Dealer, bank and broker financing - What’s the difference?

Navigating the often-rough seas of car financing can be incredibly challenging at the best of times.

You’ve got the option of taking the financing from the dealership where you’re buying the car. Then there’s the big 4 banks, of course. And last - but definitely not least - is speaking with a finance broker.

So which one do you go with? To help you make the right decision for your needs, we’ve broken down each option. We’ll be the compass to guide you towards calmer waters, (P.S. we offer boat financing packages as well, for those of you who enjoy getting nautical).

Financing through a dealership

While it may seem to be the most straightforward and easy route to go financing-wise (like a one-stop car buying shop, so to speak), dealer finance should be approached carefully.

There can most definitely be some fantastic financing deals to be found at dealerships. However, in some cases it’s not a simple ‘WYSIWYG’ situation. That’s short for What You See Is What You Get, for those playing at home.

Be sure to read through the entirety of the paperwork with a fine-toothed comb so you’re not surprised down the road (puns are fun!) by fees and charges you missed. And if you’re not the best with contracts, get someone who is to look it over.

Financing with a bank

Another seemingly easy way to secure financing is by approaching the bank you’ve got all your accounts with. Because it’ll mean it’s easier to make repayments, and they know your financial situation well, right?

But unfortunately, banks only have access to their own financing packages. So you’re limited to the few options that are available through them if you do choose to go with your bank. Which means you could be missing out on a much better deal elsewhere.

Going with a broker

If you’re a fan of putting your feet up while other people do the work for you, a broker is far and away the best option of the three. Additionally, a top broker will have a massive amount of financing package options available through dozens an unmatched panel of lenders.

A broker will save you an absolute bundle on interest by finding the most cost-effective car financing package available, and will do all the legwork to make it happen.

Get financed with the best broker in the business

When you’ve been in the financing business as long as we have at Stratton Finance, it means you’re able to grow an absolutely massive pool of lenders.

What does this mean for you? When you partner with us for your car financing, you get instant access to this extensive lender network. Which means hundreds and hundreds of financing packages at your fingertips, enabling us to deliver the most amazing financing outcome to match your needs perfectly.

Check out how low your monthlies could be and use our online finance calculator. When (not if) you love what you see, you can apply online in just 5 minutes. Simple!

Any questions for us or if you need some assistance working through the application process, we’re always happy to help. Give us a call on 1300 787 288 or message us online.