Which Car Loan is Best – Dealership or Bank?
Whether you’re searching for a new or used car in the West Caldwell 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 Paul Miller Toyota of West Caldwell 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 Paul Miller Toyota of West Caldwell 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 West Caldwell dealership to browse our new vehicle inventory in person!
The 2019 Toyota Highlander is a family-friendly SUV for West Caldwell and Wayne drivers. See what the experts have to say in their Toyota Highlander reviews below, then browse our inventory to find a Toyota Highlander for sale at Paul Miller Toyota of West Caldwell. View Inventory Contact Us Toyota Highlander Standard Equipment Reviews Critics are impressed with the inclusion of…
Established in 1739, Morris County NJ has no shortage of historic sites. Explore the richness of the past in Parsippany-Troy Hills Township, then plan a visit from West Caldwell or West Caldwell to see it first-hand! Contact Us The Revolutionary War George Washington’s army was encamped near Parsippany in Morristown, NJ in the winter of 1779-1780, so…
Get into your dream SUV in a color that’s for you thanks to the wide selection of 2019 Toyota RAV4 colors! Make your daily West Caldwell drive shine with interior and exterior colors that are sure to please every discerning driver. New Toyota RAV4 Contact Us RAV4 Color Options: LE Trim Exterior Colors: Galactic Aqua Mica, Electric…