Financing through dealer
09-25-2008, 01:56 PM
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Financing through dealer
I've never financed a car through the dealer. What should I be worried about if I decide to go this route? I figured that since this was the Money section it would be more appropriate here than other sections. Thanks in advance
09-25-2008, 02:24 PM
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Why not? Sometimes dealers have the best rates (e.g. if they have special financing like 1.9% or whatever). I say get quotes from a couple of places you trust and then go to the dealership and have them try and beat them. There are pretty strict regulations on car loans so they really can't screw you....the loan papers are alll standard.
09-25-2008, 03:30 PM
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Originally Posted by detonator2x,Sep 25 2008, 04:35 PM
True. Theres a couple credit unions I'm going to check out too. I guess it's good to shop around with loans too...
09-25-2008, 05:05 PM
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I would shop around at a few credit unions and then see what the dealer can offer you. Honda was offering 1.9% when I bought my civic and no credit union can match that so getting financing through honda through the dealer was a great thing for me. When I got my S2000, I went through a local credit union and got a rate the dealer said they couldn't get close to matching so it really varies. It's probably worth spending a little time doing some research before you start looking.
09-26-2008, 07:37 AM
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Well, I'm not getting a brand new one so I doubt I'll be getting 1.9 anywhere. I wonder if there are any other places I'm not thinking of. Thanks for the replies
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09-26-2008, 07:52 AM
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I'm in the car business. Credit unions have the best rates almost always (as long as the credits good). But a dealer would want to do what they can to secure a loan for you, so check the CU's first and then compare them at the dealership. Also if you can, check your credit, or have a CU check it and see if they can tell you your credit score. That will help you know around what "credit score tier" you'll be around.
09-26-2008, 09:51 AM
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Originally Posted by CrazyCracker82,Sep 26 2008, 07:52 AM
I'm in the car business. Credit unions have the best rates almost always (as long as the credits good). But a dealer would want to do what they can to secure a loan for you, so check the CU's first and then compare them at the dealership. Also if you can, check your credit, or have a CU check it and see if they can tell you your credit score. That will help you know around what "credit score tier" you'll be around.
09-26-2008, 11:20 AM
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credit score just helps you know what interest rates correspond to your score level.
If you don't run your credit and you just apply for an auto loan at a CU then at least you'll know a "round-about" area that a dealer would be at, and hey if a dealer can't match the rate then you have the CU to fall back on
If you don't run your credit and you just apply for an auto loan at a CU then at least you'll know a "round-about" area that a dealer would be at, and hey if a dealer can't match the rate then you have the CU to fall back on