Which Car Loan is Best – Dealership or Bank?
Whether you’re searching for a new or used car in the Raynham area, it’s likely that you’ll take advantage of car financing. However, it’s important to do your research before you sign papers at the dealership so you can ensure that you get the best interest rates and lowest monthly payment available. Find out whether financing through the dealership or through a bank or credit union is best for you, then rely on the Silko Honda finance department to walk you through the process!
How to Find the Lowest Rate
There’s no surefire way to tell whether your dealer will offer a lower interest rate than your bank; in many cases, dealer financing is actually the same as bank financing. The dealer simply goes to the bank and does the legwork for you. However, it can be beneficial to go to your bank before choosing your vehicle so you can find out their rate first. Then, you can compare that to your dealer’s and see if your dealer can match the rate if the bank’s is lower.
- Pros: Automakers will occasionally have promotions where they offer very low interest rates on new cars, which a typical bank wouldn’t do. Dealers will also “shop around” so to speak, and will find the best bank rate in the area.
- Cons: Dealer financing is a common option because it offers the simplest route to buyers – they can choose and finance without leaving the dealership. However, it’s important to ensure that your dealership isn’t marking up the bank’s rates in order to make money.
- Pros: The main advantage of car financing through a bank is that they won’t mark up interest rates as some dealers might. Because of this there’s no middleman, so rates could potentially be better.
- Cons: You can negotiate interest rates with your dealer, but banks will typically offer just one rate. They also won’t shop your credit around to lenders like dealers do.
Rely on Silko Honda for All Things Finance
Whatever financing route you choose, you can count on our experienced finance department to help you through every step of the way. Contact us for more information, and make your way to our Raynham dealership. We can show you our new vehicle inventory in person, and help answer questions about things like gap insurance.
As Kelley Blue Book’s 2020 Best Buy Compact SUV*, the 2020 Honda CR-V ticks a lot of boxes on compact SUV shoppers’ wishlists: like the 190hp turbocharged engine and the standard Honda Sensing® driver assist technologies suite. When it comes to passenger and cargo space, the 2020 CR-V may surprise you with its roomy interior….
Across the lineup, the 2020 Honda Pilot configurations provide Brockton drivers with everything they need, from potent power and a spacious interior to high-tech features and advanced safety. As you move through the list of Honda Pilot trim levels, they only become more equipped to handle your Taunton-area driving demands. Find out what each 2020…
The new 2020 Honda Odyssey Interior has the features to satisfy any driver and all their passengers. Loaded with the latest tech, convenience, and comfort features, the Honda Odyssey interior is perfect for taking the kids to practice in Brockton or for setting out on your next road trip in comfort and style. Learn more…
If you need a sleek and stylish SUV that doesn’t sacrifice on efficiency or performance, the 2020 Honda Pilot was built for you. The Honda Pilot cargo space allows drivers to bring all their family, friends, and gear along for their Brockton adventures! Learn more about the Honda Pilot dimensions and cargo space in our…
Why is my TPMS light on? We hear this question quite often after the temperature drops significantly. Big changes between high and low temperatures that typically happen in the fall can trigger your TPMS light (cutaway tire with an exclamation point) because tire pressure declines when the temperature falls. As a result, the TPMS light…
The Honda Civic has long been a staple of the Brockton roads for its fuel-efficient performance and versatile design, but the 2020 Honda Civic interior elevates your driving experience to soaring new heights. Whether you’re searching for high-tech features for your Taunton commute, or premium safety features to keep your family secure in Fall River, the…