Financing with a Bank or Dealership: What’s the Difference?

What’s the best place to get auto financing for drivers in the Bronx area? The needs and budget of every car buyer are unique, so there’s no one-size-fits-all answer when it comes to the best place to get a car loan. If you’re worried about getting a loan with less-than-perfect credit or you’re hoping for flexibility as you negotiate your monthly payments, read our guide below to determine the best place to get a car loan:

Car Loan Shopping in Mount Vernon and New Rochelle

Car loan shopping can be overwhelming, especially for first-time car-buyers. You have two main options when it comes to financing: taking out a loan from a bank, or borrowing the money from your chosen car dealership. In the guide below, we’ll discuss the reasons for choosing either option. When you think you know which course is best for you, visit our finance center in Yonkers to discuss your car loan in detail with a financing expert.

Should I Finance with a Bank or Dealership?

If you’re unsure where to get a car loan in Westchester, consider the pros and cons of financing with a bank vs. your local Mitsubishi dealership:

Financing with a Dealership

• Because they’re connected with a variety of lenders, dealerships can work to get you the best rates possible.
• With only one form to fill out, applying is easy.
• With just that one application form, you’ll see multiple options on the table.
• Competition between lenders for your business can lead to better rates for you.
• Dealerships may offer low-interest rates if your credit score is in good shape.
• The dealership may offer financing incentives and specials on the vehicle you choose.
• You may have more room to negotiate your down payment when financing with the dealership.
• If you have less-than-perfect credit, the dealership may be more inclined to negotiate a lower interest rate.

Financing with a Bank

• You often have a pre-existing relationship with your bank and feel comfortable with their process.
• Interest rates are set.
• It may be possible to set a flexible payment schedule.
• If you have an account with a not-for-profit credit union, you’ll likely be able to get low interest rates, lower loan minimums, and lower fees.

Finance to Fit Your Budget at Victory Mitsubishi!

Our finance team is eager to help you get started on the financing process, so you can drive home in the best car for your needs in Mount Vernon! Start your financing application online, and don’t hesitate to reach out to our finance center for expert advice on how to pay off your car loan early, bad-credit car loans and how to lease a used car, and to learn more about the best place to get a car loan in Queens. You can also learn how to calculate an interest rate, We’ll also answer insurance questions such as “Do you need full coverage on a used finance car?”, so you know you’re getting a good deal!