I’m looking to buy a used car and I was looking for a loan on e-loan and noticed there was option for purchase from a dealer or private seller. IS a dealer anywhere that sells the car like from a lot or only from a car brand dealer?
Is it better to get a loan from a company like e-loan or finance from the dealership
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{ 3 comments… read them below or add one }
A dealer is any individual that has a dealers license. It is better to go with the dealerships financing. E-loan does not always report to the credit, so a loan Thur them would not help your credit score. Dealerships use actual banks (as long as your not going to a buy here pay here)
A car dealer must have a license to operate. You have new car dealers – who sell new and used cars. You have used car dealers – who only sell used cars.
It’s better to get a loan from whichever source will give you the best rate. However – don’t just look at the rate. Look at the details – what is the penalty fee for a late payment, can you prepay the loan without penalty. Most folks just look at the rate – check the details.
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