2017 Acura TSX -
If you only learned about financing from car commercials, you’d be forgiven for thinking that the only way to buy a car is to finance through the dealership. Maybe at best, someone told you that you’ll get a better deal paying cash (and we’ll come back to that). However, you have a third option: you can just finance the car yourself. Banks exist outside of car dealerships, and they love to loan you money. Especially if you have a long history with a bank (or better yet, a credit union), you can negotiate for a car loan before you even walk on the lot. Based on your credit history, the bank can cut you a check for up to a certain amount. You can then walk on a lot and pay with that check, same as cash. You’ll then make payments to the bank directly.
If you only learned about financing from car commercials, you’d be forgiven for thinking that the only way to buy a car is to finance through the dealership. Maybe at best, someone told you that you’ll get a better deal paying cash (and we’ll come back to that). However, you have a third option: you can just finance the car yourself. Banks exist outside of car dealerships, and they love to loan you money. Especially if you have a long history with a bank (or better yet, a credit union), you can negotiate for a car loan before you even walk on the lot. Based on your credit history, the bank can cut you a check for up to a certain amount. You can then walk on a lot and pay with that check, same as cash. You’ll then make payments to the bank directly.