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Do car dealers get kickbacks from lenders on car loans?
Every time I've purchased a car, the salesperson is always pushy about financing. Do car dealers get kickbacks from lenders?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Unless the dealership has its own financing department, most dealerships get a kickback, or commission, from the lending company for originating the loan.
Because of this kickback, you may want to cut the dealer out and go straight to the source. Just as you would with
car insurance
, you can shop around for car loan rates. That’s the best way to cut fees and get the most bang for your buck. It’s recommended that you also shop for car insurance before signing on your new car. Lenders will require insurance before you can drive your new car, and they often ask for full coverage,
Full coverage can be pricey, but you can save money by comparing rates.
Jerry
does all the hard work for you, pulling quotes from the top 50 companies and delivering the best deals to your phone in minutes.”View full answer
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