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Can I finance a car through the dealership the same day I find the car that I want?

Can a dealership usually find you financing the same day you pick out a car, or does it take longer? I’m looking to finance a new car, but I don’t really know what to expect.

avatar
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Dealerships can usually get financing for a
new car
on the same day, depending on your situation, but shopping for same-day financing will likely land you with a pricier loan.
In order to get the best deal:
  • Do your research before heading to the dealership.
  • Get pre-approval on your own.
  • Negotiate with dealerships.
  • Save up a sizeable
    down payment
    .
If you have the credit to get approved through dealership financing on the same day, then you will likely be able to get pre-approved from your own bank or credit union. Pre-approval enables you to determine a suitable down payment and loan amount—which can also give you a better sense of what vehicles fall in your price range. 
Keep in mind: Dealerships typically charge higher interest rates. For example, a dealership may tell someone with a 720 credit score that they qualify for 5.99% interest rate, but that same person could get financing through a bank or credit union for just 2.99%.
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