What Does Guaranteed Car Financing Mean?

Mans Hand Reviewing Car Lease

If you’re looking to get behind the wheel of a new vehicle and your credit could use some work, guaranteed financing could be an option to consider. Guaranteed car financing is also known as “buy here, pay here” financing. Instead of searching for “guaranteed car financing near me,” get the facts from us at the Joe Basil Chevrolet finance team. Learn more about what guaranteed financing entails with the Joe Basil Chevrolet finance department to take the next steps if this seems like the right option for you and your budget.

How Guaranteed Car Finance Plans Work

This type of auto loan is almost always available at in-house financing dealerships because it opens up the possibility of buying a car to many different drivers — no matter their credit history. A guaranteed car finance plan doesn’t require a credit check, which works in favor of those with bad credit. This means in-house guaranteed car finance dealers use your income to determine what you qualify for.

If your credit isn’t great, guaranteed car financing can be a convenient and hassle-free option. You can get pre-approved for a vehicle and drive off the dealer’s lot the same day. Of course, as with any financing plan, you’ll need to meet the necessary requirements, show the appropriate paperwork, and make a downpayment. Here’s what you’ll need to start the guaranteed car financing process with a dealer:

  • Generally, in-house dealers check for a minimum income of $1,500 to $2,000 a month pre taxes (this depends on the dealership, though)
  • Recent pay stub
  • Down payment (usually around $1,000 or 10% of the car’s selling price)
  • Proof residency (a utility bill should suffice)
  • You may also be asked for a list of personal references

Does In-House Financing Help Build Credit?

Absolutely! Many in-house financing dealerships report payments to major credit bureaus. This means that if you make timely payments, they’ll build up your credit report resulting in a better score in the future. With guaranteed car financing, you get the car you need and have the potential to build up your credit at the same time. If you’re concerned about building credit, be sure to ask if the dealer reports to the major credit bureaus.

Finance Your Vehicle at Joe Basil Chevrolet

Once you’re ready to get behind the wheel of a new vehicle from Joe Basil Chevrolet, check out your financing options. A guaranteed car finance plan is just one way to get behind the wheel of the car you need, even if your credit is an obstacle. Learn more about your leasing and financing options with us, apply for financing online, and check out our available new vehicle specials to help you save even more. If you have any questions, want to learn about the Chevy Colorado towing capacity, our community involvement, or want to learn more about our other models, contact us!

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