What's the Best Place to Get Auto Financing?

car finance with tiny car

When you’re shopping for a new Toyota or used Toyota model, you want to get the best deal possible on your purchase. As you browse the vehicles available in your area, you may find yourself asking “Where is the best place to get a car loan?” The best place to get a car loan is from your car dealership or a Kennesaw bank. Follow along with Marietta Toyota as we discuss the differences between financing with a bank or a dealership, and which option may be best for you. While you’re here you can also read our other car buying tips like how to get bad credit or no credit financing.

Where to Shop for a Car Loan

There are two main places in Atlanta where you can shop for a car loan: a bank or a dealership. Both of these options offer a variety of different benefits to shoppers, but the option you choose will come down to your preferred loan type, term, and your finances. Read about about where to get a car loan below:

Vehicle Loans From a Dealership
One of the best options for car loan shopping is your local dealership. Shopping at a dealership allows you to take advantage of the following benefits:

  • You can choose whether you want to lease or buy a vehicle from the dealership.
  • Your dealership will have a number of lenders that you can apply your loan to, giving you a greater chance of an excellent rate.
  • It’s easy to apply for a loan at a dealership. Most Smyrna dealerships allow you to fill out a finance application from your home.
  • With multiple lenders competing for your business, you may get a better rate.
  • Some dealerships have special financing options for drivers with no credit or poor credit.
  • There may be financing incentives available at the dealership.
  • You may be able to negotiate your lease or loan rate with a sales professional at a dealership.

Vehicle Loans From Your Bank
Local banks are normally the first place many drivers think of when they need to get a loan. However, when you’re car loan shopping, it’s often best to check with your dealership first before you head to the bank. A dealership has many different financing partners, which may get you a lower rate than your bank can. However, you’re still welcome to check with your bank, and there are some benefits that come with car loan shopping at a bank, including:

  • There is often a pre-existing relationship between yourself and your banker.
  • The bank often has set interest rates.
  • The bank may offer you a more flexible payment schedule.

In House Financing vs. Bank Financing

When you go car loan shopping, it’s important to know the differences between financing with a lender such as a bank, in-house financing at a dealership, and financing at a credit union. Read below for a brief overview of each option:

  • Bank Financing: When you apply for an auto loan at a car dealership, the dealer will usually send your application to different lenders to see where they can secure the best financing rate. In other words, they’re not actually providing the financing themselves. You can also get approved before stepping into the dealer by shopping around for your own financing.
  • In House Financing: In-house financing is provided directly by the dealership. In this scenario you don’t need to get approval from an outside lender. This often entails higher interest rates, but is beneficial for car buyers with little to no established credit.
  • Credit Union Financing: If you belong to a credit union, you can apply for an auto loan there with the potential to save money.

Finance Your Next Vehicle at Marietta Toyota

There are a lot of nuances that come with leasing or buying your next Toyota vehicle. Let the finance team at Marietta Toyota help you find the best option for your budget! Read our car buying tips for more information on the car buying process, then contact our team to sit down with a representative and discuss your vehicle needs and financing options.

Marietta Toyota 33.9339893, -84.5129133.