Hey everyone,
I’m in a bit of a tough spot and could use some advice. My credit score isn’t great, but I’ve got a steady job with decent pay. I’m wondering if anyone knows of any trustworthy car dealers that offer in-house financing options?
I’ve heard mixed things about these types of dealerships, so I’m hoping to find one with a good reputation. Has anyone had a positive experience with this kind of setup in our area? I’m just trying to figure out what my options are for getting a car without going through traditional lenders.
Any tips or recommendations would be super helpful. Thanks in advance!
I’ve been down that road before, Quinn. In-house financing can be a mixed bag. From what I’ve seen, it really comes down to the individual dealership. Some are decent, others… not so much.
A few years back, I ended up going with a buy-here-pay-here place. The interest rate was pretty steep, I’ll be honest. But at the time, I didn’t have many options.
One thing I’d suggest is to check online reviews carefully. Look for places that have been around for a while and have a decent reputation. Maybe ask around at work or with friends if anyone knows a trustworthy spot.
Just be prepared for higher rates than traditional financing. And make sure to read all the paperwork carefully before signing anything. Some of these places can have some pretty sketchy terms buried in the fine print.
If you can save up a bit more for a down payment, that might help too. It shows you’re serious and might get you slightly better terms.
Good luck with your search. It’s tough when your credit isn’t great, but there are usually options if you look hard enough.
Been through this myself. In-house financing is a double-edged sword. Interest rates are brutal, often 20%+. They’ll approve almost anyone, but you’ll pay for it.
Few things to watch for:
- Weekly/bi-weekly payments. They’ll push hard for this. Easier for them to repo if you miss one.
- GPS trackers and kill switches. Standard practice for many BHPH dealers.
- Balloon payments. Some hide a large final payment in the contract.
If you go this route, negotiate hard on the car price. They make their money on financing, so there’s usually room to move on sticker price.
Consider a local credit union first. Even with bad credit, their rates are usually better than BHPH. Or look into improving your credit for a few months before buying. A 50-point bump can make a big difference in terms.
Whatever you do, read every line of that contract. Twice.
Hey Quinn38, I feel your pain on the credit score situation. The auto finance market’s been a rollercoaster lately, especially for folks with less-than-stellar credit.
Have you looked into any credit unions? They’re sometimes more flexible than big banks and might offer better rates than in-house financing. Just a thought.
If you do go the in-house route, keep an eye on the terms. I’ve been seeing some dealers pushing longer loan terms to keep monthly payments down, but it can mean paying way more in the long run. 
Also, with the used car market cooling a bit, you might have more wiggle room on price than a year ago. Don’t be afraid to negotiate!
Just remember, whatever you choose, make sure those payments fit comfortably in your budget. Good luck with your search!