Although the financial times are not so shiny as in the previous years, with many people losing their jobs, finding themselves with no money to pay their loans and eagerly seeking for debt help, there are some other folks out there that still can afford buying a new house or changing their cars as usual as years ago.
Now the problem that arises from this is whether you should go with a loan directly from the car dealer or request financial information from the bank as well, for a car loan? Which of these options is the most appropriate for you, in terms of interest rates and not only? Of course, it seems that getting a loan directly from the car dealer is the most convenient way for you, but is it the cheapest as well? Do banks offer better car loans than the dealerships?
Commodity is most of the times paid, and this is exactly what you receive when dealing directly with the car selling company, if you want them to finance your acquisition. You will get some high interest rates if you decide to get a loan directly from the dealership so why don’t you take a look on the offers available online?
On the other hand, if you go to a bank for a car loan you will find yourself in the position of closing a contract for a secured loan – this is exactly the main reason why you are getting much lower interest rates from the bank rather from the dealership. If you are really in search for some money savings then bank car loans would definitely be the best choice.
Another great advantage when dealing directly with the bank is the fact that they offer more options when trying to get a car loan: time for returning the money and interest may vary, interest rate may vary as well depending on your history and/or income and so on. But is bank the perfect choice when running for a car loan?
In terms of lost time and convenience, banks can be both stressful and time consuming while when dealing directly with the dealership you get exactly what you want (for higher fees of course) in a shorter amount of time, with less running.
All in the end, deciding whether you should finance your car purchase through bank or dealership only depends on the amount of time you have at your disposal and last, but not least, the pay check you receive each month – whether if it allows you to go with the more expensive option or not.