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Buying a used car, best source for financing? (beehaw.org)

submitted 1 year ago by hallettj@beehaw.org to c/personalfinance@lemmy.ml

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My family needs a second car. I'm thinking about a used Chevy Bolt or Nissan Leaf so I think the cost will be about $20,000.

What's a good source for financing? I was thinking about getting a loan from my bank, Chase. But I see there are also lenders that specialize in car loans, and there might be dealership options? My credit score is over 700.

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[–] deegeese@sopuli.xyz 8 points 1 year ago (1 children)

Get an offer from your local credit union, then tell the dealer’s finance guy you will use his bank if he can beat the rate.

[–] CmdrShepard@lemmy.one 3 points 1 year ago

This is the way to go. Find the car you want online first, secure financing from a local CU second (shop around), and then go to the dealership third. Don't walk in without the financing or they'll give you some BS high rate even with excellent credit.