Bank vs. Dealership: What’s the Best Place to Get Auto Financing?

Car Loan Shopping

Wondering where to get a car loan? Whether you’re located in New Orleans or all the way out in Timberlane, your two main loan options are similar. When you’re purchasing a new or used vehicle, you can get financing from:

• The place where you bank
• The dealership where you’re purchasing your vehicle

Both of these options offer distinct benefits to those who choose them, but we’re of the opinion that the best place to get a car loan is our very own finance center.

Should I Get My Car Loan from a Dealership?

Here are just a few of the advantages that come to those who pursue auto financing with their local dealership:

• An experienced dealer will work with you to help you decide between buying vs. leasing.
• Dealerships construct long-term relationships with a wide variety of lenders, who compete for your business. This enables us to get the best possible rate for your loan.
• You can skip the line and waiting time at the bank. To apply for financing at Ray Brandt Kia is as easy as filling out one form.
• Many dealerships offer options for buyers with less-than-ideal credit.
• Dealerships can help you value your trade-in quickly and easily, and many offer financing incentives.
• When you finance with a dealership, you’ll have more leeway to negotiate your interest rate and down payment.

Should I Get My Car Loan from a Bank?

Many of our neighbors use the banks in the Marrero region as their go-to sources for financing. When you pursue auto financing with your bank, you could enjoy the following benefits:

• Since you already have a relationship with your bank, you can work on closer terms.
• Most banks utilize set interest rates. These might be lower than the interest rates you’ll find with other lenders, but the loans they’re attached to are also usually more difficult to secure.
• Some banks may work with borrowers in good standing in order to set a flexible payment schedule.

Unlike banks, which hold power over the borrower, our lending partners have to compete for your business! Because each of our trusted lenders want you to finance with them, rather than the other guy, they’re also more likely to help poor-credit drivers get behind the wheel of the car they’ve always wanted.