Which Car Loan is Best – Dealership or Bank?
Whether you’re searching for a new or used car in the Charleston area, it’s likely that you’ll take advantage of car financing. However, it’s important to do your research before you sign papers at the dealership so you can ensure that you get the best interest rates and lowest monthly payment available. Find out whether financing through the dealership or through a bank or credit union is best for you, then rely on the Land Rover Charleston finance department to walk you through the process!
How to Find the Lowest Rate
There’s no surefire way to tell whether your dealer will offer a lower interest rate than your bank; in many cases, dealer financing is actually the same as bank financing. The dealer simply goes to the bank and does the legwork for you. However, it can be beneficial to go to your bank before choosing your vehicle so you can find out their rate first. Then, you can compare that to your dealer’s and see if your dealer can match the rate if the bank’s is lower.
- Pros: Automakers will occasionally have promotions where they offer very low interest rates on new cars, which a typical bank wouldn’t do. Dealers will also “shop around” so to speak, and will find the best bank rate in the area.
- Cons: Dealer financing is a common option because it offers the simplest route to buyers – they can choose and finance without leaving the dealership. However, it’s important to ensure that your dealership isn’t marking up the bank’s rates in order to make money.
- Pros: The main advantage of car financing through a bank is that they won’t mark up interest rates as some dealers might. Because of this there’s no middleman, so rates could potentially be better.
- Cons: You can negotiate interest rates with your dealer, but banks will typically offer just one rate. They also won’t shop your credit around to lenders like dealers do.
Rely on Land Rover Charleston for All Things Finance
Whatever financing route you choose, you can count on our experienced finance department to help you through every step of the way. Contact us for more information on how car financing works or how to refinance a car loan, and make your way to our Charleston dealership to browse our new vehicle inventory in person!
More From Land Rover Charleston
The 2020 Land Rover Discovery is now available in authorized Land Rover dealerships everywhere, and this versatile and rugged luxury SUV can deliver the features and power you’re looking for, with four different configurations to choose from. Explore the Land Rover Discovery prices, trim levels, and features at Land Rover Charleston to find out which configuration to take…
What are the 2020 Land Rover Range Rover Velar price points? As the second-most affordable luxury SUV in the Range Rover family, this model is a great choice for fans of the Land Rover brand in Huntington and Parkersburg. Explore Range Rover Velar costs over the four offered trim levels, and find out which configuration…
The Range Rover Evoque has been redesigned for 2020 and this comes with more fuel efficiencies than ever. Explore the 2020 Range Rover Evoque fuel economy ratings below, then contact Land Rover Charleston near Parkersburg to learn more about the latest features on this compact luxury SUV or to schedule a test drive! New Inventory Contact Us…