Where Should Auto Shoppers with Good Credit Get a Used Car Loan?

When your credit score is great, where should you go to get a used car loan? Should you go to your bank? A credit union? A dealership?

Although most of what’s written about used car loans seems to be about addressing the concerns of customers with challenged credit, even customers with good credit have questions. When your credit score is great, where should you go to get a used car loan? Should you go to your bank? A credit union? A dealership? It’s not easy to figure out where to start when it comes to getting a used car loan.

The good news is that with a great credit score you will enjoy the very best terms possible. The bad news is that those terms can still vary widely from lender to lender. By all means, check with your own bank to see what kind of loan terms they will offer you. But even if the terms seem great, don’t seal the deal before checking around and comparing with other offers. Just because you have a long-term relationship with a bank doesn’t mean you have to restrict yourself to that institution for a loan – especially if there is a better loan out there waiting for you. The question is, how do you find it?

Sure, you can hit the pavement and visit every bank and credit union imaginable, but who really has the time and energy to do that? You’ll need some of that time and energy to find the car you want to buy, right? Now imagine how convenient it would be if you could combine both shopping for a car and shopping for a car loan all at one place. The best used car dealerships offer exactly that. Talk about saving yourself from a lot of hassles and headaches!

Ever hear the phrase when banks compete, you win? A great used car dealership with a robust finance department will have a whole network of top lenders who will be fighting to get your business. Why? Think about it: You’re applying for financing at a used car dealership, which means you’re probably already looking at a car you want, so all the lenders in the network know you’re serious about buying a car, so if they offer great terms, they have a shot at getting your business. On the other hand, when you walk into a bank here and there to inquire about what kind of rates they offer on used car loans, they don’t really know how serious you may or may not be about actually buying a car. In other words, it doesn’t feel like they’re competing with anyone and may not try very hard to get your business.

At Auto City, your loan application goes out to a bunch of lenders, including Wells Fargo (the top lender in the used car market), Chase, Capital One, Ally, AmeriCredit, Flagship Credit Acceptance, California Republic Bank (CRB), CUDL, local credit unions, and more. One of those many lenders will end up having the best offer, and that’s the one we present to you. Get your car and your loan all at the same place – now that’s car shopping you will love!