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

Buying a new or new-to-you vehicle is an exciting prospect, but where’s the best place to get auto loan financing when shopping for a vehicle? Everyone hopes to get the best deal possible when purchasing a new vehicle, and Mercedes-Benz of Newton is here to help! We’ve created a guide comparing bank vs. car dealership financing options to help you decide where to get a car loan in Newton.

What’s the Best Place to Get a Car Loan?

If you’re wondering the best place to get auto financing for your next Mercedes-Benz, you’ll find you have a couple of options:

• Your bank or credit union
• The dealership where you’re purchasing your vehicle

These options both offer different benefits to Milford shoppers.

Car Dealership Auto Loans

When you look over the benefits, it becomes clear that car dealerships can be one of the best places to get an auto loan.

• Our experienced finance team can help you decide between leasing vs. buying your next vehicle
• You’ll get competitive offers because dealerships work with multiple lenders
• Dealership financing is convenient- only one application gets you multiple offers
• You can better a rate with lenders competing for your business
• Have credit issues? Dealerships can work with you!
• You can often take advantage of financing incentives at a dealership
• You’ll have the option to negotiate things- like your down payment- with a dealership.

Note that you can secure a loan from an auto dealership even if you’re buying a car out of state.

Bank and Credit Union Car Loans

When thinking about where to get a car loan, your first thought may be to go to your local bank or credit union. You do have the benefit of having a pre-existing relationship. However, you’ll find that the multiple lenders a dealership can access can provide you more competitive rates and terms. Benefits of choosing a bank for your auto loan financing include:

• Set interest rates
• Benefits of a pre-existing relationship with your bank
• You might be able to enjoy a flexible payment schedule

Discuss Your Car Loan Shopping Options at Mercedes-Benz of Newton

Have additional questions about the car buying process? Our finance team can help you walk through the buying process and answer all the questions you have along the way. You can contact us to learn more about financing, or start the financing process by applying online!