The base idea for this article came from a recent J.D. Power and Associates report showing that dealers are shopping around for the best loans. In years past, a dealer would submit your financing needs to an automakers financial arm first. According to that report, dealers are now spending some time shopping around for the best deals available.
That might sound good for you, but the dealer may not cut you in on the discounted financing. A dealer can make more money if they can get you to agree to a higher than required interest rate on a loan. They also have the chance to add a ”finance fee” on to the price of the car for handling the loan. It is all profit in their pockets. You can shop your loan directly to the same lenders. Arranging your own financing can save you thousands of dollars over the life of a typical Oregon auto loan.
There are too many online auto finance companies for you to let a dealer take your money. All you have to do is spend a little bit of time looking around the internet and you can keep quite a bit of your hard earned money.