The 5 Advantages of In-House Car Financing

June 13th, 2020 by

Buying a car can be a hassle – we all understand that. You have to make sure you have the money for a down payment, you have to go through the process of applying for a loan, and eventually, you spend years paying off that loan with no guarantee your car will stick around to see the end of that investment. It’s enough to make you want to swear off car financing completely.

But car financing doesn’t have to be an utterly thankless situation. In-house financing at buy here pay here lots like Auto Now have advantages regardless of your credit history or financial situation. Here are the top five benefits of in-house car financing.

Take A Look At The Top 5 Advantages

It’s a One-Stop Shop

Buying a car from a dealership or a third party requires a formidable amount of pre-planning. First, you must do your car shopping. This is arguably the most exciting part of the car buying process, but the excitement often ends there. Unless you have the full amount for the car saved up, you will likely need to take out a loan from your bank. To get approved, you must first visit your bank, bring in all your income information, and then the bank will run a credit approval. For those with previous credit issues, this part can be devastating – often leading to the hope of a new car without fruition. Even the slightest credit issues can cause denials, which leads to more financial searching and planning. The process can take days at best, weeks at worst. No one has time for that.

In-house car financing allows you to search for, purchase, finance, and drive away with a car in one streamlined process. It is a one-stop shop for all people, regardless of credit history and with a very minimal base income.

You Can Finance a Car Regardless of Your Credit

For those with previous credit issues, it can be a nightmare to finance from a bank. Almost half of Americans have some sort of credit issue, so it is practically unbelievable that banks would pass up the opportunity to help a majority of the population. If you have credit issues, working with a buy here pay here car dealership can be to your advantage. However, it doesn’t mean that the only people who can shop at one of these establishments are people with a previous credit history. Anyone can finance a car, regardless of history, and it takes less time to pay these off.

You Can Rebuild Your Credit

Additionally, anyone with credit issues knows how hard it can be to rebuild credit. It requires time, access to other credit accounts, and a diligent payment schedule. This can be excruciating and unachievable without the right help. After all, you have to be approved to take out a new line of credit, and it is hard to get that approval without a stellar credit record. And even if you do manage to get credit approval to improve your credit score, it likely will come with a hefty interest rate. In-house financing is based off income rather than credit score, and on-time payments over a short period are a great way to both assure approval of a credit account as well as rebuild your credit quickly.

You Have a Greater Selection of Used Cars to Use With Your Loan

Even if you have access to a bank loan, the number of reliable used cars available can be very slim. You almost certainly won’t find exactly what you are looking for, and even if you do, the chances that the attributes you are looking for in a car will also come from a well-functioning vehicle or one that provides the type of transportation you need are relatively small.

Used car lots are great for this, but many require you to have outside financing or the total cost of the car up front. If you are looking at a used car lot for a reliable car that has something you want and need, why not also go to a car lot that offers in-house financing? Places like Auto Now have a greater selection of quality used cars at a price you can afford and with financing options that work for you.

Your Money is Spent on Cars that are Actually Valuable and Reliable

Although tools like Carvana, Craigslist, and the many third-party seller apps available today can be fantastic for purchasing second-hand items at a great rate, there is always a gamble. Loan organizations, like banks, understand this and often have a cap on how much they are willing to lend to you so that you don’t overspend on anything. Additionally, even if you do get the loan for the amount you want, there is no guarantee that the car you’ve been eyeing from a third party site is worth its salt. Most people are not trained mechanics, and taking a car you might potentially buy to the mechanics is an added hassle on top of the many other steps car buyers must make in the process.

When you take advantage of in-house financing, most buy here pay here car dealerships will have offers on cars that are just as good as the offers you can find online and in apps. Additionally, the finance offers you get from buy here pay here establishments will be used well on a car you know you can trust. At Auto Now, we stand by our vehicles and offer all our customers a 24-month warranty on the cars they buy from us. We stand by the idea that our trustworthiness is key to the way we do business, and we take pride in the financing offers we make and the cars we offer.

Still on the fence about getting a car from somewhere with in-house financing? Let Auto Now convince you to make an excellent financial decision. Fill out one of our online applications and come into our store on 79th and Wornall in Kansas City, Missouri. We’ll walk you through all the advantages there are to in-house car financing and get you started on adding a quality new-to-you car to your life.