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Is financing a car through a bank always cheaper than through a dealer?
My father told me that I should never finance through the dealer, as they add fees and charges that banks don't. However, I've heard conflicting stories. Is financing through a bank always cheaper than the dealer?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“No, financing through a bank or credit union isn’t always cheaper than going through the dealer for a
car loan
. However, dealers often have the opportunity to add rebates, incentives, and promotions to their lending. At certain times, they may be able to offer better rates than other lenders.
At other times, a bank or credit union might have the better offer.
Either way, the key is to shop around to find the best rate. Don’t forget that you’ll also need to budget for
car insurance
, as most loans require you to have full coverage.Full coverage can be pricey, especially if you use the lender’s insurance, but you can save money by comparing rates.
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