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How does dealership financing work?

In dealership financing – another common type of vehicle financing – you get financing through the dealership. You and a dealer enter into a contract where you buy a vehicle and agree to pay, over a period of time, the amount financed plus a finance charge.

What type of financing does a car dealership use?

Specialty lenders, traditional banks, and finance arms of manufacturers provide the short-term loans to retailers to purchase items and they are then repaid as the items are sold. Automobile dealerships utilize floor plan financing to run their new and used car businesses. Floor planning is a type of inventory financing .

What are the advantages of financing through a dealership?

One potential advantage to financing through the dealership is that they have access to direct deals and promotions offered by the auto manufacturers themselves. Some automakers even have their own lending services, like Ford Motor Credit and Toyota Financial Services.

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