Bank vs. Dealership: Where is the Best Place to Get a Car Loan?

Is now the right time to go car loan shopping? Should you opt for your local bank in Philadelphia or a car dealership? What is the best place to get a car loan? We put together the following guide to help you decide where to start the auto loan process. While there are benefits to working with a bank and working with a dealership, many drivers prefer in-house vehicle financing with their local car dealer. If you have any questions about car loan shopping after reviewing our guide, please reach out to our dealership in Springfield! We also provide plenty of dealer specials and incentives! 

Before You Start Car Loan Shopping…

If you’re unsure where to get a car loan, take a moment to learn more about your options. Generally, auto financing opportunities fall into two categories:

• Financing “in-house” through your dealership
• Financing with a bank or Delaware County-area credit union

Neither is objectively the best place to get auto financing, but one may offer more benefits for a buyer in your situation.

Benefits of Financing With Your Dealership

• Your dealership has relationships with a variety of lenders in the Morton, PA area. They will apply for loans on your behalf and help you secure the best rates available.
• Car loan shopping is easier with your dealership! Rather than applying to multiple lenders yourself, you’ll only need to fill out a single application form.
• If your credit score isn’t as high as you’d like it to be, working with your dealership can make it easier to get approved.
• Most dealerships offer special incentives and finance deals.
• Your dealership may be open to negotiating your down payment amount.

Benefits of Car Loans from Your Bank

• You may be eligible for financial benefits if you have a longstanding relationship with your bank or credit union
• Many banks offer set interest rates for auto financing
• It may be possible to set a flexible payment schedule

Learn More About Auto Financing at Springfield Mitsubishi

Where is the best place to get a car loan? It depends on your preferences! If you want to work with Springfield Mitsubishi, contact us online or via 484-574-8434 option 1 today to get started. We make obtaining auto financing easy and hassle-free. Use our trade-in valuation calculator if you plan on putting your current vehicle towards your down payment. For related reads, review our guides on whether you should fix your car before trading it in and how to get a lower interest rate on a car loan!