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How can a dealer offer a better APR on a car loan than my bank?

I got preapproved for a 60 month loan at 3.59%. I went to the dealer, they asked about my financing, and they said they could offer 2.99%. How can a dealer beat my bank on a car loan?

Eric Schad · Updated on Jul 30, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

“Car dealers often offer competitive rates to sell more cars.

Before agreeing to a loan through the dealership, read over the finance agreement.

sometimes change or raise the price of the car as a result of the lower interest rate. They use this tactic to bait you into thinking you’re getting a better deal.

You can compare the terms and conditions of the dealership’s loan to your bank’s. If the dealership’s offer is truly a better deal than your bank’s, you should feel comfortable financing through the dealer.

Don’t forget that when you buy a new vehicle, you will need proper coverage. If you haven’t already found insurance, use the free

app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”

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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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