What Does Guaranteed Car Financing Mean?

Posted: Saturday, June 22nd, 2019

If you’ve been shopping around for car financing near Florissant, you may have come across guaranteed car financing. What does guaranteed car financing mean? Essentially, guaranteed auto financing is financing that doesn’t require a credit check. Rather than credit history, in-house financing dealers use applicants’ income to figure out how much they qualify for. If your credit needs work but you need a vehicle, this a great option to consider. Get more information about guaranteed car finance dealers from our finance department and make an informed decision.

Can I Build Credit Through In-House Financing?

Yes, you can! Using a guaranteed car finance plan is a smart way to build your credit, so if you’d like to apply for a car loan in the future, you’ll have a better chance of getting approved. Most in-house financing dealerships report the payments borrowers make to the major credit reporting bureaus. So, if you make your payments in full and on time, your credit score will reap the benefits. When you take advantage of guaranteed car financing, you can get the car you need while also strengthening your creditworthiness.

Satisfied Green Light Auto Credit customer

How Do I Qualify for Guaranteed Car Financing?

There are multiple options when it comes to bad credit loans. For example, many St. Louis dealerships allow car buyers to make their car payments through the dealership instead of to the lender, which doesn’t affect their credit. Some car buyers are approved for an auto loan, but their low credit score causes them to have a higher APR and higher monthly payments. To apply for guaranteed financing, you’ll need the following:

  • Steady income (generally $1,500 to $2,000 a month take-home pay)
  • Proof of income
  • A down payment (usually about 10% of the car’s price)
  • A list of personal references

Learn More About Bad Credit Financing at Green Light Auto Credit

The next time you’re looking for “guaranteed car financing near me” — remember Green Light Auto Credit! Do you have questions about guaranteed car finance plans and your next steps? Contact us to speak with our friendly and knowledgeable experts! We can help you apply for financing and find the used car, truck, or SUV you need to commute comfortably around St. Charles.