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Direct auto finance: what is it, and is it an excellent idea? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing unique and impartial content, by enabling you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site come from companies that compensate us. This compensation can affect the way and where products appear on this site, including such things as the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. But this compensation does affect the information we provide, or the reviews you read on this site. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.
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3 minutes read. Published 21 October, 2022
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Mark Kantrowitz is an expert on student financial aid, the FAFSA and 529 plans, scholarships, education tax benefits and student loans.
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Indirect auto is when a lender gives financing to the seller of the vehicle and not directly to the customer. The seller then passes the financing to the buyer, and the buyer is required to make periodic monthly installments to the lender whom the dealer is connected to in order to pay off the loan. This method of financing vehicles comes with benefits and drawbacks which is why it is essential to understand all your choices before you sign off on the indirect car loan. How can you get indirect auto finance? Indirect auto financing is available through lenders who are part of their partner network. Instead of looking for a loan and then getting preapproved prior to visiting the dealer to get the financing after you purchase the vehicle. In turn, the seller is paid an amount of commission or another type of payment for connecting you to the lender. This can be in the form of a percentage added to your interest rate. When you make the final payment then the lender will transfer the title or lien of the car to. In the loan period, you’ll be required to pay interest on the loan the same way as you would for an . Others indirect loans Indirect loans may also refer to the process of using a marketplace or broker. With these options, you enter your personal information and you are then matched with any or all lenders. Most of the time your credit score will not be affected since these online marketplaces only require an inquiry that is soft. Furthermore, you will be able to view potential loan offers that contain the estimated monthly payment, time frame for repayment and the interest rate in order to make an informed decision. Before you decide on one it is important to compare the cost of all loans. Pros and cons of indirect financing Although indirect auto financing could help you get a more seamless car-buying experience However, there are some disadvantages to take into consideration before making a decision. Benefits of indirect financing In certain instances, it is more sense to . Buy and shop all in one location. It’s often more convenient to buy at the dealership. You’ll be able to browse and get financing on the next day. Less legwork. While it’s an excellent idea but it’s not necessary. If you want to go without having to apply with different lenders prior to deciding on your vehicle. Bad credit options available. Specialty dealers have options for customers with less than perfect credit. Pros and cons of indirect financing Prior to you visit the dealership without the approval of an external lender be aware of the drawbacks. Higher rates. The dealership usually adds a percentage on top of what is offered by lenders that meet your needs. This means that you will likely get a with a direct lender. There isn’t as much control. You don’t get to choose the lender your information is shopped around with. If you’re already working with a credit or bank union, it could be beneficial to apply with it — you may get a better rate or terms than otherwise. Unavailable for some purchase types. If you’re looking to buy directly from a lender, then indirect financing won’t be an alternative. How do you get indirect auto financing The procedures for getting direct auto finance are comparable to those for a traditional loan. However, before applying, be sure to have all the documents available that the dealer must submit to the lender’s in their network. This step-by step guide will show the steps to take by visiting the dealership. Explore the options and pick the vehicle you’d like to purchase. Apply for a loan from the dealer. Be approved and select the best offer. Sign your loan documents. Get your loan documents in your possession . Alternatives to auto financing indirect If you’re not looking to take out an auto loan from a dealer there are other options for financing your new vehicle. Bank Most banks provide loans for vehicles, however it could be an involved process. If you have good credit the bank might be the way to go. But if you , this might not be the most viable alternative. Credit union operate much like banks, but the members of the credit union are the main priority, not investors. It is likely that you will need to be a member of the credit union and the requirements to join will differ from one in the same way. However, joining a credit union that provides auto loans can save you money, and also give you more flexibility. Online lender The use of an online lender is another option to finance a car, without having to go through a dealer. A lot of online lenders concentrate on providing low rates and affordable loan terms, rather than the high commissions you could find at a traditional dealership. The bottom line Indirect auto financing is a convenient option to finance your next car. It is important to research you before visiting the dealership as there could be an alternative that is better. You may also find that the dealer will match or beat an external loan price to win your business. Find out more
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Written by
This article was written using automation technology and thoroughly edited and fact-checked by an editor on our editorial staff.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances with precise, well-researched and clear information that breaks down complex topics into manageable bites.
Auto loans editor
Reviewed by Mark Kantrowtziz Reviewed by Nationally acknowledged expert in student financial aid
Mark Kantrowitz is an expert on student financial aid including the FAFSA, scholarships, 529 plans, education tax benefits and student loans.
Nationally recognized student financial aid expert
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