So you found the car you need/want! Congrats on completing one of the hardest steps of the car buying process, selecting the vehicle. Now you are faced with the question, how are you going to pay for the vehicle? If you have had trouble getting a car loan with your credit score then this can seem like a big hurdle.
La solución a su problema radica en la financiación interna. ¿No está seguro de qué es el financiamiento interno y cómo puede ayudar? Este blog lo ayudará a tener una idea más clara de lo que ofrecen los concesionarios de financiamiento interno.
Pero primero, echemos un vistazo a lo que realmente es el financiamiento interno.
¿Qué es el financiamiento interno?
Like other forms of financing, in-house financing also refers to the provision of a loan to the customer by a company. However, the loan is given directly to the customer by the company, which allows the customer to purchase products or services provided by a business. The best part about in-house financing is that it eliminates the need to secure a loan through a financial institution.
When you opt for in-house financing for car dealerships, you get a car and a loan within the same place. This means that instead of waiting and relying on the bank to approve your application, you can go directly to the source. This also means that you have more flexibility, especially when you don’t have the perfect credit score. Dealerships that offer in-house financing options are called Buy Here, Pay Here dealerships in the industry.
At 500 Below Cars, you don’t need good credit or any credit to get approved for our in-house financing as we go off stability. To apply for 500 Below Cars in-house financing you can fill out the form below and our team will be in touch shortly.
¿Qué es un concesionario Buy Here, Pay Here?
In short, Buy Here, Pay Here dealerships are places you buy and pay for the car. For instance, you would buy a car from 500 Below Cars and you pay 500 Below Cars. Rather than us out sourcing the banking we handle it all in-house.
This gives us the unique ability to see you for you and not as a statistic. We can understand the intricacies of your everyday life better than a big bank who never has a discussion with you.
You can get a full understanding of all things buy here, pay here dealership on our blog post.
Comprender el financiamiento interno
In-house financing allows you to get a product or service within the company. Many retailers are now providing the facility of in-house financing for their customers to ease the purchasing procedure.
It is important that you as a customer makes sure the in-house financing company you are dealing with has an established lending business. Typically, the lending business will be apart of their own firm, or the company can collaborate with a single third-party provider to service credit for their customers.
A very prominent user of in-house financing is the automobile sales industry due to the nature of the business. The automotive industry requires customers to get an auto loan or pay the total amount upfront in order to close the purchase of a vehicle. Since vehicles are typically too much for a customer to pay upfront they are offered in-house financing for purchasing a car helping the customer and the dealership get the deal done.
Uno de los mayores beneficios que tienen los concesionarios de automóviles es que pueden establecer sus propios estándares de suscripción. Esto ayuda a adquirir un mayor número de prestatarios, lo que en última instancia puede permitir la aceptación de puntajes de crédito más bajos. La mayoría de las veces, las plataformas que proporcionan financiamiento interno aprueban las solicitudes de los prestatarios con puntajes de mal crédito that might have been turned down for a loan
Benefits Of In-House Financing
In-house financing is often referred to as “buy-here, pay here” dealership. Since the customers are given the provision to directly contact the source for the purchase, there are lots of benefits added to it.
- El mayor beneficio que viene con el financiamiento interno es la flexibilidad. Los concesionarios de financiamiento interno tienen requisitos y regulaciones menores que los bancos u otros intermediarios financieros. Esto es útil para los clientes con malos créditos o sin historial de crédito, ya que tienen una mejor oportunidad de obtener la aprobación de su solicitud de préstamos para automóviles.
- El financiamiento interno es bastante conveniente. Cuando obtiene un préstamo y compra un automóvil en el mismo lugar, le ayuda a ahorrar tiempo y energía al ir y venir continuamente entre su concesionario y el banco para finalizar la compra.
- You can also build credit with some in-house financing lenders. Car loans are a form of installment credit. This means that you cannot borrow more amount that you have been approved for and you have a specific time limit to pay it back. It allows customers with bad credit scores to rebuild their credits over time.
How Do I Get In-House Financing?
Our in-house financing process is very easy! All you have to do is fill out the form below to get started. Once you have completed the forms bring the following items with you to any of our locations:
- Licencia de conducir, identificación estatal o pasaporte
- Prueba de seguro de automóvil (¡Si aún no lo tiene, podemos ayudarlo!)
- Prueba de residencia como una factura de servicios públicos, etc. (Si no tiene esto, llámenos, podemos tener una solución).
- Comprobante de empleo e ingresos, como talones de sueldo o extractos bancarios. (Si tiene algo diferente, llámenos; podemos tener una solución).
- Número de seguro social o TIN
- 5 referencias completas (al menos tres parientes).
Our long list of satisfied clientele reviews shows our efficiency and means of providing viable solutions. If you are in need of a sweet deal for your in-house financing, then wait no more. With our easy process, you can pick your monthly finances easily. Llámanos ahora!