In-House Car Financing

An in-house car dealer typically finances anyone with good, bad, or no credit. Apply today to be connected with a local in-house car dealer near you.
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What is In-House Car Financing?

If you've been turned down for a subprime auto loan, you may be wondering where to turn next. When you need a car fast, a great place to look is a used car dealership with in-house financing. Here at Auto Credit Express, we've helped over a million people dealing with bad credit find the financing they need. We work with a nationwide network of dealers, including in-house financing dealerships, and want to connect you to one in your area today!

What are In-House Financing Car Dealers?

An in-house financing dealership is a buy and pay here dealer, sometimes called a tote the note dealership. These dealerships don't rely on outside lenders to approve consumers for financing. Instead, they finance the cars themselves. Without the need to find lenders that work with challenging credit situations, dealers who finance in house typically don't check your credit. This can be a big plus for buyers trying to get a bad credit car loan.

Because an in-house finance dealer doesn't rely on credit scores for loan approval, you have to prove that you have enough income to afford the car payments, which are usually made weekly or bi-weekly in person. Besides proof of income, you'll need to show proof of residency and have a down payment. Loan specifics and required down payment amounts vary by dealer.

These dealerships are often a good option if you're having trouble qualifying for a bad credit car loan through a subprime or traditional lender. Be aware, though, that because these dealers don't always check credit, they also may not report your loan or payments to the credit bureaus either, which means you won't be building credit for the future.

The process of connecting to one of these dealers can be simple and quick. All you need to do is complete our free, no-obligation auto loan request form and we'll start the process of connecting you to a local dealer right away.

Advantages of In-house Car Financing

When you visit an in-house car finance dealership, you’ll notice that the financing process is different compared to taking out a loan with a subprime lender. Many car buyers choose to buy their next vehicle from an in-house dealer because of two big benefits these dealers offer:

No credit check
Most in-house financing dealerships don’t run a credit check to determine approval. This is attractive for car buyers with poor credit or little to no credit, and it’s also why these lots are sometimes referred to as car dealerships that finance anyone. All you need for an approval is a steady source of income and residency, and a down payment. Not all in-house financing car lots are the same, though, so it’s important to ask about their requirements in order to get the financing you need.

Sign and drive on the same day
As their name suggests, in-house financing dealerships will do everything right then and there. You’ll be able to go there, work out the details of the loan, pick out a car, sign the paperwork, and drive off – all in one day. This saves you multiple visits and removes much of the stress of applying for financing.

Disadvantages of In-house Financing

In-house financing can be great for getting the car you need right now. But if you’re looking for the most affordable vehicle, or for a way to improve your credit through auto financing, an in-house financing dealer may not be the way to go. There are several drawbacks to going through in-house financing for your next vehicle. Some of them that often concern consumers are:

Higher interest rates
Most auto financing for credit-challenged consumers comes with high interest rates to offset the additional risks. This is especially true for in-house financing dealers.

Older, higher mileage vehicles
You typically won’t find new cars at in-house financing lots. The vehicles also usually don’t come with any warranties, so any repairs will need to be paid for out of pocket unless it comes with the option of buying a used car service contract.

Not always possible to rebuild your credit
Since these dealers don’t typically check your credit, they also may not be reporting the loan or any of your payments to TransUnion, Equifax, or Experian, the national credit bureaus. Without any record of your payment history, your car loan won’t help you raise your credit scores.

Paying in person not always convenient
Instead of one monthly payment, you may find that an in-house financing dealer requires you to come into the dealership and make your payments every two weeks, or even every week, depending on your income and pay schedule. This can be a hassle if you don’t live near the dealership.

Even with these disadvantages, there’s a place for in-house financing dealers in the auto lending market. They can be especially helpful to consumers who’ve been turned down for a bad credit car loan.

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Vehicles at In-house Financing Dealerships

The biggest advantage of going to an in-house financing car lot. is the availability of vehicles and credit. Without third-party lenders in the picture, you purchase a car and take out a loan with the car dealer. This allows you to finance the vehicle you need without your credit getting in the way.

Typically, in-house financing dealerships only carry used cars, so you’ll need to put any dreams of buying a new vehicle aside. This isn’t necessarily a bad thing these days, because cars are built better, last longer, and typically come packed with features. Late model used vehicles at in-house car finance dealerships can be dependable and offer a number of comfort and convenience features. Buyers on a budget should also be able to find a number of affordable choices at used car dealerships with in-house financing.

When you take out an auto loan at an in-house financing car dealer, the process of picking a vehicle works exactly like a subprime auto loan. The dealer will look at your income to determine a monthly payment you can afford and the loan program you qualify for. You get approved for a monthly payment range, and can choose from the vehicles in the dealership's inventory that you qualify for. Make sure to take your time, weigh your options, test drive, visually inspect, and even get a pre-purchase inspection to get the car that's right for you.

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