Advantages of In-House Credit:

Approved in-house financing with a dealership will get you in the car you need and provide a way for you to build or improve credit. Improving your credit score has long-term benefits that pay off outside of the car loan. With better credit it becomes easier to obtain lower interest rates on a mortgage or get accepted into a rental property easier.

For those interested in car shopping, few realize the number of benefits available when choosing to purchase a new or pre-owned vehicle with in-house financing through the dealership. Not only will it guarantee getting the keys in your hand much sooner, but can even result in saving money in a number of ways.

Smoother Purchasing Process

Instead of spending extra hours or days trying to get pre-approved for a loan through a third institution, in-house financing car lots ensure a quicker process with more benefits that can include extended warranties and flexible interest rates. It often means a short cut to owning the vehicle and driving it off the lot days sooner than can be expected when going through the bank.

Easier to Qualify

For those with fair to poor credit, in-house financing is more flexible with approval. However, it does not guarantee lower interest rates and may still require higher rates or a higher monthly payment. Fortunately, those with bad credit can refinance their higher interest rate loan after a year or so of monthly payments paid in full and on time.

More Flexibility

In-house financing car lots tend to receive a large amount of applications, resulting in a well-oiled machine that allows the dealership to be more accommodating and flexible. They’ll likely do the best they can to work with your specific budget, while also allowing you to be pickier about the type of car you want to purchase. They’re even known for throwing in a few incentives.