Which Car Loan is Best – Dealership or Bank?

November 29th, 2017 by

two jaguars side by side

Whether you’re searching for a new or used car in the Paramus area, it’s likely that you’ll take advantage of car financing. However, it’s important to do your research before you sign papers at the dealership so you can ensure that you get the best interest rates and lowest monthly payment available. Find out whether financing through the dealership or through a bank or credit union is best for you, then rely on the Jaguar Paramus finance department to walk you through the process!

How to Find the Lowest Rate

There’s no surefire way to tell whether your dealer will offer a lower interest rate than your bank; in many cases, dealer financing is actually the same as bank financing. The dealer simply goes to the bank and does the legwork for you. However, it can be beneficial to go to your bank before choosing your vehicle so you can find out their rate first. Then, you can compare that to your dealer’s and see if your dealer can match the rate if the bank’s is lower.

Dealer Financing

  • Pros: Automakers will occasionally have promotions where they offer very low-interest rates on new cars, which a typical bank wouldn’t do. Dealers will also “shop around” so to speak, and will find the best bank rate in the area.
  • Cons: Dealer financing is a common option because it offers the simplest route to buyers – they can choose and finance without leaving the dealership. However, it’s important to ensure that your dealership isn’t marking up the bank’s rates in order to make money.

Bank Financing

  • Pros: The main advantage of car financing through a bank is that they won’t mark up interest rates, as some dealers might. Because of this there’s no middleman, so rates could potentially be better.
  • Cons: You can negotiate interest rates with your dealer, but banks will typically offer just one rate. They also won’t shop your credit around to lenders like dealers do.

Rely on Jaguar Paramus for All Things Finance

Whatever financing route you choose, you can count on our experienced finance department to help you through every step of the way. Contact us for more information, and make your way to our Paramus dealership to browse our new vehicle inventory in person!


  • 2020 jaguar e-pace driving

    2020 Jaguar E-PACE Configurations

    The Jaguar E-PACE specs and features have made it one of the Englewood area’s favorite compact SUVs, but which model is right for you? We’ve broken down each of the 2020 Jaguar E-PACE configurations in detail, so you can make the right decision for your daily drives and adventures. View Our E-PACE InventoryContact Us Jaguar…

  • 2020 i-pace interior

    2020 Jaguar I-PACE Interior

    Just because you’ve got an electric car doesn’t mean that luxury gets left out of the equation. For proof of that, look no further than the 2020 Jaguar I-PACE. The 2020 Jaguar I-PACE interior is the total package, combining the ample space befitting an SUV and a suite of luxurious amenities that you can expect…

  • 2021 Jaguar F-TYPE trim levels

    2021 Jaguar F-TYPE Configurations

    Whether you opt for the new Jaguar F-TYPE Coupe or the new Jaguar F-TYPE Convertible, you’re going to have a wide range of trim levels to consider. In order to make the right choice, you’re going to need to take a close look at the 2021 Jaguar F-TYPE configurations, and that’s where we come in. …

  • 2020 Jaguar F-PACE Colors

    The 2020 Jaguar F-PACE color choices make it easy to customize your look, both inside and out. With nearly 30 paint colors and a bevy of upholstery materials, stitchings, and finishes to choose from, the Jaguar F-PACE color options ensure there’s something to fit every Englewood aesthetic. Learn more about the 2020 Jaguar F-PACE colors…

  • 2020 I-Pace dimensions

    2020 Jaguar I-PACE Dimensions

    The 2019 Jaguar I-PACE caused quite a buzz in the automotive industry, gaining numerous awards and accolades and even outperforming competitors like the Tesla Model X! Still, you might wonder how the 2020 Jaguar I-PACE dimensions compare to those of other SUVs. If you’re ready to experience the Jaguar electric SUV, take a look at…

  • 2021 Jaguar F-TYPE

    2021 Jaguar F-TYPE Interior

    Sports cars are an enormous part of the Jaguar brand’s DNA, and no vehicle puts their heritage on display quite like the 2021 Jaguar F-TYPE. You can expect this sports car to deliver a finely-crafted engine and an exterior that has no trouble turning heads on the roads near Englewood or Fort Lee, but that’s not…

  • ipace configuration

    The All-Electric 2020 Jaguar I-PACE Configurations

    You’re an environmentally-conscious, responsible person who needs to get around Paramus in style. No wonder you’re looking at the all electric 2020 Jaguar I-PACE! But everyone needs options, and you’re no exception. Fortunately, there are three 2020 Jaguar I-PACE configurations to choose from. Find Your New I-PACE Which 2020 Jaguar I-PACE model is right for you?…

  • jaguar xe interior

    The 2020 Jaguar XF Interior Has Exactly What You Need

    In the market for a luxury midsize wagon or sedan near Englewood? The 2020 Jaguar XF could be your perfect car. The 2020 Jaguar XF interior offers amenities and several advanced features making your daily travels in Saddle River more enjoyable. Read on to learn more about the Jaguar XF design. Find a New Jaguar XF…

  • 2020-Jaguar-E-PACE-Interior

    What to Expect from the 2020 Jaguar F-PACE Interior

    The 2020 Jaguar F-PACE interior provides Englewood-area drivers with everything that they’ve been asking for. Once you’ve had the chance to explore its interior features and dimensions, you’ll surely agree that it’s one of the most luxurious (and most capable) SUVs that you can choose for your daily drives and adventures. Find out what it’s…

  • 2020-Jaguar-F-Pace-Seating

    2020 Jaguar F-PACE Seating Capacity

    The 2020 Jaguar F-PACE seating capacity makes it the perfect choice for your Saddle River and Ridgewood drives. With room for up to five passengers, easily-configurable rear seats, and an expansive cargo bay, you’ll be ready for any daily errand or adventure. Keep reading to find out why more and more of your neighbors are trading…

Posted in Tips and Tricks