Where should I get a car loan?

I want a new car. I didn't need a loan for my last car, but I'll have to get one this time. Where's the best place to get a car loan?

Answer
You’re in luck! There are several places to get a car loan.
Some of the more popular options are:
  • A bank
  • A credit union
  • A dealership
If you do business with a bank or credit union currently, you should reach out to them about their financing options. Smaller banks and credit unions often offer lower APRs than bigger institutions. Plus, having an established relationship with a lender may earn you a better rate.
Another option is financing directly through the dealership and their preferred lender. Dealerships typically have relationships with several lenders and can shop around for deals for you. So depending on your credit score and financial stability, you can typically get good rates with dealerships.
In addition, dealerships often run deals, so keep an eye out and check back often to see what’s available.
Beyond these options, you can look into other lenders. There are several independent lenders that offer vehicle financing or personal loans with competitive rates.
To be sure you’re getting the best loan, read over the terms and conditions before signing. Every lender is different, so you want to ensure you understand what you’re agreeing to.
You can save even more money on car expenses with Jerry. A licensed broker, Jerry does all the hard work of finding cheap car insurance quotes from the top name-brand insurance companies. If you find a better policy at a better price, Jerry will help you buy new insurance and even assist in canceling your old policy.
Emily Maracle
Answered on Oct 26, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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