What's the Best Place to Get Auto Financing?

No matter what you’re shopping for, getting a good deal is a great perk. When it comes to a sizable investment like buying a car, understanding where to get a car loan is crucial. This leaves one question: Where is the best place to get a car loan? Below, the Bill Luke Chrysler Jeep Dodge Ram finance team will examine this question to help you score a great deal on your South Phoenix automotive upgrade!

Best Place to Get a Car Loan: Shop Around

If you’re curious about the best place to get a car loan, you have two main options when car loan shopping:

• The same dealership where you’re buying your vehicle
• A bank or another lending institution like a credit union

When finding out where to get a car loan, both of these options can offer pros and cons depending on your personal circumstances. The best place to get auto financing often depends on your individual situation, so working with our team while car loan shopping is the ideal way to make an informed decision. 

Car Loan Shopping: Car Loans from a Dealership

Often, the dealership where you’re shopping can be the best place to secure financing. Benefits of indulging in this option with us in Phoenix include:

• Our team can help you determine if leasing or buying is right for you. 
• We have long-standing relationships with a variety of lenders, making it easy for us to offer competitive rates. 
• You can apply for financing quickly on our site. 
• We can offer greater flexibility as compared to banks when it comes to financing. 
• We offer strong financing specials to help you save.

Car Loan Shopping: Car Loans from Your Bank

While working directly with the dealership is great for many Glendale drivers, a bank loan is a strong option for others. If you’re considering a bank loan for your next car, you may be able to benefit from the following perks:

• You can rely on your pre-existing relationship with your bank to get a good deal. 
• Fixed interest rates. 
• You may be able to establish a flexible repayment schedule. 

In House Financing vs. Bank & Credit Union Financing

As you narrow down your top automotive choice, you’ll want to consider your options when it comes to a lender. It’s important to differentiate between financing through a bank on behalf of the dealership, financing directly from the dealership, and working directly with a bank. Here’s what you should keep in mind:

• Bank Financing: When you seek a loan at a dealership, they’ll often send the application out to different banks to help you secure a strong deal. Rather than actually offering the financing, the dealership leverages its relationship with various lenders to bring in a good rate. You can also work directly with a lender before heading to the dealership. 
• In House Financing: Sometimes called “buy-here-pay-here” financing, this is when the dealer is directly responsible for financing your loan. While this can sometimes bring higher interest rates, it offers greater opportunities for drivers who are working on their credit. 
• Credit Union Financing: If you’re a member of a credit union, you can often save money by financing with that institution.

Discuss Your Financing Options at Bill Luke Chrysler Jeep Dodge Ram

Now that you know where to get a car loan, you can make a prudent investment in your automotive future. If you’re still not sure about the best place to get auto financing, contact our team today! We’re always here to help you through every phase of your ownership journey.