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Should I take a dealer financing option to save even more on a new car?
Should I go for the dealer financing or use my credit union? I am in the process of buying an Audi A6 and have already gotten pre-approval from my credit union. This helped me negotiate a lower price with the dealership but the dealer is saying they can actually beat my credit union’s interest rate.
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If the dealer is willing to actually beat your credit union’s rate without adding any fees or sneaking in any charges, then you should let them.
It sounds like they are working really hard to earn your business, but you should keep an eye out for any fees that the dealer may be trying to use to make up for the price drop.
Dealers may have hidden fees like:
- early pre-payment
- late payment
Also keep in mind that dealers may stretch out the
length of a loan
to make your monthly payments smaller, but you end up paying more in the long run. Another way to ensure you save money over the life of the loan is to come prepared with a sizeable
down payment
(usually 20% of the car’s value).”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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