What Does Guaranteed Car Financing Mean?

If your credit could use some work, but you’re looking to buy a car, guaranteed financing could be an option to consider. Guaranteed car financing is also known as “buy here, pay here” financing. Before you start searching for guaranteed car financing near Lima, however, let’s talk a bit more about its meaning. Read on to learn more about what it entails, then get into touch with the Exceptional Motorcar finance department to take the next steps if it seems like the right auto financing path for you! 

How Guaranteed Car Finance Plans Work 

This type of auto loan is almost always available at in-house financing dealerships because it opens up the possibility of buying a car to many different drivers — no matter their credit history. Unlike traditional financing, a guaranteed car finance plan doesn’t require a credit check. This means in-house guaranteed car finance dealers use your income to determine what you qualify for. Typically, the dealers will have minimum income requirements that you’ll need to meet before you’re able to move forward. 

Why Opt for Guaranteed Car Finance Near Lima? 

If your credit isn’t great, guaranteed car financing can be a convenient and hassle-free option. You can get pre-approved for a vehicle and drive off the dealer’s lot the same day. Of course, you’ll need to meet the necessary requirements, show the appropriate paperwork, and make a down payment on the vehicle. 

Here’s what you’ll need to start the guaranteed car financing process with a dealer: 

• Generally, in-house dealers check of a minimum income of $1,500 to $2,000 a month pre taxes (this depends on the dealership, though) 
• Recent pay stub
• Down payment (usually around $1,000 or 10% of the car’s selling price) 
• Proof residency (a utility bill should suffice)
• You may also be asked for a list of personal references

Still have questions about shopping with a guaranteed car finance dealer? Feel free to get in touch with our finance team at your convenience! 

Does In-House Financing Help Build Credit?

Yes, it can! Many in-house financing dealerships report payments to major credit bureaus. This means that if you make timely payments, they’ll build up your credit report resulting in a better score in the future. With guaranteed car financing, you get the car you need and have the potential to build up your credit at the same time. If you’re concerned about building credit, be sure to ask if the dealer reports to the major credit bureaus. 

Rely on Exceptional Motorcar for Guaranteed Financing Near Toledo 

There are a lot of different finance options available to car shoppers; relying on a guaranteed car finance dealer is just one way to get behind the wheel of the car you need, even if your credit is an obstacle. Learn more about what our finance department can do for you by applying for financing online to get pre-approved or by contacting us with any questions about guaranteed car financing near Findlay. If you’d rather speak with one of our finance experts in person, feel free to visit us near Toledo.