You may have been told that it’s better to get approved for financing before starting the car buying process. While this may be true in some cases, you can get a good deal if you let the dealer find a lender on your behalf. Why might you want to let a Lexus dealer in Elmwood Park help you find financing to purchase your next vehicle?
Dealers Have Relationships With a Variety of Lenders
Generally speaking, dealers have relationships with lenders that operate on both a regional and national scale. Therefore, they may be able to work with a bank or credit union that you have never heard of to get favorable finance terms. In some cases, the interest rate from this lender will be lower than what your bank or credit union quoted. This may be true even if you have bad or no credit.
Dealers May Have Their Own Lending Companies
It is possible that dealers will work with lenders to develop loan products that are available only to their customers. This can be helpful for those who are self-employed or who don’t have great credit. These loan products may allow you to make payments every two weeks or pay off the loan with a balloon payment in five years.
It Never Hurts to Have Two Offers
You have the right to ask your Lexus dealer in Elmwood Park to search for loan offers even if you have already gotten one from a bank or credit union. Having multiple offers allows you to make an educated decision about how to pay for one of the most expensive items a person can buy.
McGrath Lexus of Chicago can work with you to find a car that fits your needs and your budget. Learn more about the dealership by going to their website.