You have three ways to pay for your used car:
Cash. Need we say more? Money talks — you-know-what walks.
Financing through a bank, online lender or credit union — We highly recommend this route because it will usually save money and give you the most control over the transaction.
Financing through the dealer — This can work for some people depending on their credit scores and the interest rates offered. Also, by prearranging financing through an independent source, the dealer may then try to beat the rate with a low-interest loan.
Financing through an independent source (online lender, bank or credit union) offers several advantages:
- Keeps negotiations simple in the dealership
- Allows you to shop competitive interest rates ahead of time
- Removes dependency on dealership financing
- Encourages you to stick to your budgeted amount
- Low-interest loans can be arranged online through .
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