Buying a used car in Las Vegas: Financing auto loan-dealership, bank or credit union?

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This part of buying a used car in Las Vegas is definitely tied to having a good credit score vs bad credit score. When I was getting ready to buy a vehicle from a used car lot in Las Vegas I was not sure how I was going to finance the auto loan. In the past I had either bought used cars with cash or one time I did have a car note through a credit union.

I had heard that financing a car loan through a dealership was the best way to go, but I wanted to do some research and shop around before I decided to buy a used car. I looked at the dealership, my local bank, and a local credit union all here in Las Vegas before I decided on financing.

The dealership gave me their interest rate first. After that I went to a branch at my bank to see if they could offer a better interest rate than the dealer. It turned out that my bank could not offer a better interest rate than the dealer unless I wanted to borrow more money to buy a car. No thanks!

After visiting my bank, I decided to visit a credit union also. The credit union was able to offer me a better rate than my bank, but the credit union was going to have a tough time beating the interest rate that I could get through financing at a dealership. The credit union was able to match the interest rate from the dealer, but I would have needed a bigger down payment on the car in order to achieve a certain loan to value ratio, and I would have had to choose the shortest repayment plan that the credit union offered. That was the only way the credit union could match the interest rate to finance the car that the dealership offered me.

In the end I decided that if I was going to be buying a used car in Las Vegas that I was better off financing the vehicle purchase through the dealer. The advantage that the dealership has over an individual bank or a credit union is that the dealership can shop around for interest rates from multiple banks and lending institutions. Since the dealership has more access to shop and compare rates for the potential customer they are usually able to work out the lowest interest rate.

I'm happy with the interest rate I was able to get from the dealer to finance my car loan. However, I'm also glad that I chose to shop around at a bank and a credit union to see if there was a better auto loan option open to me than just going with what the dealership was offering. Financing the car purchase ended up being a fairly painless process in buying a used car in Las Vegas.

How do you guys choose to finance your car purchase? Do you finance through a bank? Do you get car note from a credit union? Do you just get your auto loan through the dealership? Or do you only buy with cash? Please share in the comments!

Buying a used car in Las Vegas: Financing auto loan-dealership, bank or credit union?
https://www.youtube.com/watch?v=WMPkq6C4bpE
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Buying a used car in Las Vegas: Having good vs bad credit score
https://www.youtube.com/watch?v=5Kz6nRUkcHI
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