A common type of vehicle financing is “dealership financing.” In this arrangement, a buyer and a dealership enter into a contract where the buyer agrees to pay the amount financed, plus an agreed-upon finance charge, over a period of time. The dealership may retain the contract, but usually sells it to an assignee (such as a bank, finance company or credit union), which services the account and collects the payments.
For the vehicle buyer, dealership financing offers:
Convenience – Dealers offer buyers vehicles and financing in one place.
Multiple financing relationships – The dealership’s relationships with a variety of banks and finance companies mean it can usually offer buyers a range of financing options.
Special programs – From time to time, dealerships may offer manufacturer sponsored, low-rate programs to buyers.
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