In House Auto Loans – Car Dealerships That Finance

10 Dec

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If you’ve got the bad credit blues, you’re possibly thinking that if you want to get financing, that you are going to have to get your automobile loan through a dealership that deals in financing. This is a frequent mistake that a lot of individuals make and you need to know why. You do not have to deal with dealer financing if you have poor credit.

Do you want to anyway? Probably not. There are two principal reasons that this kind of auto financing should be avoided and I will clarify them to you in straightforward terms.

You’ll spend far more for the auto. These varieties of automobile dealers charge considerably more for automobiles than they ought to to be, to be able to sleep at night. When you buy from a typical car dealer, you spend much more than retail.  So why charge people that have had a challenging time even more cash for automobiles? They do it because they can get away with it. Merely because most of their customers have not completed their homework to see that there are places that will help them with an actual auto loan.

You will pay more in finance charges. They justify it by saying that you happen to be “purchasing credit”. Nicely, if you have negative credit, haven’t you “purchased” sufficient credit currently with crazy late fees and inflated interest prices? Most auto lots that deal in financing charge prices in excess of 20%. No that’s not a typo. 20% or much more is what you can anticipate to spend.

You can avoid all of this. There are real companies that provide better finance solutions like Asset Lease Australia. In house financing is not the auto loan answer that you need.

12 Responses to “In House Auto Loans – Car Dealerships That Finance”

  1. Cyril February 1, 2013 at 3:57 am #

    My loved ones continues to be battling with money recently and that we needed to sell each of our automobiles to help keep our home. My father has poor credit and it has a $12/hr job. I work on mcdonalds at this time and think i would have the ability to purchase a vehicle however i have no idea were i’m able to obtain a loan from since i am 17. Can there be anywhere that gives financial loans to minors?Can there be shops that allow me finance already? Help we’ve not a way of transportation and that we actually need a vehicle????

  2. Elanor February 19, 2013 at 10:55 am #

    Hi.Im 20. I earn roughly $500 take home weekly. I have two negative things on my credit history $1000 with cingular (which I am currently disputing, assholes) and like $60 from like back in the day with Columbia House lol. Anyway- Im an insurance agent, and Ive heard of people walking out of dealerships with brand new cars with far worst things in their credit history like car repo’s and crap. Do you think I would qualify for a 21k loan ? Oh yeah, and im going to try to have them work with 1k down plus my old car as a trade in which might be worth around 1k as well.

  3. Salena February 19, 2013 at 1:07 pm #

    Hey Everyone thanks for taking the time to help me out with my question.

    I wanted to know if when you are looking for a potentially new or used car, and show the dealer the pre-approved auto loan letter does that necessarily increase your bargaining power? Whats your opinion on it? How does it help or hurt you?
    This pre-approved auto loan offer is from my credit union that I actually bank with, and they have handled my previous car that I now own and numerous personal loans on my behalf.

  4. Darell February 19, 2013 at 9:51 pm #

    My mom and I leased a 2012 car which im paying $400/mo. A car under a lease contract requires more liability so the insurance would be another $350/mo. Im planning on moving out of my mom’s house in about 4 months. and my mom is filing bankruptcy. She says that Im paying far too much for the car itself. She suggested I return the car. I know it’ll hurt my credit. And I’d like to go ahead and get an older car.
    However, how will I be able to sign the lease on the apartment if the repo hurts my credit?
    How hard will it be to buy an older car with the repo in my credit?
    I just want out of the contract.
    The dealership really pressured my mom and she’s really upset with the outcome of the contract.
    I dont have an outstanding credit. I’m just starting.


  5. Russell March 12, 2013 at 10:31 pm #

    I am looking for a car loan and I am wondering which company will give me the best auto loan rate?

  6. Angela April 13, 2013 at 11:22 am #

    I’ve seen so many people go out and buy houses they can never afford with the worst possible credit, yet it always seems that people with bad credit get strung out to dry when it comes to financing a car. I could be paying $356 a month on my current vehicle. Never miss a payment for 4.5 years. Then go to trade it in on a vehicle that, if you know what numbers to expect and include the worst possible APR one can get, still math out to about $300 for 3 years, or $250 for 4 – why in the world would anyone decline that? Even my current lien-holder declined to finance me into another vehicle! Is this because they only look at numbers and figures instead of the fact I’ve been faithfully paying them on time for nearly half a decade? What gives with this? Why was I approved years ago, with a credit score far worse, for an ungodly sum and now, with slightly better credit and a good payment history, get turned down? It makes absolutely no mathematical sense. And it doesn’t have anything to do with Greed because they’re still making money off me. Can anyone “on the inside” give me an answer as to why this is happening? I’m not even upside down in my current loan. The vehicle is worth more than the current sum remaining. Worst of all, I asked the dealer I tried to buy from if I could pay off this car, sell it privately and use the proceeds as a down-payment. He says “that would still be tough”. The only conclusion I’ve come to so far is that the financial world has lost all grasp of logic and is now spinning helplessly through the twilight zone.

  7. Nettie April 28, 2013 at 5:07 pm #

    we are a car dealership and we want to give people something if they cant get financed just for coming in. What can we give them in order to come in. (budget is $100 per person that comes in)

  8. Yu May 10, 2013 at 12:07 am #

    Hello I graduated from college about 1 1/2 ago and I’ve been working at a pretty good entry level job the past six months. Well I’m tired of driving my beat up college car and since I now have a stable income I would like to buy my first car. Unfortunately I haven’t had much success, because I have not been able to secure financing. As far as I know I thought I had good credit my credit score is 730, I only have college loan debt, and I always pay my bills on time.

    I have gone over the rejection letters and they state that I have a lack of installment loan history. Well how am I supposed to get my first one? It also states my credit accounts have not been open very long. I have two credit cards, one I opened in college I’ve had four years, and another one which has a higher line, for emergencies for 2 years. I’ve been told to try with a co-buyer, but I was put in foster care as a teen and don’t really have anyone I feel comfortable asking?

    Can someone give me some advice, please?

    PS I’m not looking at anything over the top (Jeep Compass).

  9. Adria September 3, 2013 at 9:13 pm #

    Should i wait to buy the car? Or snap up the deal ive seen? I want to remortgage my hosue when rates hit what im looking for, im not sure when that will be, would financing say 25,000 mess up my score? i have 700+

  10. Celeste September 9, 2013 at 8:56 am #

    Can anyone recommend a legit auto loan website that advertises for bad credit / no credit that you’ve had good experiences with??

    I don’t have the option to save because I need to act FAST.
    I don’t have the option to borrow from anyone.
    I just want to know information about the above question please.

    **NO LECTURES about my credit and how I should NOT finance.
    My credit score is low due to some mistakes I’ve made in the past with credit cards, we’ve all made mistakes! I now have a steady job @ 2K monthly and am doing things to repair my credit. Yes I do realize I may have a high APR rate but that is something I will have to live with for now. my life would fall apart without a car. (my current one is broken down)

    Thank you for your help!!!!!!! =)

  11. Julissa September 11, 2013 at 2:59 am #

    my wife said she paid for the car on the 24th dec. online and she didnt hit the continue. and i checked today for the past payment and it didnt say any pending or paid, anywhere. today is the 27th and its due tomorrow the 28th. its the weekend. we argued about it because she decided to be the one to deal or handle the bills. and she messed up. we are never late because i handled all the finance in the house. i dont know if the bank will get it today. or tomorrow. and the its the same bank that we got the loan for the car at the dealership. im so piss and i worry bout our credit being bad for late or others.

  12. Daniela September 21, 2013 at 4:03 am #

    My credit score is 700, I bring home a little over 800 per week minimum, same job for 12 years. I thought that would be sufficient to get a 17,000 dollar car but after a month of trying multiple dealerships and online loan places none will approve me.

    I am cosigner on someones 40000 dollar car but I have no other open lines of other than that and a credit card that I also had to sign on. But that shouldnt be enough to affect anything. Previously I had a few things I disputed but they arent on my credit report. Is there a way or online auto that.will approve anyone? Need to get a car asap.

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