Banks are often the first place people think of when it comes to getting loans, so it’s often one of the first car financing options people think of, too. However, getting financing through your CDJR dealership may be more beneficial for you. From the convenience to the incentives, it’s a highly appealing option.
1. It’s More Accessible Than Other Financing Options
Bank loans aren’t accessible for some people. You often need great credit, or at least good credit, to get financing, making buying a car much harder for people whose credit isn’t in good shape. It can be similarly difficult when seeking financing through other lenders, such as credit unions.
Dealerships aren’t as strict about who they lend to. Often, people with poor credit are approved for loans through dealerships when no other institution will lend to them. Some “buy here, pay here” dealership financing offers even allow you to get a loan when you have no credit.
2. It’s Possible to Get No-Interest Loans
Automakers often have captive financing companies that offer special deals to certain buyers. If you have excellent credit, then you might qualify for a deal allowing you to get a 0% APR loan. You typically have to buy a specific model or choose from a select few models to qualify for this, too, but it’s worth looking into if you have great credit.
3. It’s Fast to Apply
Most dealerships, including ours, have online loan applications that you can fill out pretty quickly. We submit that application to multiple lenders. We get different offers for you, letting you compare interest rates and terms without having to fill out multiple applications at different financial institutions.
4. It’s Convenient From Start to Finish
Getting financing and buying your new car can often be done in just one day. Once you fill out an online financing application and are approved, you can come pick up your new car and trade in your old one.
Even if you come to the dealership to pick out your car before applying for a loan, getting approved for financing is often a very quick process. You could apply while you’re here and be approved on the same day, buy your new car, and drive home in it hours after visiting the dealer.
5. It’s Unrestricted
Banks sometimes ask you to choose the car you want from a specific dealership or selection of dealerships. These dealerships may not have the car you want, or a different dealership could have that car at a lower price. Financing through the dealer lets you work with the dealership offering the best price on the model you want.
Visit Madison Chrysler Inc. in Madison, CT, if you’re ready to finance your next car. You can apply for financing on our website today.
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