Financing with a Bank or Dealership: What’s the Difference?

When shopping for a new car, Lawrence-area drivers will naturally look for the best available deal. Are you asking: “Where is the best place to get a car loan?” The finance team at Rockingham Honda is here to help. Learn all about the differences between financing with a bank vs. financing with a dealership to determine which is the better choice for you.

Where to Get a Car Loan: Dealership

For most Methuen drivers, securing a car loan will come down to either working with a bank or a car dealership. While there are benefits to both options, it may actually be to your advantage to seek financing from the dealership where you plan to buy the vehicle. Some of the perks of securing a car loan from a dealership like Rockingham Honda include:

• Access to the many lenders, so you’ll have several financing options from which to choose.
• Expert advice on leasing vs. buying.
• Access to convenient online tools to calculate your monthly payments, value your trade-in, and apply for financing.
• Flexible options for buyers with bad credit or no credit at all.
• Financing and lease specials to help you save even more.
• Better opportunity to negotiate your down payment and loan or lease terms.

Where to Get a Car Loan: Bank

Methuen-area car shoppers may want to check the terms and rates they can get from their local bank. It’s important to note that it is often more difficult to secure a loan from a bank if you have a low credit score. We advise that you find out what kind of deal your dealership can offer before consulting your bank. That being said, there are some benefits to getting a car loan from a bank. These benefits include:

• You have a pre-existing relationship with your bank, which can work in your favor.
• A bank will offer set interest rates.
• You may be able to secure a more flexible payment schedule.

For other car-buying tips like good mileage on a used car and more, visit Rockingham Honda today.

Learn More About Your Financing Options at Rockingham Honda

Ready to drive home in a brand new Honda car, truck, or SUV? Come to Rockingham Honda and find out what our finance specialists can do for you today. We’ll be happy to walk you through your financing options to make sure that you get the budget-friendly deal you’ve been searching for. If you have any questions or would like more information, please feel free to contact us.