Which Car Loan is Best – Dealership or Bank?
Whether you’re searching for a new or used car in the Rumson area, it’s likely that you’ll take advantage of car financing. However, it’s important to do your research before you sign papers at the dealership so you can ensure that you get the best interest rates and lowest monthly payment available. Find out whether financing through the dealership or through a bank or credit union is best for you, then rely on the Jaguar Monmouth finance department to walk you through the process!
How to Find the Lowest Rate
There’s no surefire way to tell whether your dealer will offer a lower interest rate than your bank; in many cases, dealer financing is actually the same as bank financing. The dealer simply goes to the bank and does the legwork for you. However, it can be beneficial to go to your bank before choosing your vehicle so you can find out their rate first. Then, you can compare that to your dealer’s and see if your dealer can match the rate if the bank’s is lower.
- Pros: Automakers will occasionally have promotions where they offer very low interest rates on new cars, which a typical bank wouldn’t do. Dealers will also “shop around” so to speak, and will find the best bank rate in the area.
- Cons: Dealer financing is a common option because it offers the simplest route to buyers – they can choose and finance without leaving the dealership. However, it’s important to ensure that your dealership isn’t marking up the bank’s rates in order to make money.
- Pros: The main advantage of car financing through a bank is that they won’t mark up interest rates, as some dealers might. Because of this there’s no middleman, so rates could potentially be better.
- Cons: You can negotiate interest rates with your dealer, but banks will typically offer just one rate. They also won’t shop your credit around to lenders like dealers do.
Rely on Jaguar Monmouth for All Things Finance
Whatever financing route you choose, you can count on our experienced finance department to help you through every step of the way. Contact us for more information, and make your way to our Rumson dealership to browse our new vehicle inventory in person!
Read More News
The 2020 Jaguar F-PACE seating capacity provides room for five passengers. What’s more, you’re going to love how you feel no matter where you find yourself seated in the cabin! After all, Jaguar SUVs have established themselves as some of the most luxurious and most comfortable options available to Colts Neck and Red Bank drivers, and the…
Jaguar SUVs are widely revered, and it’s easy to see why. Models like the Jaguar F-PACE offer an unprecedented combination of sport performance, luxury features, and lasting value, but how much is the Jaguar F-PACE, anyway? Pricing for this model starts at $45,200 MSRP, and runs up to $80,600 MSRP for the range-topping configuration. All…
How much can a Jaguar F-PACE tow in 2020? Up to 5,291 pounds, when properly equipped! Of course, the impressive Jaguar F-PACE towing capacity is just one of many reasons to take this SUV home to Rumson or Colts Neck. Take a closer look at the Jaguar F-PACE engine options and explore its standard and available…