Financing With a Bank or Dealership: What’s the Difference? 

Car Loan Shopping

When car loan shopping, you’re probably asking yourself what options you have or where to get a car loan. You’ll need to determine the best place to get auto financing by shopping around for new and used vehicles depending on your preference and whether or not you’re considering auto refinancing. Below are the two most common options of where to get a car loan:

• Your personal bank
• The dealership where you purchased your used or new vehicle

Keep in mind that both options have their own distinct benefits.

Car Loans Through a Dealership

One of the best places to get auto financing is the dealership you purchased your vehicle from. With benefits such as easy applications and financing specials, you won’t be disappointed with the following benefits either. Dealerships can offer the following benefits:

• Determine whether buying or leasing is best for you
• Relationship with lenders to help give you great rates
• Negotiate for better loan terms or down payment options
• If you have poor credit score or no credit score, the dealership is more likely to have options to help you get an auto finance loan

Car Loans Through Your Bank

Whether you’re living in Amery or Minneapolis, you can go to your personal and local bank to get a car loan. If you’re considering going through your bank for an auto loan, you’ll want to contact your dealership first due to their access to various financing partners. Even though banks do not approve those with poor credit as much as those with very good credit, you’ll notice some benefits below. Benefits for getting a car loan from your personal bank includes:

• Personal relationship with your local bank
• Established interest rates
• Monthly payment plans can be highly flexible
• If we have a relationship with that bank we can do everything right here (WICU & RCU for example)

Available Financing Options at Bernard's Chrysler Dodge Jeep Ram

Now that you’re aware of choosing to get a loan from your bank or dealership, what will you choose? If you’re not sure, feel free to contact Bernard's Chrysler Dodge Jeep Ram located near Hudson. Our finance experts are ready and willing to help you answer any questions like and help you discover what is a good interest rate on a car loan and more!