What is the Best Place to Get Auto Financing?

Every Benton driver wants the best deal possible when purchasing a new car, which leaves car loan shoppers pondering, “What is the best place to get auto financing?” Here are the finance specialists at Country Chevrolet of Benton share their thoughts on where to get a car loan around Paducah, and contact us with any questions or to get a quote. We will do everything we can to get you an affordable monthly payment.

Car Loan Shopping

If you are car loan shopping and wondering where to get a car loan, your two main options are as follows:

• The dealership where you’re purchasing your new car or pre-owned vehicle
• A bank or other lending institution

They offer different benefits to car loan shoppers, and the best place to get a car loan depends on your unique situation.

Auto Loans With a Dealership

One of the best places to get auto financing is the car dealership where you purchase your vehicle. See why below:

• A dealership can help you decide if leasing vs. buying is best for your Murray budget.
• Auto dealerships work with various lenders to get the best interest rates. Ask us about our current financing incentives.
• It is quick and easy to apply. At Country Chevrolet of Benton, you can even apply for a loan online!
• Multiple auto lenders compete for your business, meaning a better interest rate.
• Some dealerships offer options for those with poor or no credit.
• You can negotiate your down payment and monthly payment when financing with a dealership.

Car Loans from Your Bank

Speaking with a local Mayfield dealership before applying at a bank is wise because each dealership works with different financing partners. If your credit is less-than-perfect, you will have a harder time getting approved for a loan with a bank. Despite this, there are some benefits to bank financing, including:

• You may have a history with your bank
• They often have set interest rates
• You might be able to get a flexible payment schedule

In-House Financing vs. Bank & Credit Union Financing

When you’re car loan shopping, it’s essential to differentiate between financing through a dealership where they are the broker and help you secure a loan from a bank, in-house dealership financing, and a loan that you seek out yourself by sending out credit applications, such as Lending Tree. These are some things to remember:

• Credit Union Financing: If you have a relationship with a credit union, you can apply for an auto loan with them, and you might save money.
• Bank Financing: When you apply for an auto loan at an auto dealership, the dealership typically sends your application to different lenders to see where they can get the best rate. In other words, they’re acting as a broker and not providing the financing themselves.
• In-House Financing: Some dealerships provide in-house financing directly, so you don’t need approval from a lender. You may have to pay a higher interest rate, but it’s beneficial if you have little to no established credit.

Discuss Your Financing Options at Country Chevrolet of Benton Today

Now that you know where to get a car loan, If you have additional questions about your auto financing options, contact us at Country Chevrolet of Benton. The experts in our finance center are ready to help!