Where's the Best Place to Get Auto Financing?

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When shopping for a new car, staying on budget is likely your top priority. As a result, you’ll want to score a great financing offer when you sign on the dotted line. This may lead you to wonder, “Where’s the best place to get auto financing?” Here at Serra Traverse City, we’re proud to offer a range of car-shopping tips to help you make your purchasing decisions in a stress-free manner. Below, you can discover the best place to get a car loan for your situation and more!



Where to Get a Car Loan: Car Loan Shopping

If you’re searching through Bellaire to find the best place to get auto financing,Serra Traverse City is here to help. When car loan shopping, you’ll have two main options to consider:

  • The dealership where you’re purchasing your vehicle
  • A bank or other lending institution like a credit union

Where to Get a Car Loan: Car Loans From a Dealership

Oftentimes, the best place to get a car loan is the dealership where you’re making your purchase. Why? The following benefits are waiting for you if you opt for dealership financing:

  • Our expert dealer team can help you decide if you should buy or lease. 
  • We have existing relationships with a variety of local lenders, so we can leverage our partnerships to help you get a great offer. 
  • You can fill out one application and field multiple offers. 
  • Dealerships like Serra Traverse City have fewer restrictions than banks, meaning we can be more flexible if you’re working to improve your credit. 
  • Our family of car dealers offers financing incentives
  • We welcome negotiation at Serra Traverse City! If you feel we’ve missed something along the way, feel free to point us in the right direction.

Where to Get a Car Loan: Car Loans From Your Bank

While financing with a dealer is convenient, there are times when you’re better off working with a local bank. While dealers offer more flexibility and can connect you with multiple lenders, working with a bank can have some benefits:

  • If you have a pre-existing relationship with your bank, you may be able to get a great deal.
  • Generally, banks have set interest rates. 
  • You should have no trouble establishing a flexible payment plan.

In-House Financing vs. Bank & Credit Union Financing

When looking for your next auto loan, it’s important to establish the difference between financing with a dealer partner, financing with the dealership itself, and financing with a bank. Tips to keep in mind when you’re car loan shopping include:

  • Bank Financing: When you submit an application with your car dealership, most of the time, the application will go out to multiple lenders. Since dealerships generate lots of business for lending institutions, you’ll likely get a better deal than if you attempted to score an offer on your own. 
  • In House Financing: In-house financing or “buy-here-pay-here” financing is when the loan for your vehicle comes directly from the dealership itself. While this option can come with high interest rates, it’s usually the most accessible to drivers with no credit or a poor credit score. 
  • Credit Union Financing: If you’re a member of a credit union, it’s wise to see what type of rate you can secure through that institution. 

Find the Best Place to Get Auto Financing in Traverse City!

If you’re ready to take the next step while car loan shopping, Serra Traverse City is here for you! We make it easier than ever to find a fair deal that will suit your automotive needs and wallet. Whether you’re wondering about the best place to get a car loan or are curious about good interest rates, we can help. Rely on Serra Traverse City for all of your automotive needs throughout the Lake City area!


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