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When it’s time to purchase a new vehicle, the financial aspect may be one of your top priorities. Fortunately, drivers can explore many auto loan offers, including car financing from a Honda dealer. Let’s explore some benefits of financing your new vehicle purchase at your local dealership.
1. Flexibly Finance Offers
One of the main benefits of financing your car through your dealership is flexibility. Not only will you be able to use finance deals such as trade-in valuation or larger down payments, but you also be able to find loans with better terms.
For example, dealerships can often offer longer terms for auto loans. Having more flexibility from your finance offers gives drivers greater ability to tailor their auto loan to their current budget.
2. Convenient Application Process
Applying for financing at the dealership is also more convenient. When you apply for auto financing at your dealership, the dealership will do the hard work of finding the best loan offer for you. After you submit your application, the dealership will go through several lending offers to identify the auto loan with the best interest rate and terms for your unique financial situation.
The convenience of the application process can also make buying a new car less stressful. Instead of going from bank to bank trying to secure an auto loan, you can rely on the dealership to find the best loan.
3. Lower Interest Rates
The auto loans you can get at a dealership also tend to have lower interest rates. When you get an auto loan from a bank or other financial institution, you are beholden to their APR.
However, loans from a dealership often have lower interest rates because the lenders competing for your loan have more incentive to offer lower interest rates. Having lower interest rates can ultimately make it easier to purchase a new vehicle.
4. Options for Poor Credit
Applying for an auto loan at your local dealership is also a good option for drivers who have poor credit. Whether you’re fresh off bankruptcy, you have other debts to your name, or your credit is in recovery, you can more easily get an auto loan from the dealership. Dealerships can explore other lenders who are willing to work with drivers who have poor credit.
How to Apply for Your Auto Loan
It’s easy to apply for an auto loan at your dealership. You will need to bring personal identifying information, bank information, and other documents when you submit your application. From there, the dealership finance department does all the hard work to send inquiries to lenders until they find the best offer for your financial situation.
If you’re ready to buy a car, then you may want to consider applying for an auto loan through your local dealership. This method of financing your new car purchase can save you time and money. Get in touch with the finance department at Gates Honda to learn more about the auto loan application process.
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