A: Some credit unions and banks will let you get a loan indirectly by going through a dealership instead of dealing directly with their branch. A dealership will send your credit application out repeatedly to all of the financial institutions in their system until they get an approval response back. You might have your credit application ran by 25 different institutions – or more – before you get an answer back. And each time your credit is ran, it negatively impacts your credit score.
The real reason the sales person doesn’t want you to leave, is because statistically speaking – as soon as you walk out that door – even with a purchase agreement, there’s a chance you’ll change your mind. They would much rather let you take a hit to your credit score and get you financed through someone else on the spot instead of risking their commission by losing the sale. Don’t fall for the bait.