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

2021 Mazda CX-5 infotainment system

 

If you’re interested in learning about the best place to get a car loan, trust our finance team at Hiley Mazda of Hurst - DFW. We can help you learn where to get a car loan that suits your budget when getting behind the wheel of a model that fits your Fort Worth driving needs. So where is the best place to get a car loan? Try car loan shopping with us at Hiley Mazda of Hurst - DFW. Learn more about car loan shopping and more with our team in the meantime.

Car Loan Shopping

So where is the best place to get auto financing? There are two main options when car loan shopping. These include the dealership where you’re purchasing the vehicle and the bank or other lending institution. Both offer their own unique benefits to shoppers. Explore both options to find the best place to get a car loan.

Car Loans From a Dealership

In short, one of the best places to get auto financing is the dealership where you bought your vehicle. Here are a few perks of getting an auto loan through the dealership:

  • Dealers can help you determine if leasing vs. buying is right for you. 
  • Dealerships work with a variety of lenders to get you the best rates possible. 
  • It is easy to apply. You only need to fill out one form to get multiple options. 
  • Multiple lenders are competing for your business, which can lead to a better rate.
  • Some dealerships offer options for those who have issues with credit.
  • The dealership may offer financing incentives.
  • You may be able to negotiate your down payment when financing with the dealership. 

Car Loans From Your Bank

If you’re thinking about getting a loan through your local Dallas bank, there are plenty of options available there as well. If you speak with your dealership before applying at your bank, you’ll find different financing partners working with the dealership to get you the best plan. If you have less-than-perfect credit, you might have a harder time getting a loan from the bank. When it comes to the perks of financing with a bank, here’s what you’ll enjoy:

  • You have a pre-existing relationship with your bank
  • There are often set interest rates
  • You may be able to set a flexible payment schedule

In House Financing vs. Bank & Credit Union Financing

It’s important when shopping for an auto loan that you differentiate between financing that a dealership can secure through a lenderm in-house financing at the dealership, and financing you seek out yourself by sending out credit applications to different banks or by using a service such as Lending Tree or Capital One Auto Loan Navigator. Here’s what you should know:

  • Bank Financing: When you apply for an auto loan at a car dealership, usually, the dealer sends that application out to different lenders to see where they can secure the best rate for you. In other words, they’re not actually providing the financing themselves. You can also, however, get approved before stepping into the dealer by shopping around for your own financing. 
  • In House Financing: In-house financing, sometimes called “buy-here-pay-here” financing is provided directly by a dealership, so you don’t need to get approval from a lender. Accordingly, it often entails higher interest rates, but is beneficial for car buyers with little to no established credit. 
  • Credit Union Financing: If you belong to a credit union, you can apply for an auto loan there, and you may save money. 

Discuss Your Financing Options at Hiley Mazda of Hurst - DFW

If you’re ready to get pre-approved for an auto loan at our dealership near Hurst, then you can apply for financing online with our team. We’re more than happy to help you find the right model and financing plan for your needs. Contact our team in the meantime with any questions.

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Hiley Mazda of Hurst - DFW 32.8199514, -97.2082537.