Although banks and credit unions are also sources of financing for new car purchases the fact is that a full seventy percent of new car buyer’s finance their purchase through their new car dealer in, the reason is quite simple; they save money.
Banks and credit unions only have themselves to turn to, a new Volvo dealer on the other hand can offer a clients application for credit to many different lenders, as a result the dealer often can offer new car customers a better rate of interest than they can find on their own. New car dealerships also have the ability to discount their interest rates in an effort to match or beat the rates offered by competitors.
When buying a new car. Consumers want to have the right to:
* Look for the best possible deal on new car financing
* Negotiate and enjoy the benefits of a discounted rate from their dealer
How car financing works:
In 2016, the last year where there are such statistics, American consumers purchased over 17.5 million brand new cars; that works out to 48 thousand cars every day of the week. Only 15 percent used banks or credit unions to finance their purchase, the other 85 percent relied on dealer arranged financing.
Consumers have two avenues for finance, they can go to their bank or credit union and make their won arrangements or they can have their new Volvo dealer in Schaumburg make the arrangements for them.
Benefits of dealer arrange financing:
There are two basic ways that dealer arranged financing helps a consumer. First off, it gives the buy access to multiple sources of money. The dealer can provide the client details to dozens of lenders at the same time and then offer the new car buyer the best possible deal. Secondly; new car dealers can even discount the rate further if they wish as the dealer receives a commission from the lending institution that can be used at the dealer’s discretion.
Your new Volvo dealer in Schaumburg not only can offer you a high end automobile, he can also offer very competitive financing if needed. You are invited to visit the new car showroom of McGrath Volvo Cars Barrington.