Best Place to Get Auto Financing

Hands Holding Car and Money

It’s a given, shoppers from Fenton and beyond will always prefer a better deal and more savings when it comes to car loan shopping. Everyone wants to know the best place to get a car loan, be it a bank or in-house finance. It goes without saying that everyone’s asking the hot question: “Where is the best place to get auto financing?” Don’t worry, the finance team at Suntrup Automotive Group is here to talk about just that! Keep reading to learn more about the best place to get auto financing – and be sure to contact us via our online portal if you have any questions!

Car Loan Shopping: Where to Get a Car Loan

When it comes to new and used car financing around St. Charles, you’re typically going to be left with two options: financing through the dealership where you’re purchasing the vehicle (also known as in-house financing) or seeking financing through a bank or other lending institution, such as a credit union. Both of these options offer different benefits to shoppers – let’s talk about those:

Where to Get a Car Loan: In-House Financing

In-house auto financing, wherein you finance the purchase of your vehicle through the dealership itself, often catches a bad rap. In truth, it can be one of the most useful options for drivers with low credit scores or those looking to build their credit. Here are some of the benefits of working directly with the dealership for in-house financing:

  • The dealership may offer financing incentives.
  • Multiple lenders are competing for your business, which can lead to a better rate.
  • Some dealerships offer options for those who have issues with credit.
  • It is easy to apply. You only need to fill out one form to get multiple options. 
  • Dealerships work with a variety of lenders to get you the best rates possible. 
  • Dealers can help you determine if leasing vs. buying is right for you. 
  • You may be able to negotiate your down payment when financing with the dealership.

Where to Get a Car Loan: Banks & Credit Unions

A tried-and-true method of securing auto financing, and perhaps the most traditional, is by applying for loans through banks or credit unions. For most drivers with average and above credit, this is the best place to get a car loan. In similar fashion to in-house financing, you can choose to work with our finance team to apply for loans with hundreds of banks and credit unions nationwide! Here are some benefits of financing through a bank or credit union:

  • Shopping around with different lenders means possibly securing a better rate!
  • Working with your existing financial establishment may carry additional rewards!

Where’s the Best Place to Get a Car Loan? It Depends!

When shopping around for an auto loan, it’s paramount that you remember the differences between financing that a dealership finds for you, financing you find for yourself, and in-house financing. Like we mentioned above, each type of financing source has its own respective benefits and drawbacks. Remember these key facts about each type of financing:

  • Bank Financing: Bank financing can come from your own financing search or with the assistance of a finance representative at a dealership. (Not to be confused with in-house finance.)
  • In House Financing: In-house financing is provided directly by a dealership, so you don’t need to get approval from a lender. It often involves a higher interest rate – but is beneficial for shoppers with poor to fair credit.
  • Credit Union Financing: If you’re a member of a credit union, you should be able to apply for an auto loan there. Auto financing with a credit union usually comes with unique and money saving perks!

Ultra-Fast Pre-Qualification Tool – Try It!

If you’re looking to have our finance professionals assist you with finding financing from a bank or credit union, we can get the process started by having you fill out a quick online finance application! (Don’t worry – this application will not affect your credit report or score.)

 

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