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11 answers

The dealership goes through a bank. They just make the calls for you. They may even ask you if there's a particular bank you want to go through.

To do it yourself, first you would visit the dealership, talk about the price with the dealer, and when you get to a price you want, tell him you're interested and then bring all the info to your bank (i.e. price, make, model, year, color, vin#, etc.) The dealership should be able to give you a print out of all of this information.

I would just go through the dealership. They can take care of it in minutes.

2007-02-07 06:28:38 · answer #1 · answered by Anonymous · 1 1

It's very similar to getting a loan from a dealership, but with a bank or credit union you have to apply for a loan BEFORE you go out car shopping. Actually, it's not a bad deal -- that way you know how much car you can afford before you go looking, and the folks at the dealership always try to get you to buy the more expensive car, which you probably can't afford. But if you walk in and tell them you already have a loan and this is how much you can spend, they'll be a lot better about directing you to cars that fit within your budget.

2007-02-07 06:29:29 · answer #2 · answered by sarge927 7 · 1 0

1

2016-09-26 15:55:11 · answer #3 · answered by Burton 3 · 0 0

My experience has been that you just call your bank when you find a car you want. Let them know all the information and they will hopefully approve the loan. Of course, this is a great option if you are going through a bank that is familiar with you and has had you as a customer for awhile. You will need to go by the bank and sign the papers. Once approved, you simply make your payments to the bank. You could also get pre-approved for a loan before you start looking. That way you would know what price range to look in and what you can afford.

2007-02-07 06:31:35 · answer #4 · answered by LHA 3 · 1 0

All the finance officer from the dealership does is set you up with the financing. You can choose to use your own financing. You just have to do a little leg work and contact the bank yourself or you can also request that the dealership contact a certain finance source. The main thing that may happen is that they may not get some incentives and/or kick backs from the ones they would normally go through.

2007-02-07 06:36:00 · answer #5 · answered by smoothie 5 · 0 0

Basically its the same thing, but if you deal with the bank your self you may get a better int rest rate. A "buy here pay here dealership" is very expensive because the dealership is financing you with there own bank. but an "a lot" that deals with the banks out side is OK.

2007-02-07 06:35:19 · answer #6 · answered by ? 2 · 0 0

The bank pays the dealer for the car and holds the ownership papers (legal owner and you're the registered owner) and you pay the bank until the loan is paid off. Banks charge a LOT less in interest than car dealers. Let me say that again. BANKS CHARGE LESS in interest than dealers.

When dealers finance they actually use a bank so you're financing the car through THEIR bank and paying their interest rates which can run as high as 19%.

Unless your credit really sucks, you can get a car loan from your bank or credit union for 6% (or less), but definately less than dealerships charge.

2007-02-07 06:34:22 · answer #7 · answered by Sarge1572 5 · 0 0

It's the same exact thing, except you have to do all the foot work if you get a loan from your own bank, but the dealership does all that BS for you if you get a loan through them.

2007-02-07 06:33:30 · answer #8 · answered by Anonymous · 0 0

It's the exact same thing in theory. the only thing that changes is the address where you send the check to.

Whenever you're paying a dealership directly is when you purchased your vehicle in a "Buy Here Pay Here" dealership, and if that's the case there interest rates there may be higher.

In functionality, there is NO difference.

2007-02-07 06:35:03 · answer #9 · answered by rob1963man 5 · 0 0

if the bank qualifies you it's usually at a lower interest rate and some times you have longer to pay the loan off... I personally think it's a better option

2007-02-07 06:28:42 · answer #10 · answered by B-E-B 3 · 0 0

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