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Getting an Auto Loan in Kansas

You are shopping around for a car and it is time to look into securing a loan to finance your purchase, but who should you get your loan from? Find out here what sources are available for Kansas consumers looking for an auto loan and which of those sources might be right for you.

Banks

Local Kansas banks and larger national banks issue car loans. Each has their own policies and restrictions on lending. Nearly all of them will have considerations surrounding your credit rating and the car you are looking to buy. You may in fact have to have chosen the specific car you want before obtaining your loan. Some banks avoid lending for cars beyond a certain age or mileage. In any case you are generally going to have to make an appointment to see a loan officer, fill out loan applications and then have long chat with the loan officer before hearing the banks decision and the rates and terms they offer.

Credit Union

If you can qualify for membership and develop a relationship with a credit union, they may be a good choice. In particular, if your credit union is tailored to people with highly secure jobs, like state and federal employees. They may also have lending restrictions related to your credit and to the car you are buying. As with banks some cars may not qualify and you will have to have a chat with the loan officer.

The Dealership

You can always head straight to the dealership where, depending on the type of purchase and your credit, they will attempt to get you financing from the finance arm of the auto company they represent, such as Ford Motor Credit, or from a short list of high risk lenders that they work with. Given the pressure and stress related to purchasing a vehicle and the dealerships interest in sending you home in a car, without excellent credit this is the least recommendable source.

Online

Shopping online for auto loans is simple and convenient as you can usually fill out one form that goes out to multiple lenders, which can allow you to compare offers and rates before choosing the best loan. In just a few clicks here online, you can have competing loan offers coming to you.

Here is what you need to know before applying for a loan. Take A Look Here is some information to help understand roundabouts and why they are showing up around Kansas. Take A Look