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Where is the Best Place to Get a Car Loan?

car dealer showing dotted line on car finance paperwork


When you’re in the market for a new vehicle, you always want to get the best possible deal. Thus, you’ll likely ask, “Where is the best place to get a car loan?” Read this guide by the Wolfchase Nissan finance center experts as we delve into your options when it comes to car loan shopping.

Car Loan Shopping: Where to Begin?

Memphis-area vehicle shoppers often wonder where to get a car loan. You have two main options when it comes to car loan shopping:

  • Right here at Wolfchase Nissan where you’re purchasing the vehicle
  • A bank or other lending institution like a credit union

Car Loan Shopping With a Dealership

When you’re looking for the best place to get auto financing, your best option is the dealership where you purchase your vehicle. Here are some of the benefits you can look forward to when car loan shopping with a dealership:

  • Dealers can help you determine whether leasing a car or financing a car is right for you.
  • Dealerships have a strong network of lenders that they work with to ensure that buyers get the best rates possible.
  • Applying is easy. All you have to do is apply for financing online to get multiple options.
  • Because multiple lenders are competing for your business, this can often times lead to a better rate.
  • Some Cordova-area dealerships have options for buyers with credit issues.
  • The dealership may offer financing incentives.
  • You may have the opportunity to negotiate your down payment when car loan shopping with the dealership.

Car Loan Shopping With a Bank

When you’re deciding on where to get a car loan, you’ll likely consider trying your local bank. It’s best to speak with your dealership before applying at your bank, as every dealership works with different financing partners. If you don’t have the best credit score, it can be difficult to get a loan from a bank. Despite this, there are some benefits, including:

  • You have a pre-existing relationship with your bank
  • There are often set interest rates
  • You may be able to set a flexible payment schedule

In House Financing vs. Bank & Credit Union Financing

When you’re car loan shopping, it’s important to differentiate between financing that a dealership secures for you from a lender like a bank, in-house financing, and financing that you seek out yourself by submitting credit applications to banks or services like Lending Tree. Here are some things to consider:

  • Bank Financing: When applying for an auto loan at a car dealership, the dealer typically sends that application to various lenders to see where they can secure the best rate for you. In other words, they’re not providing the financing themselves. You can also get pre-approved for financing before even stepping into the dealership by shopping around for your own financing.
  • In-House Financing: In-house financing, sometimes called “buy-here-pay-here” is when financing is provided by the dealership as opposed to an outside lender. While you should keep in mind that in-house financing often has higher interest rates, this type of financing can be beneficial for car buyers with little to no established credit.
  • Credit Union Financing: Are you a part of a credit union? If so, you can apply for an auto loan there.

Learn More About Your Financing Options at Wolfchase Nissan

If you have any additional questions about the best place to get a car loan, contact Wolfchase Nissan today. Our finance experts are always available to help guide our customers through the financing process.

 

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