Why Financing At The Dealership Is Better Than a Bank Loan
Most people would want to purchase their vehicles in cash, but because of various factors, it can be challenging. As a result, they have to opt for the available financing options. Financing a car is never a breeze, despite the several options available. Today, individuals can go for traditional financial institutions, lending credit unions, or financing at the dealership from which they are buying the vehicle. The two main sources for auto financing remain between a bank loan and financing by a dealership. Let’s take an in-depth look at why dealership financing may be a better choice than a bank.
1. Lower Interest Rates
Dealership financing is gaining traction in Canada, mainly due to the lower interest rates. The dealer does all the work on your behalf; therefore, you get a better chance to settle for lower rates. They compare different lenders’ rates to ensure they provide you with the best offer. A dealership financing allows wiggle room for negotiating, and with in-house financing, you can settle for a good deal.
2. Bad Credit
An auto financing by a dealership is not as rigid as a bank loan. Most dealerships do not close their doors to individuals with bad credit. Instead, they provide viable options to ensure they can qualify for auto financing. A dealership will provide subprime financing to their clients with bad credit. Most dealerships will encourage such clients to select vehicles they can afford and make larger down payments to mitigate their risk of defaulting.
3. Quick Process
Attaining a loan from the bank is still daunting despite most services being digital. Being eligible for a bank loan requires scrutinizing to meet a specific criterion due to their stringent requirements. The financing and credit application for a bank is time and energy-consuming. Despite the tough measures put across by the bank, you may still not qualify for the auto loan. A dealership, on the other hand, is out to ensure they seal a deal with you. They adamantly ensure that you get the ideal auto financing to meet your needs. With their extensive financing options from the manufacturer to credit institutions, a dealer has the upper hand in providing you with a suitable financing option.
Contact Crowfoot Dodge Chrysler in Calgary
If you are car hunting and cannot pay cash, ensure to search for a reliable dealership. At Crowfoot Dodge Chrysler in Calgary, Alberta, we provide the best auto financing options in the area. Contact us for a seamless credit application process, meeting your needs.