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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 mission is to assist you make better financial choices by offering you financial calculators and tools that are interactive as well as publishing original and objective content. We also allow you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that pay us. This compensation can affect the way and where products are displayed on this website, for example such things as the sequence in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other products that lend money to homeowners. But this compensation does affect the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you.

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2 min read Published 16th September, 2022

Written by Allison Martin Written by

Allison Martin’s career began more than 10 years ago as a digital content strategist, and she’s since been featured in a variety of top financial publications, 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 writing and editing for Bankrate since late 2021. They are dedicated to helping their readers to take control of their finances through providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.

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If you make an application at a dealership, they will compare the application with lenders within their network to find a that matches. You can also get financing on your own through a bank, credit union or online lender. If you feel that it is more convenient , or you want to avail incentives they offer you, there are steps that you can follow to ensure you receive the best price on an auto loan. Four ways to save money when financing your car through the dealership new automobile can be stressful and competitive terms are difficult if you are strapped for time. However, there are ways to save when financing your vehicle through dealerships. 1. A higher down payment loans which have low-interest rates typically go to people who have excellent or good credit. But, it’s not the only way to score a bargain. You could also offer to minimize the risk the lender will take by financing the car. Additionally, you’ll save on interest over the course of the loan as you’ll be financing a smaller amount. 2. Find out the price at the door auto salespeople focus on the monthly payment rather than the price of purchase to persuade customers to take advantage of the bargain. But here’s the problem If you pay a monthly amount that is low, it could mean you be granted a longer loan period as well as the lender will have a long time to collect interest from you unless you pay the loan off early. This is why you should be aware of this. 3. Be ready to walk away even if you fall in love with a vehicle, you must be willing to leave if the numbers aren’t working for you. By sticking to your budget, you could be pleasantly surprised to discover that the dealer is open to returning to the drawing table to make offer you a better deal. 4. Make use of lender quotes to negotiate you could get a better rate from your bank, credit union, or online lender The dealer may be willing to match the rate. In some cases, they will offer you a slightly lower rate to win your business. If you want to avoid dealership financing, do it. Although it may be an option that is convenient, it’s not the best option. If you have bad credit or a high debt-to-income ratio, you’re more likely to qualify with a credit union or bank rather than dealer-arranged financing. Perhaps you’re at the dealer, but they’re not able to match the offer you have received through your lender. If that’s the scenario, it’s wise to avoid financing at the dealership to save money however, even when the seller is offering a lower monthly payment. Remember, you will pay more interest if they extend the loan over an extended period. Another reason to look elsewhere for the loan is a pushy dealer. While it is vital that they make the sale and ensure that you have the financing in place to achieve your objectives, they must also be willing to offer you a little time to obtain an estimate of your rate by your lender. If they’re unable to grant you this request, that’s your sign to go on. Next steps A car purchase is an investment of a significant amount that requires you to follow the right steps to obtain the most favorable deal on financing. It is possible to save money when you choose to get the loan at the dealership. Still, some circumstances would call for you to look elsewhere. In the ideal scenario, you’ll find an auto loan with a low interest rate, low fees and a monthly installment that fits your budget, no matter the route you choose to secure financing. Find out more

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Written by

Allison Martin’s career began more than 10 years ago as a digital content strategist. Since then, she’s been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances with clear, well-researched data that breaks otherwise complex subjects into digestible pieces.

Auto loans editor

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