Why You Should Consider Financing a Car through the Dealership
Friday, July 13, 2018, 6:00 PM | Leave Comment
You may have heard many negatives regarding dealership loans and may believe that they are only put together by shady representatives who are trying to swindle you out of thousands of dollars.
However, when you are at a reputable lot and working with someone you trust, these loans can actually have many perks.
Check out five obvious ones here.
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Dealerships Can Access Dozens of Loan Options
If you are shopping for your own car loan, you may go to one or two banks or credit unions in your town and make a quick search online. This may arm you with three or four offers that you can take to the car dealership.
However, the dealership can often access dozens of loan options from numerous institutions with a few clicks of the computer mouse. Therefore, you may be able to find better rates here than you could on your own.
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Dealerships Often Offer Special Deals
Many dealerships offer special financing, add-ons or deals if you choose their in-house loans.
As long as you read and approve of the fine print, this could save you thousands overall on your loan, making this type of loan particularly good for new cars.
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Dealerships May Approve Extended Terms
Banks and credit unions typically offer only four or five-year car loans. However, a dealership can often offer you loans with longer terms, making this a good option if you do not have much money to put into your car payment each month.
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Dealership Loans Are Convenient
The most obvious reason to choose a car loan from the dealership is the sheer convenience of the situation.
No matter how well-prepared you are, a search around town or around the Internet can leave you confused, stressed and frazzled.
When you choose a dealership loan, you will most likely simply have to sit in a plush chair and wait while the loan technician does all the hard for you.
Be sure to read all of the terms and ask any questions you have before signing on the dotted line.
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Dealership Loans Can Be Refinanced
If you are no longer happy with the terms of your dealership loan a few months or years into the terms, you can refinance it much as you could with any other type of car loan.
Once the loan is in place, you can treat it like nearly any other car loan that you would get from any other company.
Dealership loans may not always be the best option, but if you approach them with careful thought, they can work out well for you.
Be sure that the dealership is offering you loan terms that are the same as or better than anything you have run across yourself online or at your own bank.
However, as long as you stay in charge of the situation, you can make a dealership loan work out incredibly well for you as you enjoy your new ride.
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