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Should I get financing through the dealer or a bank?

I'm trading in my old car as a way to get money off the price of a new one. I still need to finance the rest. Should I go through the dealer, or should I finance through a bank?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Although some dealers have programs with local banks and credit unions, oftentimes they have their own financing department. If you go through them, you’ll likely pay a higher interest rate.
Like you would with
car insurance
, your best plan of action is to shop around for rates. Banks and credit unions can typically offer lower rates than the dealership. However, dealerships also run specials with zero-percent APR financing, which is a no-brainer.
By shopping around, you can make certain you aren’t throwing money away each month. “
Car Loans
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