Decades ago, things were simpler. To buy a car, you went to a local dealership, chose a car, and if you needed financing, you got it right there in the showroom. Most consumers didn’t even consider going to a bank or credit union, and, of course, there was no internet, so there was no opportunity to shop for financing online.
But how things have changed. While getting financing arranged by the dealership is still the preferred method for the majority of consumers, more and more buyers are accessing other sources of financing. And they are discovering those sources can save them serious amounts of money. A recent study by FICO indicated that the percentage of car buyers who used dealer financing tumbled from 73 percent to 63 percent between 2018 and 2019. Consumers say they will increasingly use other sources of financing instead of relying on the dealer. Here are the places where you can get the best car loans.