Get approved with in-house financing.

There are many methods of financing, and all have advantages, but some are simpler than others. Likewise, some require an involved process of credit checking and take more time to complete. In-house financing is one of the simpler methods, as it eliminates a third-party financer. If you are unfamiliar with in-house financing, it is when the seller extends you, the customer, a loan necessary to make your purchase. It keeps the business interaction between the buyer and seller.

While this is not a common practice, many businesses in the automobile industry take to this model. Why? Because it is advantageous for our consumers. We want you to feel comfortable with your purchase and dealer, so we handle the financing ourselves.

Top 5 Benefits of In-House Financing

1. Personal experience.

Without the involvement of a third-party, the business is kept between you and the dealer. This makes for a smooth business transaction. This model also helps establish a relationship with the dealership. You are not just going to be purchasing the car and driving away to never see the dealer again. Instead, your relationship will continue, and when it comes to cars and finances, you want to be in an ongoing relationship that you can trust.

2. No credit discrimination.

In-house financing means you and the dealer will determine a financial arrangement to ensure you can make your monthly payments. While credit checks are taken into consideration, there is much more taken into account than simply your credit score. So even if you have bad credit, the experience is so personal that it is likely you can come to an arrangement with the dealer and drive away from the lot with a car.

3. Realistic approach.

If a third-party lender were to be involved, then you would go to the lot and select a car of your choosing, and then figure out with the dealer how to pay for it. When it comes to in-house financing, you and the dealer will establish what you can afford before you set out to pick a car. By having this realistic approach to the purchasing process, you won't be able to get ahead of yourself. This approach will allow you to choose a car that you can absolutely afford and won't have trouble making payments on as the months go by.

4. More flexibility.

Just because you have a price range doesn't mean the dealer won't be accommodating. In-house financing dealerships receive many applications, which allows them to be more flexible in their approach. By default, this provides you some flexibility in your selection and monthly payment amount. Since the lot doesn't have to negotiate with banks, it opens the door for more financing possibilities. You aren't stuck in a corner with limited options with an in-house financing model. In fact you have more choices than you imagined.

5. Credit reporting.

You should also ask your dealership if they report to credit bureaus. There are three credit bureaus to which they will report - Equifax, Experian, and TransUnion.

In-house financing has many affiliated benefits and can allow you to get the car you want, putting you in a position in which you can afford the monthly payments, all while helping to boost your credit score. Talk to a dealer that specializes in-house financing and how you can drive away with that car you have had your eye on.