How many Americans are currently financing a car? Nearly 50% of us are making a car payment each month!
Auto financing can often be confusing. You may find yourself wondering, “Are there advantages to using in-house car financing? Is there a difference between in-house and dealer financing? Is it better to go to an outside source?” (Hint: The answer might surprise you.)
Are you a potential car buyer with less than perfect credit? Are you worried about being rejected for a car loan? Keep reading to learn how in-house auto financing works and how it may be the ideal solution for you.
In-House Auto Financing: Is It Right for You?
When shopping for a car, you may have come across dealership financing and wondered if there's an advantage to choosing and financing a vehicle all in one place.
In-house financing means that the dealership has a finance department that can loan you the money to cover the cost of your car without using a bank or outside lending institution.
What Are the Benefits of Using In-House Financing?
When it's time to purchase a used car, what is your best option for financing your purchase? Let's look at the benefits of using in-house financing.
It's a Time Saver
Using in-house financing makes your car buying experience a one-stop shopping event.
There is no need to go to a bank or credit union to get pre-approved for an auto loan, to the car dealership, and then back to complete the loan application.
You can do it all right there on the lot. When the car salesman gets word from the financing department, you'll be matched with a car that meets your needs and your budget.
Approval is in Their Hands
An in-house lender can approve or deny an auto loan without going to another financial institution. They can and do approve loans that would be rejected by other lenders.
That makes in-house financing an excellent option for those with less-than-stellar credit scores. It's also an option for buyers with no credit history at all. In-house financing is sometimes the only option for a person with poor or non-existent credit.
More Flexible Terms
Knowing your monthly budget, the in-house team can work to adjust the repayment terms and interest rates to work for your situation.
You may start with a higher interest rate and a longer-term, but may be able to refinance through the dealership once your credit has improved.
Bad Credit? We Can Help
Now that you know all about in-house auto financing, are you ready to go car shopping?
Do you know who can help get you in a used car that fits your budget with in-house financing? We at Shabana Motors are here for you. We are a family-owned, reputable, and trustworthy company.
We've been in the used car business for 40 years in Houston. We make it our business to match our clients with a car they can afford. Contact us today.
Used car dealerships like Shabana Motors located at 9811 SW Freeway in Houston, offers in-house financing and will also buy your car and will warranty your car for 2 years/24K miles, when passing Shabana Motors 5-star inspection process.
