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How to save cash on car loans financed through a dealership Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing original and objective content. We also allow users to conduct research and compare data at no cost - so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this site, including, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage and home equity products, as well as other products that lend money to homeowners. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not include the universe of companies or financial deals that could be accessible to you.



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2 minutes read. Published 16 September 2022
Written by Allison Martin Written by

Allison Martin's work began over 10 years prior to that as a digital content strategist. She's been published in numerous prestigious financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers feel confident to manage their finances with concise, well-researched, and clear data that breaks complicated topics into bite-sized pieces.









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When you apply at a dealership, they will shop the application with lenders within their network to determine if they are a good that matches. You may also apply for financing yourself through an institution like a credit union, bank or an online lender. If you feel that it is more convenient or want to avail an incentive they are offering, there are actions you can take to ensure that you get the best rate on an auto loan. Four ways to save money on financing your vehicle through a dealership Shopping for a new car can be stressful and with competitive terms could be a challenge when you're short on time. However, there are ways to save when financing your car through an auto dealer. 1. Up the down payment Auto loans with low interest rates generally go to car shoppers who have excellent or good credit. However, that is not the only option to secure a great deal. It is also possible to offer to reduce the risk that the lender will be taking through financing the vehicle on your behalf. Additionally, you'll save on interest over the course of the loan because you'll be financing a lower amount. 2. Find out the price at the door car salespeople concentrate on the monthly installment rather than the price of purchase when convincing buyers to sign the deal. However, here's the issue: A low monthly payment could mean you get an extended loan duration as well as the lender will have a long time to collect interest from you in the event that you don't pay off the loan off in advance. So, you want to be aware of this. 3. Be ready to walk away Even if you fall in love with a car You must be ready to leave if the numbers don't work for you. By sticking to what you can afford, you might even find out that the seller will be willing to go back to the drawing table to make offer you a better deal. 4. Utilize lender quote to help negotiate If you had a lower rate from your bank credit union or an online lender and the lender might be willing to match it. And in some instances, they will offer you an even lower rate in order to gain your business. When to skip dealership financing Although it may be practical, it's not always the most effective option. If you've got bad credit or a high debt-to-income ratio, you're more likely to get a with a credit union or bank rather than dealer-arranged financing. Maybe you're at the dealership, and they're unable to match the offer you have received by your lender. In that situation, it's sensible to skip financing at the dealership to save money, regardless of whether the dealership providing a lower payment per month. Keep in mind that you'll be paying more interest if they stretch the loan over an extended period. Another reason to search elsewhere for a loan is a pushy dealer. While it's important to make the sale and get your loan to meet the goals they set, they should be willing to offer you a little time to obtain an estimate of your rate at your banking institution. If they are unwilling to grant you this request it's a signal to go on. The next step is to purchase a car. is an investment of a significant amount, and you want to follow the right steps to get the best deal on financing. It is possible to save money if you opt to secure the loan from a dealership. Still, some circumstances would call for you to consider other options. Ideally, you want to find an auto loan with a low-interest rate, low fees and a monthly installment that fits your budget, regardless of which route you take to secure financing. Learn more


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Written by

Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been featured in a variety of top financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-researched and well-documented information that breaks down otherwise complex subjects into digestible pieces.






Auto loans editor




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