Chrysler has the advantage over bank auto loans, as of 2015, with the ability to offer one-stop service and promotional finance rates, says Business Insider. However, keep in mind that dealer financing is essentially bank financing, but the dealership handles all the research for the buyer, states Autotrader.
Chrysler dealer financing is an easier option for some shoppers because the car dealership can complete the entire transaction on-site in a day, but rates are usually higher than banks for an increased profit margin. Start the car-buying experience by getting a rate quote from the bank and using it as a bargaining tool at the dealership, suggests Autotrader.
Promotional finance rates offering lower interest options are usually unique to the auto dealer and the bank does not match those offers. When the auto dealer shops around the loan, several offers come back from finance companies. The buyer has an option of choosing what works best for the home budget. Auto loan offers from banks, however, are not usually negotiable, according to Autotrader.
In the Midwest as of 2015, Chrysler dealerships offer 0 percent promotional interest rates on 84-month auto loans through the end of the year, but approval is based on a credit score around 720. Buyers who do not qualify end up with long-term debt at a higher interest rate over the same 84-month period, states Cars.com.