So, you’ve finally decided on the car that’s right for you. Now, you must determine if you should get your loan through your local bank or through the dealership. Here are the pros and cons that may help you in determining which route is best for you.
Many may decide that going with a dealership is more convenient, as most dealerships consider themselves a one-stop-shop for all your car buying needs. You won’t need to work with multiple locations to get paperwork completed or payment plans set up. Some dealerships even offer special rebates and add-ons, if you decide to get your loan through them.
The biggest drawback, however, to working with a dealership is that most of their loans are sent out to 3rd-party suppliers. This means you will never meet face-to-face with the person or company that will be handling your loan. This can lead to payment surprises and mediocre service, if you’ve not heard of the lender before. Make sure to do your research on any companies that may be handling your auto loan.
Going With Your Local Bank
While dealerships are considered a one-stop-shop, bank auto loans are prepared specifically for you and your needs. Banks can make each loan unique for each buyer, something a dealership cannot achieve with their loan model. You will also never get a surprise from a bank loan, as the bank prequalifies your loan by first checking past credit history. Dealerships, on the other hand, don’t check your qualifications until after you’ve signed on the dotted line. This can cause headaches and increased payments for unsuspecting new car buyers.
Making Your Choice
No matter what path you choose, Mercer Savings Bank has the loan information you need to help point you in the right direction. Whether you decide to use your local bank or go directly through a dealership, we are happy to help in any way that we can.
Remember, we have a fast loan process and easy payment methods to fit your busy lifestyle. You know that you can trust Mercer Savings Bank as your all-in-one loan center. Talk to one of our experienced loan officers today or visit the auto loan page of our website to learn more on how we can make your car-buying dreams come true.