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In-House Vehicle Financing is a Budget-Friendly Option

Why In-House Vehicle Financing is the Convenient Option

In the days of old, buying a car and financing a car were two separate worlds that didn’t work well together. Those days are gone with the help of dealerships like Auto Bank of Kansas City (Auto Bank KC). In one of Auto Bank’s multiple locations in the Kansas City area, you can find a car and finance a car in the same location with the same people.

Auto Bank KC is a Buy Here Pay Here dealership. We have a great selection of new and reliable used cars. There are also specials and you can get pre-approved before you even pick out that dream car. At any given time, we have around twenty different makes and even more models to choose from. Before we get into finding that ideal car, let’s find out how in-house financing works and why it can mean a very good deal for you.

Flexibility in Loan Approvals

So, we know we can apply and buy all at one location. What about the chances of getting approved? For buyers with no or a fair-to-poor credit score, in-house financing is more flexible in granting loan approvals. Interest rates are also more flexible and, unlike traditional loan institutions, it isn’t simply a numeric credit score decision. More emphasis is on the buyer, and there is more flexibility in how the loan is administered.

While a first loan may not result in the best available interest rate, often in-house financing allows the buyer to refinance for a better interest rate after a certain time (e.g., a year or so). In-house dealerships like Auto Bank KC are also flexible in working within your budget while also providing a wide selection of vehicle options that fit. Also, the good news is that most of the details can be worked out in real-time on-site or even before the car shopping begins.

in house financing for used car

Building Credit

With in-house financing, the loaning institution IS the dealer. Traditionally, the lending institution was a bank or some other impersonal financing company. One big difference with a Buy Here Pay Here dealership is that we don’t care about the buyer’s past credit and, unlike a traditional lender, we don’t waste time and energy looking at the buyer’s payment history and credit scores. All you need is a bank account, job, and home address.

It also provides a means for those with no or bad credit to build or rebuild their credit. The buyer has a way to not be a credit “ghost” and to prove their creditworthiness. Many see a large jump in their credit scores after only a few months. This translates to being able to finance one’s future for such things as buying a home down the road. Building credit can be seen as a very valuable service in and of itself.

More Flexibility and Online Pre-Approval

Regardless of your credit history, Auto Bank KC has a finance solution that will fit your situation. Auto Bank is not limited to one financial institution but has access to many. We have access to a wide variety of financial institutions. This allows us to find an ideal credit solution for all levels of creditworthiness and to find the best deal in terms of the interest rates. To make it even more convenient, there is an online pre-approval application online. You can walk into the dealership and begin looking for a suitable car with most of the paperwork behind you.

A Smoother Transaction

Another difference is that the lender is familiar with the car that’s being purchased. There is no wasted time with inquiries, remotely located title transfers, and other trivial things that usually make car buying a multi-day-long experience. With everyone in the same location, communication and the flow of paperwork are far more efficient. Communication errors are virtually eliminated, and the buyer can be out the door with a new car in record time. Gone are the many phone calls, faxes, and unanswered questions.

In short, in-house financing dealerships like Auto Bank KC offer a way to buy a new or used car fast and with minimal hassle. We are accommodating those that are establishing their credit history or those with less than perfect credit. With the key players all in one place, there is no delay caused by poor communication, physical distance, and other pitfalls that cause problems with traditional financing. Other conveniences like online pre-approval make a fast process even faster.

If you are in the market for a new or used car in Kansas City, why not take advantage of the convenience, build your credit, and find the perfect car all in one place? Contact us today to get started.