If you’ve ever tried to secure a car loan with less-than-perfect credit, you may have walked away without the financing you needed.
Banks and traditional dealerships typically require a high credit score, and that means many people will not qualify—but there is another way. Choosing a dealership that offers in-house financing makes it easy to get the car loan you need even if you’ve had credit problems such as missed payments, bankruptcies, and even repossessions.
In-House Financing vs. a Traditional Car Loan
The main difference between a buy here pay here car loan and a traditional loan is who is doing the lending. With a traditional loan, the lender is not the dealership itself. It’s either a bank or a financing company. You’ll work through the dealership’s financing department, but the decision is not made in-house.
When you visit a buy here pay here dealership, the seller and the lender are the same. The dealership itself loans the money, so they alone make the decision about whether or not to approve the loans.
The other important difference is the criteria on which approvals are based.
- Traditional Lenders: Banks and traditional dealerships look at your credit score and payment history. In other words, they make their decision based on the past.
- Buy Here Pay Here Dealerships: Dealers who offer in-house financing don’t care about the past; they base their decision only on your ability to pay going forward.
What does that difference mean to you?
It means as long as you have a job, a bank account, and an address, you’ll be able to get approved by a buy here pay here dealership.
It also means you’ll have the opportunity to rebuild your credit if you choose a dealership that reports on-time payments to the credit bureaus.
Owings Auto helps buyers at all credit levels to get approved for the car loan they need—and we make the process fast and easy. In fact, most applications are approved right away, so you can drive away in a reliable pre-owned car or truck.
In addition to our easy approvals, our Arlington, TX dealership also offers competitive prices, courteous service, and a 12-month, 12,000-mile warranty on every car and truck we sell. Stop by today and see for yourself why Owings Auto is the Arlington and Fort Worth area’s trusted choice for in-house financing and quality pre-owned cars.