Understanding Wichita’s In-House Car Financing

July 31st, 2019 by

Wichita is a great place to live, but that doesn’t always mean that it is the most comfortable place to live. Across the country, people struggle to meet daily expenses, like food purchase, bill payments, and car payments. Wichita is no stranger to this struggle. The median household income for Wichita as of the 2010 census was $44,477. Splitting the median by demographic, Wichita men made over $10,000 more than Wichita women. However, compared to the national average, the median income is low regardless of gender. The national average salary is $61,372, as of the 2017 census bureau records. And with a national outcry over the meager federal minimum wage, it’s easy to see that even the national number is rarely enough to make ends meet.

If you’re in the demographic that struggles trying to make required payments, you’re not alone. Luckily, there are options for those who need financial help. For those who need assistance with car payments, in-house car financing at Auto Now of Wichita will help you get a reliable, affordable car without having to worry about processes like credit checks and large down payments. Not sure about how this works? Let’s walk you through the process.

Figure Out How Much You Can Afford

The first step in this process always starts with the customer, and really, it is essential for the customer to understand just where they are at financially. In-house car financing through Auto Now of Wichita is an inclusive process, and no one is ever turned away because of their credit history. However, there is a base amount of money that a person must make per month to qualify for vehicle financing. At Auto Now, that base number is $1200 per month. If you make this amount, you’ll be able to get a car at one of our locations, but you’ll want to figure out just how much you are willing to spend per month on a car payment. This will widen your vehicle selection while also preparing you to start making payments toward this extra expense.

Purchasing a car through a used car dealership is a bit different than buying secondhand from a private seller. This affordability step will be the first step in both processes, but after budgeting, you will not go shopping for cars. Instead, you’ll apply for financing.

Apply For Financing Through Auto Now of Wichita

Once you have a handle on your budget, head over to the Auto Now website to apply for financing. This is a quick and easy process and only requires around twenty minutes of your time. You’ll fill in personal details, like your income, references, monthly expenses, and other useful financial information that will help Auto Now determine what your monthly car payment should look like. Once you’ve filled out the form, then you’ll submit it and wait to hear back from the company.

Meet With a Sales Representative

Getting approved for credit doesn’t take very long, unlike applying for a loan through an organization like a bank. Generally, a representative of the buy here pay here lot will get back to you within 24 to 48 business hours. Once you’re approved, you’ll meet with a sales representative, who will provide you with an overview of what the company is prepared to offer you as far as financing. Be sure to ask questions at this point in the process – it will help you in the long run and will make sure that you are ready to accept the terms of your agreement. The terms of your financing offer include how much they are willing to offer you, how much you would end up paying per month, and how much you would likely pay in interest over the length of the loan (as well as your interest rate).

Remember that car financing through buy here pay here lots are loans and have the same sorts of terms and stipulations as a bank loan. Be sure you are prepared to take on the responsibilities of a loan before applying!

Look at Cars That Fit Your Budget

After you feel comfortable with the terms of your financing offer, a car salesperson will show you cars on the lot that are affordable under your financing options. Typically, there will be many options for a person to choose from, regardless of how much they were offered as a personal loan. You can choose a car the same day, or you can wait and revisit the lot if you don’t see anything you like or if you need time to think about it. The point of in-house financing is to provide people with options despite their credit history.

Sign the Papers & Drive!

Once you’ve picked out your car, all you have to do from there is sign the ownership papers and the car is yours. For many who apply for financing at a used car place like Auto Now of Wichita, driving away with a car the same day is a pretty common occurrence.

The sense of freedom from weighty personal bank loans and months of savings is only one of the advantages of buying through a buy here pay here establishment. If you can afford to put a down payment on a car, you’ll spend even less time than you would paying back your car. Buying from a buy here pay here car lot gets you quality used cars quickly, without the wait of bank loan applications and without the fear of getting a lemon from a private seller. Additionally, buying a used car saves you money down the line, unlike a new car.

Take advantage of in-house car financing with the offers available at Auto Now of Wichita. As well as our location on 1660 South Seneca Street in Wichita, we have locations all over Kansas and Missouri. Our site offers a quick and easy application process, competitive interest rates, approval regardless of credit scores, and a wide selection of quality used vehicles to choose from. For more information, call us at (316) 262-3000 to set up an appointment or click here to fill out an application today.