Is it better to get a car loan thru the dealer or your

[kelleylu]

bank for a used car?

[born_2_race]

the best way to do that imo is to get a loan from your 401k(if you have 1 it be cheaper that way)that's what i did. if not your bank would be fine

[In love with]

Contact Primerica. I hope I spelled it right. They are financial advisers. It is their JOB to find you the best rates. Plus they are free. They just ask that you refer them to 5 friends. If they save you a bundle of money why wouldn't you refer them, you know. They handle home and car loans as well as insurances. They are hired by companies to find clients for them... They only do business with the ones who offer the best rates. That is who they get paid by. It is like cutting out the middle man, so you get better rates. Good luck and get a few quotes if you don't go through Primerica...

[trytych]

I would go to your bank first and see what rate you would qualify for and then let the dealer try to beat it. Then simply pick whichever one is best.

[oneilldn]

my former career was as a finance guy a big dealer, tust me in what I'll tell you.
Never, never, never get your loan through the dealer...(exept when 0% tv offer).
My advise, research online the best rates tru your local banks and credit unions. Pick one, and go apply. Then go to the dealer with a check.

[scorch]

You can also use bankrate to find the lowest APRs.

[oneilldn]

I would not ask the dealer to try to beat it, and here is why.... When you go to a dealer you have to fill out a credit app. so they can pull your credit (hard inquiry), then they will submit it to a few different banks (at least two), the thing is that the banks will also pull your credit (more hard inquiries), now, what will happen when those offers come back higher than the interest you got at your bank? Well, the dealer will submit it again to a few more banks (more hard inquiries). All this will affect your credit at the end.
Also, when you use dealer finance, 80% of the time they'll add points, (what this mean?) Well, say the bank they sent it to approve you at 7% apr, most dealers will add 1 or 2 more points, and they will tell you that you got approved at 8 or 9% apr. Who you think the difference in % goes to? Pure profit for the dealer. But, if for some reason you really need to go to a dealer there is a way around it. Once the dealer tells you that you are approve, ask to see the "BUY SHEET" from the bank. The bank sheet is the document the banks send the dealer with your approval, which shows the terms and APR. This way the dealer can not add any points. If they don't want to show it to you, then my friend you are in the wrong place doing business.

Best,

1- Once you are pre-approved with your bank for an auto loan,
Go to a dealer, (DO NOT TELL THE DEALER YOU ARE PRE-APPROVE), they will not negotiate the price that much if they know you are going to pay the car cash, since they will not make any money in the finance end of the deal. Find the car that you want, check KBB "Private Party" value (yes, private party, never pay retail for a car, the dealer does not either). Then negotiate down from that price. Once you lock the price ask for a buy contract, take it to your bank, pick up you check, and go get your car.

There is so many ways and areas a dealer can trick you... if you have any questions let me know.

-n