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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 aim is to help you make smarter financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct your own research and compare data at no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make 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 website, for example such things as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage or home equity, and also other products that lend money to homeowners. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not contain the entire universe of businesses or financial offerings that could be open to you.



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2 minutes read. Published September 16, 2022
Written by Allison Martin Written by

Allison Martin's career started over 10 years ago as a digital media strategist, and she's since been featured in a variety of top financial outlets, 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 since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-researched, and clear information that breaks down otherwise complicated subjects into digestible pieces.









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When you apply for an automobile dealership, they will shop your application with lenders in their network to locate a suitable fit. You can also get financing on your own with an institution like a credit union, bank or 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 you get the best deal when you take out an auto loan. Four ways to save money when financing your car through a dealership Shopping for a new automobile can be stressful and with terms that are competitive could be a challenge when you're strapped for time. However, there are ways to save when financing your car with a dealership. 1. A higher down payment loans that have low rates of interest typically go to car shoppers who have excellent or good credit. However, that is not the only way to score a bargain. It is also possible to offer to reduce the risk that the lender will be taking by financing the car for you. Additionally, you'll reduce the amount of interest you pay over the course of the loan as you'll be financing a lesser amount. 2. Find out the price at the door car salespeople focus on the monthly payment rather than the price of purchase when convincing buyers to sign the deal. However, here's the problem: A low monthly payment could mean you receive an extended loan period as well as the lender will have several years to collect interest from you in the event that you don't pay off the loan off early. This is why you should be aware of this. 3. Be ready to walk away Even if you fall in love with a car and you are tempted to buy it, you should be prepared to walk away if the numbers don't quite work for you. If you stick to what you can afford, you could be pleasantly surprised to discover that the dealer is open to returning to the drawing table to make get a better deal. 4. Use lender quote to help negotiate you had a lower rate from your bank, credit union or online lender, the dealer might offer to match the rate. Sometimes they might offer an even lower rate in order to win your business. When to skip dealership financing Even if it is an option that is convenient, it's not the best option. If you've got bad credit or a high debt-to-income ratio, you're more likely to qualify through a credit union or bank, rather than dealer-arranged financing. Maybe you're in a dealership and they're not able to match an offer that you have received through your lender. If that's the situation, it's recommended to not take advantage of the financing offered by dealerships to save money, even if the dealer offering a lower monthly installment. Be aware that you'll pay more in interest if you extend the loan over a longer period. Another reason to shop around for a loan is a pushy salesperson. While it is vital to make the sale and get your loan to reach your objectives, they must also be willing to allow you a little time to receive an interest rate estimate by your lender. If they are unwilling to grant you this request, that's your sign to proceed. Next steps A car purchase is an investment of a significant amount, and you want to follow the right steps to secure the best price on financing. It is possible to save money if you opt to take out the loan through the dealership. Still, some circumstances would necessitate you to consider other options. In the ideal scenario, you'll get an auto loan with a low-interest rate, minimal fees and a monthly payment that fits your budget, no matter which route you take to secure financing. Learn more


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Written by

Allison Martin's career began more than 10 years ago as a digital content strategist. She's been featured in a variety of top financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances with concise, well-researched, and clear data that breaks complicated topics into bite-sized pieces.






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