So, you’ve picked out the car you want and are planning a trip to the bank for an auto loan, but did you know that you can go to your Hyundai dealer for car financing? There are myriad benefits to getting financing at your dealership, so read on if you’d like to understand the process better.
Time Efficiency
If you choose to get a loan through a credit union or bank, you need to be pre-approved to know how much you will need to pay in interest on the loan. You need to do this before choosing your car because part of this process is getting a letter of commitment from the lender that you take to the dealership. This can take more than a week from start to finish, which is not ideal.
On the other hand, when you arrange financing through the dealership, your dealer will send your credit application to multiple lenders on your behalf and then share the resultant loan offers with you in a few hours.
Everybody Is Welcome
Many people believe that buying a car is out of their reach because they have a poor credit score or don’t have good standing with a bank or other financial institutions. There is also the mistaken belief that car dealerships won’t help you with financing if you have never been a customer of theirs. Well, we’re here to set the record straight. Financing through a dealer is much more accessible than you imagine!
Dealers will work with new customers even with low or no credit. You will likely pay a higher interest rate if you have a bad credit score, but this would apply at a bank or a dealership.
Better Options
Financing through your local dealer will give you options to choose from because the dealer sends your application to many lenders. If you go to the bank for an auto loan, they will only give you one rate, and you would need to start the process again with another bank to get more options. Going through Hyundai will make financing easier, quicker, and more enjoyable.
Special Deals
If you go through your dealer, you may be eligible for promotions and specials, especially if you want to purchase a vehicle already in stock. It helps to have a good credit score, as there are a few criteria that you need to meet for most deals. If you qualify, sometimes you can get a loan with zero interest, which would significantly decrease the cost of your car.
Organizing financing through your dealership is more convenient, takes less time, and you could even benefit from promotional sales on add-ons and packages. What more do you need? See us at Mike Kelly Hyundai, and we’ll be happy to explain the whole process in detail and get you driving your dream car!
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