Will In House Financing Help My Credit Score?

While In House Financing is a method of getting a car fast and without a credit check, your credit history will not be improved by it. If you choose this option of buying a car, you will need to find another way of obtaining credit repair.

Here at Heartland Auto Loans, we have better ways of helping those with bad credit find solutions for their car buying woes. However, we know that it’s good to explore all of your options, and that’s why we want to give you a deeper look into the business of in house dealerships.

What In House Financing Does

In House Finance dealerships are able to sidestep the process of a credit check by financing the automobiles on their lots themselves. Essentially, you are buying directly from them and they only use your income and employment information to qualify you. There are no banks to deal with, meaning that they don’t need to report your on time payments to the credit bureaus. In addition to that, these deals come with some costly drawbacks, such as:

  • A large down payment installment.buy here pay here, bad credit, credit repair The reason these dealerships are able to take the risk on their buyers is because the down payment covers the entire cost of the vehicle. That means you are paying thousands of dollars up front.
  • High risk of repossession or immobilization. These cars are typically installed with GPS trackers and kill switches, which enable the dealer to immobilize and easily repossess your car. Unfortunately, these devices are used even if you are a few days late with your payments.
  • Poor quality cars. The kind of cars offered here are typically older, high mileage vehicles.
  • You will have to pay directly at the dealership every time. Most of these dealerships don’t have an online payment method, which means that you will need to go directly to the dealer in order to pay. This could mean weekly or bi-weekly trips to the dealership, and if it isn’t on your daily route could result in extra time and gas.

These kinds of factors should make this option only an absolute last resort for a buyer.

A Better Way to Get an Auto Loan

Fortunately, we have the kind of expert experience you need. In the past, these In House dealers were your only options if you had poor credit. That is no longer the case. Thanks to subprime auto financing, we have access to lenders that will help you get the financing you need for a quality car, truck or SUV while helping you rebuild your credit at the same time.

Find out what we can do for you by filling out the simple, fast and secure online application. Once you are qualified, we can find you the best lending options for your needs. Get back on the road, and restore your credit glory today!

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