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How do I get a car loan for a vehicle at an independent dealership?
I know independent used car dealerships get a poor reputation, but I've known the owner for years. He has a used BMW sitting on his lot and wants to give me a good deal. The only problem is that his dealership doesn't offer financing. How do I get a car loan for an independent dealership vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“While big banks may not touch this loan, local credit unions probably won’t bat an eye at it. So that’s where you start.
Go to some local credit unions in your area, tell them the situation, and see if they’re willing to help you. If you’re still having issues, you may want to try getting approved for a personal loan instead of an
auto loan
. While the rates won’t be as favorable, you’d be able to get a loan for the vehicle. If that doesn’t work, you may need to reconsider where you’re choosing to buy a car.
To help you fully prepare for buying your vehicle, I want to remind you that when you buy a new vehicle, you will need proper coverage. Financed cars often require full coverage, which can be pricey, but that doesn’t mean there aren’t ways to save. Use the free
Jerry
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.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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