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What’s the distinction between dealer-arranged and bank financing?

The dealer collects information from you and forwards that information to one or more prospective auto lenders with dealer-arranged financing. Instead, with bank or any other loan provider funding, you get right to a bank, credit union, or other loan provider, thereby applying for a financial loan.

Bank loan providers can “preapprove” you for the loan. You, the lender will quote you an interest rate, loan term (number of months), and maximum loan amount based on factors such as your credit score(s), the terms of the transaction, and the type of vehicle if they are willing to make an auto loan to. Continuer la lecture