Once you’ve finally picked the car that’s right for you, you must figure out how you’ll finance it. There are two major ways of financing a vehicle, both with their own benefits.
With direct lending, a buyer takes out a loan straight from a financial institution such as a bank or credit union. The buyer and the institution negotiate the length of the loan, the amount of the loan, and the amount of interest that will be paid on the loan. The big benefit to financing through a financial institution is that it’s easy to shop around and look for the best deal. You’ll be financing before the actual purchase of the vehicle, so you’ll also be aware of your credit terms throughout the process.
When you finance directly through a dealership like Pfeiffer Plainfield Used, you negotiate your loan terms with the dealer as opposed to with an outside source. This means you’ll be discussing your payment at the time of purchase rather than shopping for a loan in advance. For many, this method is more convenient, especially for those who have trouble making it to the bank because of their work schedule. The dealership may also have relationships with various banks and could offer multiple loan options because of this.
Both of these financing options are workable. What’s important is taking your time, looking around, and finding the best deal for you. We’re always here at Pfeiffer Plainfield Used to answer your financing questions and to help in your mission to find your perfect car.