Taking a Loan from the Dealership vs. the Bank: What’s the Difference?
Financing your automotive purchase can be confusing, especially with so many options available to you. Understand the pros and cons of taking a loan from a dealership versus your local bank and give yourself confidence while you shop. Loans from Dealerships There are multiple reasons why you might prefer a dealership loan over bank financing, including:
- Easy to apply, just fill out a simple online form
- Financing available for bad credit
- Multiple financers compete for your business
- Potential for financing incentives
- Negotiable down payments
It’s good to talk to your dealer before applying for financing since each store likely has works with different finance partners. Loans from Banks Getting a loan from your bank can be much more challenging if you have less than perfect credit, but there are some plusses too, including:
- Pre-existing relationship
- Set interest rates
- Potential for flexible payment schedules
To learn more about the financing options available to you contact a finance specialist at Beau Townsend Nissan in Vandalia, OH.