Dealers obtain wholesale financing and then mark up the rate with their own profit. It may be an additional 2% or more! To add insult to injury, your final interest rate may not be the best available for you, but rather the most profitable for the dealer.
Always get preapproved from an independent lender (your bank or credit union) before you arrive at the dealership. Independent financing could save you hundreds of dollars over the course of your car loan! At a minimum, you’ll have a good reference point for financing offers from the dealer.