Should You Finance Through the Dealership?

There is much debate over financing with the dealership.  Before you decide which way to go know what your credit score is first.  You can get a FREE copy of your credit report : Get your FREE 3-in-1 Credit Report & Triple Credit Score!

There are many times that a manufacturer will offer incentives and rebates to help you with your interest rate. Make sure your credit score qualifies for these promotions.

If you have above a 700 FICO score, a dealership might be the best way to go. Also, if you plan on leasing, you will not have a choice but to go with the dealership. Credit Unions and banks offer competitive rates. If you have a 560-690 credit score, we can recommend HSBC Auto Finance as a viable option to know what intrest rate you can get before visiting the dealership. Often, dealers may match or beat (thru incentives) what you are quoted.

If you have bad or no credit, you should get a quote from a company specializing in poor credit history applicants. We recommend AutoFinanceAmerica.com for this service.

You should always shop several credit institutions first and bring those quotes into the dealership with you.  Dealers have many lending sources. By using the dealers large network of financing options you may be surprised to find a rate comparable to or lower than your bank or credit union.