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What’s the Best Place to Get Auto Financing: Bank or Dealership?

Lynn drivers know that car loan shopping can take as much time and research as finding the right vehicle and dealership. After all, the best place to get a car loan often varies for each person as they shop around Burlington, especially since comparing buying vs. leasing is also a crucial step to finding the deal that fits their budget. If you’ve decided to take ownership of your next Honda without any limitations, read on with the Honda North specialists to look more closely at the whole process.

Where to Get a Car Loan: Bank

It’s not uncommon for drivers to want to trust their Lawrence bank with their auto loan, as having a great rapport and history with your lender can take away some of that lingering stress from applying. We recommend speaking with your dealership before applying to your bank because your dealership has different financing partners, which will give you multiple options to choose from. If you happen to have less-than-ideal credit, a bank may not be the best place to get auto financing. However, there are other benefits of going through your financial institution:

  • There are often set interest rates
  • If you need a flexible payment schedule a bank might be the best place to get auto financing.

Car Loan Shopping Through Your Dealership

If you opt for the dealership for where to get a car loan on your next ride, you’ll have access to a streamlined convenience that you can’t get anywhere else. You’ll also have the following perks:

  • As mentioned above, dealerships work with a variety of lenders to get you the best rates possible. In many cases they simply do the car loan shopping for you.
  • You may be able to negotiate your down payment when financing with the dealership.
  • When they help you with the process you’ll have multiple lenders competing for your business, which can lead to a better rate.
  • When applying for financing at a dealership, you only need one form to get multiple lenders, making the entire process simpler and faster.
  • When you work with your dealership, they can help parse out which new or used vehicles fit your driving style and which will be the best investment for your future.
  • Many dealerships are also more willing to offer options for those with credit issues like a history of bankruptcy, no credit, or bad credit. For instance, you may be interested in what guaranteed financing means for your next purchase.
  • You may have access to exclusive financing incentives through your dealership as well!

Your Honda North Financing Specialists

Discover with our Danvers team why so many drivers are turning to Honda North for their financing needs, and get started on your next Honda adventure today!  Check out more helpful features to make the right purchase with our used vs.CPO comparison, or contact us for any more financing questions you may have such as finding a good interest car loan rate. Learn more about how to seal the deal on your next ride with our guide on how to sell your used car to our dealership.

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