What Is In House Financing
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500 Below Cars

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What To Know About In-House Financing

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. 

The solution to your problem lies in in-house financing. Not sure what in-house financing is and how it can help? This blog will help you get a clearer idea of what in-house financing dealerships offer.

But first, let’s take a look at what in-house financing actually is.

What Is In-House Financing?

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. 

What Is A Buy Here, Pay Here Dealership?

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. 

Understanding In-House financing

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. 

One of the biggest benefits that the automobile dealers have is that they can set their own standards for underwriting. This helps in acquiring a greater number of borrowers, which can ultimately allow the acceptance of lower credit scores. Most of the time, platforms that provide in-house financing approve applications from borrowers with bad credit scores 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. 


  • The biggest benefit that comes with in-house financing is flexibility. In-house financing dealerships have lesser requirements and regulations than banks or other financial intermediaries. This is helpful for customers with bad credits or no credit histories since they have a better chance of getting their application of car loans approved.


  • In-house financing is quite convenient. When you get a loan and shop for a car within the same place, it helps in saving your time and energy from continuously going back and forth between your dealership and bank for finalizing the purchase.

Build Credit

  • 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:

  • Driver’s license, State I.D. or Passport
  • Proof of automobile insurance (If you don’t have it yet, we can help!)
  • Proof of residence like a utility bill, etc (If you don’t have this, call us – we may have a solution.)
  • Proof of employment and income like paycheck stubs or bank statements. (If you have something different, call us – we may have a solution.)
  • Social Security number or TIN
  • 5 complete references (At least three relatives.)

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. Call us Now!

1Step 1: Contact Info
2Step 2: Application Information
3Step 3: Schedule a Test Drive

You will love working with us

Just ask our customers

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