Dealership Financing
Some car dealerships like to advertise great finance rates, such as $0 down or 0% APR. Unfortunately, these offers are only eligible for people with great credit scores that meet other stringent requirements as well. These offers are used as bait to get you to visit the dealership. The typical loan interest rates(APRs) at a car dealership are lackluster at best. Dealerships simply sell you financing from local banks, and they often times add 1-2 percentage points on top of the banks loan offer to make even more money off of you. Worse yet, car dealerships are not required by law to disclose this information.
Rather than opt with dealership financing, we recommend using
your current bank or credit union. Another good option is shopping
online, in which case we recommend Capital
One Auto Finance.
Capital One offers competitive low rates and you can apply instantly
online. You simply specify the loan amount you need, and you will
receive a Capital One Auto Finance Blank Check®. It works
just like a personal check, you simply fill in the check upon
finding the vehicle you want. You are under no obligation until
you actually use your Blank Check®.
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