subject: Where Should I Get My Car Loan Financed? [print this page] Where Should I Get My Car Loan Financed? Where Should I Get My Car Loan Financed?
When I was young, there was only one place to get a car loan financed the local credit union. They offered the best rates, were able to approve you quickly, and you could walk into any car dealership in town with a check, ready to buy a car.
Now, however, times have changed and banks and credit unions just aren't all that eager to cut checks anymore. Especially if you have bad credit, you will not be able to get your car loan financed like that anymore!
Most people tend to still get their car loan finance through the car dealership itself, but this is rarely a good idea. In fact, the only time when you should get manufacturer's financing is when you have perfect credit and they are offering you zero percent interest. Other than that, there is no advantage to financing your car through the dealer.
Yes, a car dealer will make it easy for you walk in, pick out the car you like, they arrange the financing, and you are out the door the same day. But, you will pay a hefty price for this convenience in terms of a higher interest rate for the next five, six, or even seven years.
Whether you have bad credit, a past bankruptcy, or even okay credit, you will save yourself a lot of money by arranging your own car financing. It is very easy to do and you can do it online in a matter of minutes. It really is the smart way to look for a loan because you can choose the lender you want to deal with, choose your terms, and finally choose the best interest rate that you can find. It only takes minutes and you will be approved the very same day, so you can go car shopping tomorrow!
