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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 aim is to help you make better financial decisions by providing you with financial calculators and tools that are interactive, publishing original and objective content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation could affect how and where products are displayed on this site, including, for example, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home lending products. This compensation, however, does affect the content we publish or the reviews appear on this website. We do not cover the universe of companies or financial offerings that could be accessible to you.



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

Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been published in several leading financial media outlets such as 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 since the end of 2021. They are committed to helping readers gain the confidence to manage their finances by providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.









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When you apply at a dealership, they will shop your application with lenders in their network to determine if they are a good fit. You can also arrange financing on your own through a bank, credit union or an online lender. If you think that this is more convenient , or you want to avail the incentives they provide, there are actions that you can follow to ensure that you get the best rate for an automobile loan. There are four ways to save money when financing your car through a dealership Shopping for a new automobile can be stressful and competitive terms could be a challenge when you're short on time. There are many ways to save money when financing your car through an auto dealer. 1. The best way to get a down payment is through 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 get a good deal. You can also offer a to lower the risk the lender will be taking through financing the vehicle on your behalf. Additionally, you'll save on interest over the life of the loan because you'll be financing a smaller amount. 2. Shop the out-the-door price Some car salespeople focus on the monthly payment rather than the price of purchase when convincing buyers to sign the deal. However, here's the problem: A low monthly payment could mean you be granted a longer loan duration as well as the lender has a few years to recover interest unless you pay the loan early. Therefore, it is important to focus on the to avoid this. 3. Be ready to walk away when you are in love with a car, you must be willing to leave if the numbers don't work for you. If you stay within your budget, you may be pleasantly surprised to discover that the dealer is open to returning to the drawing board in order to negotiate get a better deal. 4. Utilize lender quotations to bargain you were with a better rate from your bank credit union or online lender The dealer may offer to match the rate. Sometimes, they will offer you an even lower rate in order to win your business. If you want to avoid dealership financing, do it. While it's practical, it's not always the best option. If you have bad credit or a high ratio of debt to income, you're more likely to secure financing through a credit union or bank, rather than dealer-arranged financing. Maybe you're at the dealership, and they're not able to match the offer you got from your lender. In that case, it is also recommended to not take advantage of financing at the dealership to save money however, even when the seller is offering a lower monthly payment. Keep in mind that you'll be paying more interest if they extend the loan for a long time. Another reason to look elsewhere to get the loan is a pushy salesperson. While it is vital that they make the sale and ensure that you have the financing in place to reach your the goals they set, they should be willing to offer you a little time to receive a rate quote from your bank. If they are unwilling to give you this option, that's your sign to go on. Next steps A car purchase is a major investment, and you want to follow the right steps to secure the best price on financing. You can save money by choosing to secure an loan through the dealership. However, certain circumstances may require you to search elsewhere. Ideally, you'll want to take out an auto loan with a low interest rate, minimal fees and a payment per month that works for your budget, regardless of the route you choose to obtain financing. Learn more


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Written by

Allison Martin's work began over 10 years ago as a digital media strategist. She's been published in several leading financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-researched and well-documented information that breaks down otherwise complicated topics into bite-sized pieces.






Auto loans editor




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