Car Lots with In House Finance

In-House Car Lots

If you have been turned down by bad credit finance companies, you may want to try a in house financing car loan dealership. These are dealerships that have regular financing, but are also car lots in house finance for people that cannot get an auto loan approval through any other means.

Keep in mind that car lots with buy here pay here in house financing can charge a high interest rate on the loans because of the risk they are taking by extending you a line of credit. The dealership itself is responsible for the financial aspects of the loan instead of a sub prime finance company.

The benefit of car lots in house finance buy and pay here is that they don't have to pay anything to an outside source, which they would have to do if you were going through a bad credit lending company. The benefit for you would be that you are able to finance a vehicle that you would normally not be able to afford or qualify for through a lending institution.

When purchasing a vehicle through car lots with in house financing, you are limited to the car that they have on their lot. They don't usually give you the option of having them do a vehicle search for you, since they would have to purchase that vehicle, and then sell it to you. Doing so would put them at risk of you not purchase the vehicle and with you bad past credit history, they have no reason to take your word for it. It is possible if you put a very large down payment, along with a security deposit for the car, but if you decide against purchasing it, you will basically eat that deposit since it is non refundable.

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There is also not much room to negotiate price wise at car lots in house finance since you don't have a lot of other choices when it comes to financing. There are other car lots with this type of financing, but you run the risk of getting denied since it is ultimately their decision on whether to approve you.

This may not be your first choice when it comes to auto financing, but it could be your only choice. So make sure you do all of your homework when it comes to finding out what your finance options are. You may not be able to rebuild your credit with the credit bureaus when getting a vehicle through in house financing car lots, but it will get you the transportation to and from work, so that you are able to pay off your debt and on the road to better credit.

Basic Buy Here Pay Here Car Dealer Requirements
  • Good job time
  • Adequate income
  • Valid drivers license
  • Down payment (may vary from vehicle to vehicle)
  • Auto insurance

Does the customer need a good credit history to qualify?

More often than not the buy here pay here customer's credit history has little or no effect on whether or not he or she is approved. The car dealer will require more of a down payment when a customer has really bad credit.

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