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What is On Lot Financing?

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If you've been searching for a new or used vehicle to purchase, but you have less than perfect credit one term that you might have heard is "on lot financing." Many people don't know what on lot financing is, but this type of financing can be the perfect way for a lot of people to get a car loan when their credit is poor. If you're in the Sioux Falls, SD area and you are in this boat yourself, you might find that buying a vehicle from is your best option because we offer our own financing.

On the Lot Financing

The Dealer Handles His or Her Own Financing

The main difference between car dealers that offer in-house financing and other lots is the fact that these car lots don't deal with fancy lenders or banks. At Heartland Auto Loans we take matters into our own hands and finance our vehicles for the customers ourselves. This beats out the middle man and the long credit application, and it makes it much easier for both dealers to sell cars and for consumers to get cars when their credit scores aren't perfect.

You Don't Have to Qualify for a Traditional Auto Loan

Traditional auto loans are sometimes good options, but they certainly aren't the best option – or possibly even an option at all – if you have a low credit score or if you don't have any credit at all. That's the benefit of shopping with a car lot that offers on the lot financing, it's generally pretty easy to qualify and you are guaranteed approval. These are the things that you will typically need:

  • A job or some form of income, as well as a check stub or other type of proof that you have this income.
  • In many cases, you will need a down payment, although this isn't always necessary. You should inquire with the dealership to find out how much of a down payment you might need; this might also vary based on the car that you are looking at or how much you can afford to pay as a monthly payment each month.
  • At least two forms of identification. You will need to bring along your driver's license as well as another form of ID, such as a military ID or your social security card.

Once you submitted your online application and have all of these things, the rest of the process is relatively simple; you will just have to talk to our finance managers and pick the vehicle that you want to drive off of the lot, no matter what your credit score might be.

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