Apply for financing today.

Car Loan Shopping

If you are car loan shopping, you have two main financing choices to select from:

• The dealership where you’re purchasing your vehicle
• Your bank or credit union

Both of these options have their own advantages and disadvantages. Our experts will help you determine what’s best for your driving needs and budget.

Car Loans From a Dealership

Getting a car loan at the dealership, like one of the Auffenberg Dealer Group locations, is often the best option for many Collinsville drivers.

• Dealers will be glad to explain the benefits of leasing vs. buying, so you can make the right financial decision.
• Dealerships work with a variety of lenders to help you secure the most affordable rates possible.
• Applying for financing is simple. You only need to complete one standard form.
• It’s likely that you will get better rates because several lenders are trying to gain your business.
• Some dealerships offer options for drivers with less than perfect credit or that have not established credit.
• The dealership may offer financing incentives.
• It’s possible that you can negotiate your down payment.

Car Loans From Your Bank

When deciding on where to get a car loan, some drivers also consider financing through their bank. Before you apply with your bank, it is smart to talk to the dealership first. Every dealership has different financing partners, giving you more options than you’ll usually have with a bank or credit union.

Keep in mind that if your credit score is not quite where you want it to be, it could be a challenge to get a loan with a bank. The main advantage to getting a car loan from your bank is the pre-existing relationship, but that could also leave a driver to make a choice out of convenience of familiarity that could cost them money in interest rates.

Learn More About Financing with Auffenberg Dealer Group

If you would like to know more about your available financing options, Auffenberg Dealer Group would be glad to answer any questions that you may have. Contact us today for more information.