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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 mission is to assist you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare data at no cost - so that you can make sound 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 products that appear on this site come from companies that pay us. This compensation could affect how and where products appear on this site, including, for example, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage and home equity products, as well as other products that lend money to homeowners. But this compensation does not influence the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial deals that could be accessible to you.



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2 min read published 16 September 2022
Written by Allison Martin Written by

Allison Martin's career started over 10 years prior to that as a digital content strategist. She's been published in several leading financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances with precise, well-researched and well-documented data that breaks otherwise complicated subjects into digestible pieces.









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If you make an application an automobile dealership, they will shop the application with lenders within their network to determine if they are a good that matches. You can also get 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 benefit from the incentives they provide you, there are steps you can take to ensure that you get the best rate for an automobile loan. 4 ways to save when financing your car with an auto dealer Shopping for a new car can be stressful and with terms that are competitive can be challenging when you're strapped for time. However, there are ways to save money when financing your car with dealerships. 1. A higher down payment loans with low interest rates generally go to those with good or excellent credit. But that's not the only method to secure a great deal. It is also possible to offer to reduce the risk that the lender will take through financing the vehicle on your behalf. In addition, you'll reduce the amount of interest you pay throughout the term of the loan since you will be financing a lower amount. 2. Check out the prices at the exit auto salespeople focus on the monthly payment instead of the purchase price to persuade buyers to sign the bargain. However, here's the issue: A low monthly payment is likely to mean that you get an extended loan duration, and the lender has a few years to recover interest unless you pay the loan off in advance. Therefore, it is important to be aware of this. 3. Be ready to walk away even when you are in love with a car and you are tempted to buy it, you should be prepared to leave if the numbers aren't working for you. If you stick to your budget, you could even find out that the seller will be willing to go back to the drawing table to make a better deal with you. 4. Utilize lender quotes to negotiate if you could get a better rate from your bank, credit union, or online lender The dealer may be willing to match the rate. And in some instances, they will offer you a slightly lower rate to gain your business. When to skip dealership financing While it's an option that is convenient, it's not the best choice. If you've got bad credit or a high debt-to-income ratio, you're more likely to get a through a credit union or bank than with dealer-arranged financing. Maybe you're in a dealership and they're unable to match the offer you received from your lender. In this situation, it's recommended to not take advantage of the financing offered by dealerships to save money regardless of whether the dealership offering a lower monthly installment. Be aware that you'll pay more interest if they stretch the loan over an extended period. Another reason to search elsewhere to get a loan is a pushy dealer. Although it's essential to make the sale and ensure that you have the financing in place to meet goals, they should also be willing to give some time to get an estimate of your rate by your lender. If they are unwilling to give you this option, that's your sign to move on. Next steps A car purchase is an investment of a significant amount so you must follow the right steps to obtain the most favorable price on financing. It is possible to save money by choosing to secure the loan at the dealership. But, there are certain situations that call for you to consider other options. In the ideal scenario, you'll get an auto loan with a low-interest rate, minimal fees and a payment per month that is within your budget, regardless of the method you choose to obtain financing. Learn more


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Written by

Allison Martin's career began more than 10 years ago as a digital media strategist. She's published in numerous prestigious financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-documented data that breaks otherwise complex topics into manageable bites.






Auto loans editor




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