SHOULD I GET AUTO FINANCING FOR A NISSAN AT A BANK OR AT THE DEALERSHIP?

You’ve found the perfect Nissan. Congratulations! Now you just need to decide how to finance your purchase. Is it better to go through a bank or a dealership like Benson’s Ingram Park Nissan?

We’ll walk you through the ins and outs of Nissan financing so you can decide which lender is right for you. It’s not a one-size-fits-all formula, but we’ll break down everything you need to know to make an informed decision.

COMPARE INTEREST RATES

Your loan interest rate will be based on market conditions and your creditworthiness, but it’s still a good idea to comparison shop. Interest rates sometimes vary from one lender to another.

We know it can be time-consuming to reach out to multiple lenders on your own, so allow us to take care of that for you. When you inquire about Nissan financing at our dealership, we’ll contact multiple lenders on your behalf to find you the most competitive interest rate possible. In a matter of minutes, you’ll be able to compare interest rates directly from the manufacturer as well as from local Texas banks.

We streamline the process of finding the perfect financing for you so you can instead focus your energy on finding the perfect Nissan for you and your family. We also have access to some of the lowest interest rates around, so you can save both time and money.

Worried that your credit score will take a hit by having multiple lenders pull your credit? No need to worry. When applying for certain types of loans, such as auto loans, your credit won’t be negatively impacted by multiple inquiries. Instead, all credit inquiries will be treated as a single one so long as they’re made within a certain timeframe.

UNDERSTAND THE TOTAL LOAN COST

Low interest rates are a great starting place, but you should also look at the big picture by taking into account the overall cost of your loan. For instance, some lenders may have loan origination fees. If you’re rolling the origination fee or other fees into your finance amount, the loan will end up costing you more. This loan cost is typically reflected as the APR, or annual percentage rate. The APR is based on your interest rate and lender fees, such as closing costs or loan origination fees, for example. You can think of this percentage rate as the true cost of borrowing money.

So how do you find out the APR on your loan? The best way to do this is to get a pre-approval letter from your preferred lender. The pre-approval letter will reflect the amount you’re approved to borrow, as well as your estimated APR and monthly loan payment amount. It will also give you a good sense of how much you should budget for your Nissan purchase.

Want to move forward with securing a pre-approval letter? Benson’s Ingram Park Nissan makes it easy to get pre-approved for your auto loan. Just complete our online application to explore your Nissan financing options.

INQUIRE ABOUT PREPAYMENT PENALTIES

Most people would love to pay off their loans early. Why not save money on interest if you’re able to do so? But keep in mind that some lenders have prepayment penalties.

Whether you close with a dealer or a bank, ask your prospective lender if you will incur a prepayment penalty if you decide to pay off your loan early. If a prepayment penalty does apply, find out how much it is so there are no surprises down the line.

While most lenders will not charge you a fee to pay off your loan early, it’s always a good idea to double-check beforehand.

TAKE SPECIAL OFFERS INTO ACCOUNT

Sometimes lenders offer special deals or incentives that you won’t find at a bank. Dealerships, for instance, may offer certain discounts if you’re a veteran, recent college graduate, or servicemember. Always ask about special offers that you may qualify for and take those into account when deciding on a lender.

For instance, at Benson’s Ingram Park Nissan, we sometimes offer cash back on Nissan purchases. It never hurts to ask for a little extra. See what incentives and specials you may be eligible to receive from your bank or dealership. Then compare offers to snag the best deal possible.

FACTOR IN CONVENIENCE

If you’re like most people, you want to have a smooth closing that will save you time and energy. If so, opting for Nissan financing through your dealership may be your best bet. Everything is handled under one roof so there’s no going back and forth between the bank and dealership.

Have bad credit or been turned down for a loan in the past? Some dealerships have flexible financing options that allow you to close more quickly and easily than you would otherwise. For instance, Benson’s Ingram Park Nissan can find creative solutions for most credit problems, such as programs that help you rebuild your credit so that you can get behind the wheel of your new car as soon as possible.

Want to see if you qualify for an auto loan with us? Simply fill out our free online credit application and a member of our finance team will be in touch with you soon.

Closing with a dealership may also give you easy access to other benefits, such as extended warranty programs and other finance services. The bottom line—shop around, ask the right questions, and move forward with the Nissan financing that feels right for you.

Regardless of whether you finance through us or with another lender, we want you to find the vehicle that suits your needs and lifestyle. Stop by the Benson’s Ingram Park Nissan lot and take one of our cars out for a spin. We’re certain you’ll be glad you did!