Is betther to get a auto loan from a bank or from the dealer?

Answer 1

It is best to INQUIRE about interest rates with YOUR available lenders BEFORE you go to a dealer.
That way you already know what the HIGHest interest rate that you can get is
More often than not, dealers have many more lender sources than you & can often beat the interest rates that you can acquire on your own.
If the dealer can't meet or beat the rate you get on your own...than that rate is now becomes the LOWest.
And if it is a brand new vehicle or a certified used vehicle at a new car dealers lot....often the manufacturer will subsidize the loan & give superlow interest rates or 0% interest rates.
NONE of your lenders will offer that! (unless, of course, you have a personal loan with a rich relative...LOL )

Answer 2

The answer to this question is not as straight forward as you might think. There are a lot of variables to consider.
- If you qualify for a special promotional rate you can’t beat the dealer. The 0%, 1.9% and so forth rates even beat paying cash as you can make more interest on the money than you are paying as you go along. Same for some cash back deals, they reduce the effective interest rate by taking money out of the cost up front, kind of like reverse points on the loan.
- The dealer will have a lot of choices for you to consider and will be aware of just about all of the lending companies that are around across the nation. Shop with them, check with your bank or credit union and compare with offers through the dealer. You always get a better deal when you shop.
- If you have very poor or no credit, you may be stuck with the loan offer from a dealer. But be aware, many independent used car dealers that provide loans will have very high interest rates and will repossess a car in an instant. A lot get the money they have in the car back with the down payment and the loan is their profit. In this case, keep the loan small and make sure it is easy to pay back. This will help build your credit history and make it easer to get a better loan the next time.
- This is just a start, do your homework and make sure that you are getting the best deal that you can.

Answer 3

Here you can get the best rates on your area: http://www.LOANSVAULT.NET

RE:Is betther to get a auto loan from a bank or from the dealer?

Answer 4

Banks are usually better than Dealers, Credit Unions are better than Banks. Grandad, is the best terms ever!

Answer 5

Depends on interest rates but I think probably your bank, look into how much interest you would have to pay back and if fixed rate. If you can hold off and save up for a second hand car much better in long run and no debt :)

Answer 6

dealers deal directly with hte banks most of the time. you can get a pre approved loan if you like from your own bank so you know how much you have available. then you can haggle with confidence.

Answer 7

Here you can get the best rates on your area: LOANSVAULT.NET

Answer 8

If you have good credit, shop around, and tell each other that you are shopping around, as they usually will compete with each other to get your business.

If you have bad credit, usually the dealer will have better programs to help rebuild it.

Answer 9

Ditto to above. But you have to shop around. Not all banks are better, etc. And I never knew my grand daddy.

Answer 10

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