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Indirect auto financing: 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 better financial choices by offering interactive tools and financial calculators as well as publishing unique and impartial content. We also allow users to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home lending products. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial offerings that could be available to you.
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3 minutes read. Published 21 October, 2022
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Indirect auto is when a lender gives financing to the car seller and not directly to the customer. The seller then transfers the loan 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 repay the loan. This method of financing vehicles comes with benefits and drawbacks so it is important to be aware of all options prior to signing an indirect auto loan. How can you get indirect auto finance? Indirect auto financing is available via lenders within their network of partners. Instead of searching for a loan and getting preapproved before visiting the dealership to get the financing once you buy the car. In turn, the seller will receive an amount of commission or another type of payment to connect you to the lender. This could take terms of a percent that’s added to the interest rate. If you pay the final payment and the lender will release the lien or title for the automobile to the. During the loan period, you’ll be required to pay interest on the loan, just as you would for a . Another type of loans that are indirect loans Indirect loans can also refer to the process of using a marketplace or broker. Through these choices, you enter your personal information and you are then matched with any or all lenders. Most times your credit score won’t be affected as these online marketplaces just need a soft inquiry. Furthermore, you will be able to view potential loan offers that include the estimated monthly payment, repayment period and interest rate in order to make an informed choice. Before you decide on one you should also evaluate the cost of all loans. There are pros and cons to indirect financing Although indirect auto financing can help you have a more seamless car-buying experience but there are also disadvantages to take into consideration before making a decision. Pros of indirect financing In some cases, it makes better sense . Shop and buy all in one location. It’s generally easier to purchase at the dealership. You’ll be able to browse and obtain financing the on the same day. Less legwork. While it’s beneficial to do so do so, it’s not necessary. If you want, you can go in without applying with other lenders before deciding on your next car. Bad credit options available. Specialty dealers offer options for those with less than perfect credit. Cons of indirect financing Before you go to the dealership without the approval of an external lender, consider these drawbacks. Higher rates. The dealership often includes a portion on top of the rates offered by lenders who meet your needs. This means you’ll likely get a with an direct lender. Not so much of a control. It isn’t possible to select which lender your information is shopped around with. If you’re already working with a credit or bank union, it could be beneficial to join it — you may receive a lower price or better terms that you would otherwise. Unavailable for some purchase types. If you’re trying to purchase through a direct lender , indirect financing will obviously not be an alternative. How do you get indirect auto financing? The steps for obtaining direct auto finance are comparable to those for a traditional loan. However, before applying make sure you be prepared with any documents the dealer will need to provide to the lender’s within their network. This is a step-by-step guide on the process to follow by visiting the dealership. Look around and select your car. Apply for a loan from the dealer. Acceptance is granted and you can choose the best offer. Sign your loan documents. Get your loan documents in your possession . Alternatives to indirect auto financing If you’re not looking to get an auto loan from a dealer There are a variety of alternative options to finance your next car. Banks generally offer loans for vehicles, however it can be a more involved process. If you’re a credit-worthy person and a good credit score, a bank may be the best option. But if you are not, it might not be the most viable alternative. Credit unions operate similarly to banks, however the members in the credit union will always be their primary focus rather than investors. You’ll likely have to join the credit union and membership requirements for members will vary from one to the next. However, joining a credit union that offers auto loans can save you money and offers greater flexibility. Online lender Using the internet as a lender is another possibility to finance a car, without the need of a dealership. The majority of online lenders are focused on offering low rates and affordable loan terms, rather than the hefty commissions you might get at a traditional dealership. The bottom line Indirect auto financing is a great way to purchase your next car. But, it’s essential to ensure you do your research prior to visiting the dealer because you could get an alternative that is better. It is also possible that the dealership is willing to match or beat an outside loan offer to gain your business. Learn more
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Written by
This article was written with the help of automation technology, and then verified and edited by an editor from our editorial staff.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized expert on student financial aid
Mark Kantrowitz is an expert on student financial aid including the FAFSA, scholarships, 529 plans educational tax benefits, student loans.
Nationally recognized student financial aid expert
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