Which Car Loan is Best – Dealership or Bank?
Whether you’re searching for a new or used car in the Savannah 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 Savannah Toyota 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 Savannah Toyota 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 Savannah dealership to browse our new vehicle inventory, such as the 2019 Toyota Corolla hatchback or other Toyotas, in person!
Learn More at Savannah Toyota
It’s no secret that the Toyota Tacoma has been the best-selling midsize pickup truck in America for 14 years running. Because of that, Pooler-area drivers looking for details about what to expect with the configurations and exciting new features like the exclusive 2020 Toyota Tacoma TRD Pro army green exterior color. Savannah Toyota is exploring the…
The 2019 Toyota Highlander is an excellent family-friendly SUV for Pooler and Bluffton drivers. See what the industry experts have to say in their Toyota Highlander reviews below, then be sure to browse our current inventory to find a Toyota Highlander for sale in Savannah at Savannah Toyota. Learn More View Inventory Toyota Highlander Standard Equipment…
The 2019 Toyota Tacoma is a versatile vehicle, which is perfect for Pooler-area car shoppers looking to enhance their Bluffton commute. While it’s more than capable of going off the beaten path and towing heavy loads, it’s sophisticated interior that’s spacious and comfortable is suited for daily drives and long-distance road trips. Take a look…