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Posted in Auto Loans
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AutumnPwhs

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Is it better to get an Auto Loan through a bank yourself,or try financing options at the dealership?
I want to get a used car for about $15000.00, and I'd like to finance it for 72 months. I have a 712 TransUnion score, and a 644 Equifax score. Would it be better if I applied for an auto loan at a bank (such as Ally Financial or Capital One Auto), or should I first go to the dealership and see what options they can give me for financing?

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A dealership will generally always be higher interest.   See what the dealership is offering.  Check with you bank to see what pre-approval offers they have in place.

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Make sure that you know what your FICO scores are, they will use a version of FICO, usually an auto version. If your credit is shaky, you are probably better off going directly to a dealership for financing, but as said it may mean higher rates, but odds of approval will probably be better if credit is not great. Your overall credit report, income, debt to income, previous auto loan history, time with employer, size of down payment, year and mileage of the auto to be financed will also be important factors in a lenders decision.

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