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Do you prefer to finance through a bank or dealership? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering interactive tools and financial calculators as well as publishing objective and original content, by enabling users to conduct research and analyze data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from 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 may appear in the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other home lending products. However, this compensation will not influence the information we provide, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.



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4 min read. Published August 18 2022
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The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances by providing clear, well-researched data that breaks otherwise complex topics into manageable bites.







Reviewed by Mark Kantrowtziz Reviewed by Nationally acknowledged student financial aid expert

Mark Kantrowitz is an expert on student financial aid, the FAFSA and 529 plans, scholarships, education tax benefits and student loans.









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When the time comes to purchase your next vehicle, you must first decide if you want to choose to go through your bank or directly to the bank to secure car financing. While they both give you the opportunity to drive off with a brand new vehicle but they differ in their the experience, rates offered as well as loan lengths. How to decide between bank or dealer auto loans Think about the benefits and drawbacks of each option before you apply for financing. Bank financing The primary benefit of going direct to your banks is that you will likely have lower interest rates. Dealers typically charge higher rates of interest, since dealers apply a markup on the interest rate when they connect you with the lender. Additionally, banks and credit unions have a wide range of products and services, which means you're more likely to locate an option for financing that is suitable for you. Dealer financing When you go through the process, you will be able to benefit from a variety of benefits which make financing easier. You can make use of the financing office at the dealership that will cut down on the amount of time you have to spend looking around for other lenders. Dealerships are also known to provide manufacturer discounts, which include rebates and other . Auto financing through a bank A bank could be a great alternative if you want to avoid and feel confident shopping around and comparing rates. Benefits of auto financing through a bank When it is done right, financing a car through the bank is a great idea. Banks tend to provide low interest rates and are a great alternative if you require an additional loan. The drawbacks of auto financing at banks However, non-bank loans may take longer to process and you may need to apply in person. You also might not qualify for an loan if you have an unsatisfactory credit score. Be aware of the urgency of your vehicle loan and the health of your credit prior to deciding to finance through an institution like a credit union or bank. How to finance through a bank If financing through an institution is the best option for you, you must first meet the eligibility requirements set by your bank to qualify for an loan. Many banks will have the auto loan minimum and maximum amount, therefore, make sure you check to see if the bank offers an auto loan that is suitable for your needs. It is essential that you know the type of car you wish to finance. Certain banks only lend to cars purchased through partner dealerships and may have mileage and age restrictions. Look for an lender who offers no-cost refinancing. This way, if your financial situation improves or deteriorates over time, you are able to alter your loan without incurring any additional fees. It is also necessary to get a request from your bank. In the process of obtaining a quote, you can decide on what term best fits your budget for the month and get an idea of the total cost including interest. If you decide to move forward with the application and the lender will likely require documentation including W2s, pay stubs that have been recently submitted, proof of address and an ID issued by the government. Do you think bank auto financing is right for you? Borrowing money from a bank could be an alternative if you require a larger loan size, low interest rate, or a repayment term that lasts five years or less. Be aware of the disadvantages and benefits of financing through banks prior to making a decision and make sure to evaluate your options. A dealership can finance your car A dealership may be an option for you if your credit isn't in good state, and you don't have an existing connection with any banks and credit unions. Benefits of financing with a dealership primary benefit of using a dealership to finance your vehicle is convenience. You won't have to make an application for financing with a bank and potentially have to wait days, or weeks, for approval. Instead, you can simply visit the dealer and then drive home behind the wheel of your . If you've got someone with you, you could have the person accompany you and make the buying experience a bit less stressful. Drawbacks of financing through dealerships The initial drawback might appear as a positive. Dealerships usually offer financing terms that include a minimum of $0 down payment options. While these could result in an attractive monthly payment as well as beginning costs, you'll be paying more for interest in total. It is also possible to pay a higher interest rate. Dealership financing is more expensive than typical auto loans even when you have the same credit score. Dealers both apply a markup to the interest rate they offer and are enticed to refer customers to specific lenders, even if they could offer an APR lower elsewhere. What is the best way to finance the dealerships Dealerships partner with major banks, online lenders and credit unions to provide automobile loans by way of their finance division. This means that you'll be in a position to finance your vehicle with a deal that the dealership has with a lender, and the dealer takes care of the bulk of the work. If you're accepted for financing by your dealer, you'll be directed to the dealership's financing department to conclude the deal. The process for approval will vary based on the dealership, but you'll likely have to fill out several forms and provide documents for income as well as assets. After you have been accepted, the finance manager or an agent of the auto lender will be able to assist you with reviewing the loan details and then approve the loan. Is dealership financing right for you? Financing your vehicle directly through the dealership is the right option if you are looking to stay clear of the heavy lifting involved in shopping for financing. It's also easier to obtain, and in the event that you're a poor credit holder and are unable to get financing from the dealer, it is likely to be the best option. Some tips for getting an auto loan If you're applying to get your auto loan directly through the dealership or via a bank or credit union it is important to get prequalified and then shop around. Be prequalified if you are applying for financing via a bank or credit union, take advantage of the process. The process is usually offered on the internet and is a fantastic opportunity to determine of the amount you'll be able to get. It is necessary to have your income as well as savings information to be able to complete the procedure. Find out more about the loan once you have been prequalified, shop around for an loan that is at the same rate as the one you were offered. A lot of auto loan rates are negotiated, and the same can be said about the fees and the length of loan. Numerous lenders compete to get your business and you can use this to your advantage. Do not settle for the lender that doesn't provide favorable conditions. Next steps Both dealerships and banks can be viable choices when it comes down to financing your new vehicle. They each have their advantages and disadvantages So be certain to do your research to find the best rates and terms for repayment. Learn more


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Written by

The article was created by using automated technology. It was then thoroughly checked for accuracy and editing by an editor from our editorial team.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-researched and well-researched content that breaks down complicated topics into manageable bites.






Auto loans editor


Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized Student Financial Aid expert

Mark Kantrowitz is an expert on student financial aid, the FAFSA and scholarships, 529 plans educational tax benefits, student loans.






Nationally anerkannt student financial aid expert




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