Whether you want to lease or buy your next Chevy, the best place to go for car financing is your Chevy dealership. Your dealership partners with local banks and may even offer in-house financing through the manufacturer’s captive lender, which means you will have access to better financing offers. Learn about all the benefits of dealership financing before you visit your dealership finance department.
1. Lower Interest Rate
Your dealership can generally offer you a much lower interest rate than a bank or credit union. Even if you’ve been pre-approved for an auto loan by your bank, you can likely get a lower financing offer at the dealership simply because of how the dealership calculates interest rates. Although your credit score is still part of this calculation, the dealership may have relationships with local lenders that can knock down the interest on your auto loan.
Generally, your interest rate is determined by your credit score. If you have a low credit score or even a mark on your credit from bankruptcy, your interest rate offers from other lenders might be very high, or your loan application might be rejected. Your dealership, on the other hand, is committed to working with you regardless of your credit history.
2. More Negotiation Room
At the dealership, you have more room for negotiation. With a traditional auto loan from a bank or credit union, you do not have any wiggle room to reduce the cost of your loan. However, when you use a trade-in deal at the dealership, you can reduce the cost of your total loan significantly. You can even negotiate with the dealership on your final vehicle price by using dealership-sponsored discounts or deals.
3. Better Loan Flexibility
The dealership can offer you much more flexibility in your loan terms. While traditional lenders are much more rigid in the length of your loan, a dealership can offer a loan for up to 72 months or longer. For many drivers, a longer loan term is preferable since this reduces the cost of monthly vehicle payments.
4. Faster Pre-Approval
You can also get pre-approved for a lease or auto loan much faster at the dealership. Typically, pre-approval for your loan application can be done in hours or days, rather than the weeks it might take to be pre-approved for a loan at a bank. Plus, your loan pre-approval comes with no obligation.
Dealership financing is much more convenient than other forms of vehicle financing. Your dealership can offer you flexible financing packages for a lease or auto loan, as well as other deals such as trade-in valuations, extended warranties, and more. Get in touch with Heidebreicht Chevrolet to arrange a finance meeting today.
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