If you’re in the market for a Nissan but don’t have the cash to buy it in full, you’re probably wondering if you should go to your bank for a loan, or simply get financing from your local dealership. Here’s why you should get your car financing from your Nissan dealer instead of a bank.
1. It’s More Convenient
Once you find the exact Nissan vehicle you want to purchase it’s easy and surprisingly quick to complete the entire vehicle purchase along with obtaining financing while you’re at the dealership. Your local dealership wants to make you happy so they will have all the paperwork ready and be able to do it all on the spot, so you don’t have to wait for your bank to get back to you and potentially lose out on your preferred vehicle choice.
2. You’ll Likely Get a Better Rate
Your dealership wants to sell cars, so they are likely to be flexible when it comes to rates and payment terms. Many dealerships offer very low to even zero percent interest rates because they will make their money from you purchasing the vehicle, while your bank makes it by collecting interest on your loan.
3. Repayment Terms Are More Flexible
While your bank may want your loan repaid within 24 or 36 months, dealerships will often be willing to extend that term even further to make the repayment schedule work out better for you. Again, dealerships want your sale and make their money from you buying a vehicle from so they can be more flexible.
4. You May Be Able to Get a Pricier Vehicle
Your bank will give you a set rate for a loan, so you’ll have to base your vehicle purchase around that amount. However, if you have your eye on a pricier vehicle, your dealership is likely to set out lower interest rates and longer payment terms so you can afford it.
5. You May Not Need a Large Down Payment
If you’ve secured a loan from your bank and you’re coming into the dealership with cash, they’ll typically require a larger down payment from you. However, if you’re financing through your dealership, they tend to be more flexible with how much down payment, if any, they require from you.
6. You’re More Likely to Get Financing
If you don’t have good credit, your bank may consider you a risk and deny you a loan. Car dealerships are often a bit more flexible when it comes to financing with not-so-great credit.
At Gates Nissan in Richmond, KY we ensure our customers have all the resources our customers need to purchase their perfect Nissan at a great price. Our friendly staff is more than happy to answer any questions or show you our vast inventory. Please call us or visit us at Gates Nissan today to find your perfect Nissan.
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