Kia special financing APR rate (1.9%) cannot be combined with 500 rebate offer. Dealer suggested that he can get local bank to finance with 1.79% APR but needs at least 20% down payment.
Any pitfalls that I should be aware of while going with dealer suggested bank financing? Hidden fees etc? I was planning to go with Kia financing to avoid all the hassle. But this option came at the last moment. I am still reading up about it and even researching my own options for auto loans from outside. But would appreciate advice from hackers as I need to take a decision quickly.
Thanks in advance!!
Read the contracts carefully for both financial institutions. They can’t really hide or lie about what’s on the contract.
If the dealer has a relationship with a local bank that can get you a lower rate combined with additional incentives then that’s a no-brainer to me. Just be sure to compare all terms equally and look at the amortization tables. You should naturally be spending less on interest with a lower interest rate.