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Is it better to finance your car at the dealership or elsewhere?In: Car Buying |
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Answer
If you want to get the best price on a new or used car, it’s best to finance your car at a place other than the dealership.
Oftentimes dealerships will get a premium from the finance companies for charging you a higher interest rate. Because of this, sometimes even people with good credit will wind up paying more in interest if they finance their care purchase through the dealership. Credit unions and online lenders are great places to check out when thinking about financing a car purchase.
Another reason to finance your car outside of the dealership is because it will give you more negotiating power. When you walk into the dealership with a check from another lender, you’re viewed as a cash buyer and you’ll often be given a better deal on a car than someone who is walking into the dealership without financing arranged.
First answer by ROB. Last edit by ROB. Contributor trust: 180 [recommend contributor]. Question popularity: 29 [recommend question]
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