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 Toms River, however, let’s talk a bit more about its meaning. Read on to learn more about what it entails, then get in touch with the Automotive Avenues 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 Financing Near Trenton? 

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 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:

• 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 of residency (a utility bill should suffice)
• You may also be asked for a list of personal references

Please note that factors such as the individual dealership and changes in global trade policies may alter the income and down payment estimates above. To learn more about Automotive Avenues’s specific requirements, visit us at our Wall dealership. 

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 Automotive Avenues for Guaranteed Financing Near Howell Township 

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 finance plans. If you’d rather speak with one of our finance experts in person, feel free to visit us in Wall%%.