What is the Best Place to Get Auto Financing?

Car-buying paperwork

If you’re car loan shopping, should you head to the bank or the dealership? The answer isn’t so clear cut. In this guide, we discuss the best places to get auto financing around Cincinnati. Whether you lean toward in-house financing or a credit union, Joe Morgan Honda is here to walk you through the best places to get a car loan. Let’s get started!



Basics of Car Loan Shopping

If you’re buying a car for the first time in Middletown, you might wonder where to get a car loan in the first place. There are two common options:

  • The dealership where you’re purchasing your vehicle
  • A bank or other lending institution like a credit union

Which is the best place to get a car loan? That depends on what matters the most to you.

Why Get a Car Loan from a Dealership?

For many Lebanon drivers, a dealership is the best place to get auto financing for its flexibility and convenience. You can easily go car shopping and car loan shopping at the same time, so there’s no need to make multiple trips just to secure the car and financing that you want. Here are some of the benefits:

  • Dealerships are well-equipped to answer your car financing questions, like whether leasing or financing is right for you.
  • Dealerships work with multiple lenders to help you find the absolute best rates possible.
  • You only need to fill out one application to get access to a variety of lenders.
  • Since many lenders compete for your business, you can often negotiate an even better rate.
  • Many dealerships are more flexible and more willing to work with those with zero credit or bad credit.
  • You can easily negotiate your down payment.

Why Get a Car Loan from a Bank?

What benefits does a bank offer that a dealership doesn’t? If you already have a good relationship with your bank, it may be more convenient for you to do all of your financing in one place.

  • Banks often have set interest rates.
  • Banks can set up a flexible payment schedule.
  • For those who have a long relationship with their bank, financing with a bank offers familiarity that a brand new dealership does not

What’s the drawback? Banks tend to be more difficult places to secure financing if you don’t have great credit to begin. So, consider your credit score when determining where to get a car loan.

What are My Other Auto Financing Options?

There are a few other specialized terms that are good to know before you start the financing process. Here are just a few:

  • Bank Financing: A dealership will send your finance application to multiple lenders to get the best rate, so they aren’t providing the financing themselves. If you have bank financing, you can utilize this instead.
  • In-House Financing:”Buy-here-pay-here” or in-house financing is offered directly to the dealership, which means there’s no middleman involved. This can be a huge asset to those with no credit, but higher interest rates are likely.
  • Credit Union Financing: Do you belong to a credit union instead of a bank? Many credit unions also offer auto loan financing, so consider researching your options.

Find Affordable Financing with Joe Morgan Honda

Still have questions about where to get a car loan? Find the best place to get auto financing for your unique needs and budget with help from Joe Morgan Honda. Our finance center can help you with any questions, and we’d be happy to walk you through every step of the process, so contact us today.

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