Applying for Loans from Car Dealers with In-House Financing

Car dealers with in-house financing are getting more popular today but some borrowers may not understand the unique benefits that they provide. Car dealers in the Seattle area that offer in-house auto financing are special types of dealership that have financing departments within the lot itself.

These financing departments sometimes finance the loans entirely on their own and sometimes repackage individual loans into a larger loan that is backed by a local bank. Regardless, a car dealership that offers in-house financing will be able to approve their own loans without having to go to any other financial institution, and this means that they can approve loans that other lenders will not.

How Borrowers with Bad Credit Can Use In-House Financing

Borrowers that have bad credit or no credit and have been rejected from banks for a car loan guaranteed can usually get an auto loan very easily through a dealership. Dealerships guarantee loans to anyone regardless of credit history because they simply adjust the terms of the loan based on the amount of risk that the borrower represents.

This means the borrower may temporarily pay a higher interest rate due to their risk but they can always refinance their loan with the dealership later on once their credit has improved. They can also pay down the auto loan faster to avoid paying the extra interest expense and this can represent a tremendous savings while still allowing the borrower the option to pay their low monthly payment.


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Why Borrowers with Credit Problems May Prefer Dealerships

Even borrowers with good credit can often benefit from receiving a loan from buy here pay here car lots with in-house financing because these loans are highly modifiable. Many borrowers in the Seattle area will find that these loans will allow them to set their own repayment terms or to put down a low down payment or a no down payment. Going directly to a dealership also allows borrowers to take advantage of the great deals that dealerships often offer, such as no interest for the first year.

The Benefits to In-House Finance Dealers
  • Cuts out the need to go through a bank.
  • Everything can be taken care of in a single visit.
  • Borrowers of all credit scores can apply.
  • Longer and more flexible repayment terms are offered.

How to Get a Loan From a Dealership

Getting a loan at an in-house financing dealership is usually a very simple process and usually does not take longer than a day. Consumers simply need to go to the dealership and explain their financial situation. The dealership will walk them through the entire process from there, which includes selecting a vehicle that fits into their monthly budget and deciding how much they want to spend. The dealership can adjust their repayment terms and interest rate so that the vehicle is affordable and the borrower will usually be able to leave with the vehicle the same day.

Now Doug's Credit Center is not an in-house financing dealership, but we can offer a guaranteed auto loan to people as well. Our financial services is one of the best lending dealerships in the Seattle area. We are sure to get you into a quality car, at a good price when you apply with us today.

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