When car loan shopping for a new or used car, many West Windsor drivers may find themselves wondering whether to turn to a dealership or a bank for an auto loan. But, which is the best place to get auto financing? There's no right or wrong answer, and it all depends on which option works best for your current situation. Let the finance team at Jaguar Princeton show you the difference between bank financing and dealership financing, so you can decide which is the best place to get a car loan.
Getting a Car Loan From a Dealership
Where's the best place to get a car loan in Edison when shopping for a car? Sometimes, the best option is to choose the dealership from which you're getting your car. Some of the perks of choosing a dealership when car loan shopping include:
- Can help you determine if leasing or buying is right for you
- Work with many different lenders to get you the best rates
- Easy to apply for financing
- Options for those with subprime credit
- Financing incentives
- Possible negotiation for a down payment
Getting a Car Loan From a Bank
If you're unsure about where to get a car loan near Franklin Township, then consider going to a bank as this is a common option. Having subprime credit may result in you having a harder time getting a loan with a bank, so speak with your dealership before applying with a bank to see if it's a good idea for you. There are some benefits of getting a loan from a bank include:
- Usually set interest rates
- Flexible payment schedule options
- Already-existing relationship with the bank
How In-House Financing Compares to Bank & Credit Financing
When trying to decide the best place to get auto financing, it's important to know about in-house financing and understand how it works. In-house financing is offered by a dealership, but you can also choose from bank financing and credit union financing. Here's how the different finance methods differ:
- Bank Financing: When you apply for financing, the dealership usually sends that application out to different lenders so that they can see which lender can offer the best deals. So, the dealership isn't providing the financing even though you apply at the dealership.
- In House Financing: This is provided by a dealership directly, meaning no approval is needed from a lender. It usually has higher interest rates but can be appealing to drivers with poor credit.
- Credit Union Financing: Belonging to a credit union and applying for a loan through there can save you money.
For more questions about auto financing and where to start, reach out to our finance center at Jaguar Princeton in Princeton or online.
Finance Your Car at Jaguar Princeton
One of the best places to get a car loan in the Montgomery area is right here at Jaguar Princeton. Contact us at Jaguar Princeton to get the process started.