What You Need to Know about Auto Dealership Financing

Buying a car is an exciting process! Searching, negotiating, test driving, and finally agreeing on a price can be time consuming and exhausting. The last thing you want to think about when you are picking out a new car is financing. It is easy to accept an auto loan offered by a dealership during negotiations because it is a convenient way to go about financing your dream car. Before you put the pedal to metal, slow down and consider your options. Financing is extremely important and you do not want to rush or settle with what is convenient. You spent time and care in choosing your new vehicle; go the extra mile and take the same care when taking out an auto loan.

Financing at the Dealership

A car loan can help you purchase a new vehicle and manage this purchase over time rather than in one large payment. Taking out an auto loan can be extremely helpful for this reason, but remember that you will be paying your principal plus interest and fees to your lender. Think about how much you would like to pay for your automobile over time, not just the sticker price. Dealerships often boast about low interest rates and low down payments in their promotions, but these deals usually come with lofty stipulations. In many cases, a dealership helps facilitate auto financing through a third party. Financing an automobile at a dealership means that you are paying for a middle man rather than going to the lender directly. This can lead to additional fees and markups to the interest rate by the dealership and more money out of your pockets.

The Benefits of Shopping Around

Before you even go to a dealership to purchase a car, you should take the time to shop around and see what type of financing you are offered. You will more than likely find better rates when you finance outside of dealer depending on your credit history. Deal with your lender directly instead of using a third party. When you do this, you can go to the dealership knowing your budget and your options. When you seek out loan services on your own, you are taking away some of the leverage that a dealer has. The process makes you more knowledgeable about automobile loans, interest rates, and helps you take charge of your borrowings before stepping on the dealership lot.

Automobile Financing with Citizens

Citizens Savings and Loan offers automobile or truck loans. We specialize in loans for automobiles and it is our goal to help our customers purchase the car or truck that they deserve with immediate competitive financing. Contact our offices today to learn more or you can start by applying online today!

Connect with us!

If you would like to learn more about the process of obtaining a personal loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get the process of applying for a loan started now, simply fill out our online application form and a friendly Citizens representative will contact you!