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Buy Here Pay Here Auto Dealers Handle The Financing In-House

Many customers hoping to purchase a car are likely thinking of some form of financing. Although many of them will seek a vehicle from private sellers, we can’t usually recommend this buyer’s route. When you buy a car from a private seller, you not only have to do all the research on the car yourself, but you also will likely have to take it to a trusted mechanic to ensure that it is worth the investment and that the seller isn’t going to sell you a lemon car. The trip to the mechanic will cost you, regardless of whether anything is wrong with it. And, if it turns out that the vehicle is not worth it to you, it will cost you more time to go check out other cars.

To avoid getting a used car that will cost an arm and a leg in maintenance, and to save yourself time, it’s better to buy a car that has lower miles and a verified service history under its belt. You can find cars like these at reliable auto dealers. One thing to keep in mind is that these cars cost more because their blue book value is more. Not everyone looking for a reliable used car has $5,000 or more to take out of savings idly, but there are financial options for those who don’t. A reputable buy here pay here dealership will save you time, money, and a headache overall.

If you live in the greater Kansas City area, including Gladstone, North Kansas City, Parkville, and Liberty, Auto Bank can help you find a buy here pay here car that will work for you. Read on to find out how in-house financing might help you in your quest for a new car.

Here's How In-House Financing Can Help

in-house financing dealer

How Bank Loans Work

How is in-house financing at a buy here pay here dealership different than getting a loan through a bank? There are many reasons, but they all come back to one buyer pain point — ease of access. Getting a bank loan is stressful, and banks don’t make it an effortless process. To get a bank loan for a car purchase, you need to have all your affairs in order. They will ask you about the make and model of the car you’re planning on purchasing, and might even ask for the car’s VIN to verify your claims about it. Next, they’ll ask you for personal identifying information, including your social security number. Once they have this number, you’ll have to wait a few days to a few weeks before you’re either approved or denied funding.

Banks base their decision on your credit score. For anyone who’s had their credit checked before, you know that your credit score is not always the best indication of your financial health. It’s normal for people to miss one or two payments in a tight situation, which can indefinitely lower your credit score. Additionally, if you have high amounts on pre-existing loans or credit cards, it can also impact your score. None of these things indicate your ability to pay on time, which is the most important part of lending.

How In-House Financing Works

You can purchase buy here pay here cars at auto lots by applying for in-house financing. A dealership representative will sit down with you and help you understand your debt-to-income ratio, which includes how much you have to pay per month, how much money you make per month, and other financial health factors. Unlike lending through a bank, a decision can be made then and there regarding the amount we can lend to you. From there, we can show you cars that both fit with your budget and your needs. We help you decide how much you can pay each month before lending so that lending is always on your terms.

What are the Limits to Financing With Buy Here Pay Here Dealerships?

Most dealerships have their own financing terms, so it is essential to clarify financing terms with the dealership you are working with. At Auto Bank, there are only a few specifications you must meet to be considered for financing. These include:

  • You must be 18 years of age or older to get funding. However, we do welcome parents looking to buy a first car for their children, or who are willing to take ownership of the vehicle in paper form.
  • You must make a base amount each month. The salesperson assisting you with your transaction will discuss this with you.
  • You must have proof of income.

Other than meeting those terms, you will be able to finance through a buy here pay here dealership like Auto Bank.

The Benefits of Financing In-House

Financing in-house can seem like an extra pressure in your life when making a big decision like a car, but there are far more benefits than there are drawbacks.

  • When you finance in house, you do not need to wait to hear back about the status of your loan before you buy.
  • The time to ownership of your car is much less than with bank loans.
  • It is a one-stop-shop, so you don’t need to worry about finding funding and then finding a car.
  • You never have to worry about whether or not you’ll be approved for funding. As long as you meet basic income requirements, buy here pay here dealerships will finance your next car.
  • Payments are specially-tailored to your financial needs.
  • Interest rates are competitive.
  • You spend less time paying off a loan, which ultimately saves you money.

These are only some of the ways in which you can benefit from an in-house loan. To learn more, set up a viewing with a trusted buy here pay here dealership like Auto Bank.

Auto Bank of Kansas City has two convenient locations servicing the Gladstone, Kansas City Northland, Parkville, and Liberty, Missouri areas. Our wide variety of trucks, cars, and SUVs allows our customers to make informed and unbiased decisions about cars based on their needs, wants, and lifestyles. To schedule a test drive, visit us at our 2000 East Truman Road location or our 6901 East Front Street location to get started.