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

Every shopper between Tri-Cities and Medical Lake wants to get the best deal possible on their next new or pre-owned vehicle. Which makes them wonder where the best to get a car loan is. Below is your guide on where to get a car loan to determine what’s right for your needs and budget. Don’t hesitate to call us if you have any questions.

Car Loan Shopping: Best Place to Get a Car Loan!

Wondering where to get a car loan? You have two options:

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

You’ll find benefits to shopping at both places.

Car Loans From a Dealership

One of the most reliable and top places for car loan shopping is the Spokane dealership where you’re getting the vehicle. 

• Dealers can help you determine if leasing vs. buying is right for you. 
• Dealerships work with multiple lenders to get you the best rates possible. 
• It is easy to apply. You only need to fill out one form to get multiple options. 
• Multiple lenders are competing for your business, which can lead to a better rate.
• Some dealerships offer options for those who have issues with their credit.
• The dealership may offer financing incentives.
• You can negotiate your down payment when financing with the dealership. 

Car Loans from Your Bank

If you’re searching for where to get a car loan, you can also check with your local bank near Spokane Valley. Because dealerships work with numerous lenders, be sure to speak with the finance team at Camp Chevrolet in case they’re one of the lenders they work with. Also, having less-than-perfect credit can hurt your chances of getting auto financing at your local bank.

With that said, there are benefits of car loan shopping at your bank:

• You have a pre-existing relationship with your bank
• There are often set interest rates
• You may be able to set a flexible payment schedule

In-House Financing vs. Bank & Credit Union Financing

As your car loan shopping, it’s essential to know the difference between securing a loan at our Spokane Chevrolet dealership and a lender like a bank or credit union. When you get a loan through us, we offer in-house financing, as well as seeking out other lenders like Lending Tree or Capital One Auto Loan Navigator to help get you the best option. 

Here are things to know when comparing in-house financing vs. bank financing:

• Bank Financing: When you apply for an auto loan at a car dealership, they typically send out your application to more lenders to see who will secure the best rate for you. The dealership doesn’t provide the financing themselves, though. 
• In-House Financing: In-house financing is directly through the dealership, so you don’t need to get a lender’s approval. This often means higher interest rates, which helps those with bad or no credit. 
• Credit Union Financing: If you belong to a credit union, you can apply for an auto loan there, and you may save money. 

Discuss Your Financing Options at Camp Chevrolet Today!

Now that you know where to get a car loan, our team is standing by to help you find the right new or pre-owned vehicle and secure a loan that best fits your budget. Call us today if you have any questions!