Are you thinking about buying a new or used vehicle in Philadelphia but don’t have the money to pay for your vehicle in cash? You’re not alone. With the cost of vehicles going up each year, consumers regularly find themselves acquiring car loans.
Since so many dealerships offer financing, it’s pretty common for consumers to assume the best car loans in Philadelphia are found there. But did you know that you could also secure financing with a local bank or credit union?
GOBankingRates can assist you in sifting through the best car loans in Philadelphia and help you save a ton of money in the process.
Why Search Banks for Philadelphia’s Best Car Loans
Car dealerships that work with financial institutions generally have success getting you a loan. But taking this route could significantly limit your financing options and result in you paying too much for your vehicle.
Typically, when a dealership offers you financing, it does so from the perspective of you making monthly payments, which means interest will already be tacked on. With a little searching, you can find banks and credit unions offering lower interest rates that can save you money.
Also, by securing a loan with a local financial institution, you can lower the total price of your car since you’re paying in cash, as opposed to negotiating monthly payments and other dealership fees.
Searching for auto loans with banks can help you significantly lower the price of your next vehicle. To find the best car loans in Philadelphia, explore comprehensive rate tables found at GOBankingRates.com.