Thomas Jefferson once advised, “Never spend your money before you have it.” Maybe that advice was easier to follow in Tom’s day — but in today’s world, most people need to borrow money on occasion. And one of the more common occasions for borrowing is a car purchase.
Once you decide to buy a new car, you are faced with the challenge of paying for it. Mountain View Chevrolet and other auto dealers do their part to help out by providing loan and lease services. You may like the convenience of dealership-arranged financing (many car buyers do), but you should know that you have other options. In addition to working directly with the dealer finance group, you can arrange for an auto loan through a bank or credit union. Let’s take a quick look at all three options.
Bank Auto Loans
Your first stop should be your bank, where you keep your checking and savings accounts. You may get a slight deal on your loan because you’re an existing customer in good standing. And there’s another advantage too. You may be able to manage your auto loan through the same online portal that you use to manage your other accounts.
After you check in with your bank, you can shop for bank loans online. Not all banks that advertise online offer rock-bottom rates, however. Be prepared to do some legwork to find the best deal. Also, watch for fees. Financial institutions like to charge fees for all the application, paperwork and administrative processes involved in obtaining a loan.
Credit Union Auto Loans
Credit union car loans are a second option. Generally, credit unions offer a more personalized experience along with competitive loan rates. A loan advisor at a credit union is more likely to have leeway to work with you if your credit situation is unusual.
Not all credit unions have strict membership requirements. If you don’t have a credit union, visit MyCreditUnion.gov to find one near you.
Dealer Financing
If you do get a pre-approval letter from a bank or credit union, bring it with you to the dealership. You can and should still have a discussion with the dealership’s finance manager. Mountain View Chevrolet has access to a variety of loan and lease programs, and you’ll want to look at all the options before you choose the right one.
The advantage of dealer financing is convenience. If you see something in the terms you aren’t sure about, you can ask the dealer’s finance manager right there for an explanation. In some cases, the finance manager can adjust the terms on the spot to fit your needs. Then you can close the deal and drive home with your new car — on your terms.
Mountain View Chevrolet has finance experts ready to help you secure the financing you need. Visit us today online at MountainViewChevrolet.com or call us at 888-9-Next Car.
Mountain View Chevrolet is a community-oriented car dealer with the best selection, lease offers and finance deals you’ll find anywhere in and around L.A. Learn more about Mountain View Chevrolet at www.MountainViewChevrolet.com or call us at 888-9-Next Car.
Sources
http://www.bankrate.com/finance/auto/it-pays-to-surf-for-auto-loans-online-1.aspx
http://www.bankrate.com/finance/auto/6-reasons-to-get-a-credit-union-car-loan.aspx
http://www.mycreditunion.gov/about-credit-unions/Pages/How-to-Find-a-Credit-Union-in-Your-Area.aspx
