Getting a reliable car can be difficult if you have no credit, bad credit, or even less than perfect credit. It can make getting a traditional car loan from a bank extremely difficult. But having a less than ideal credit situation doesn’t mean that you are out of options. One option that is available to you, is buying a car from a dealership that offers guaranteed financing.
What is guaranteed financing?
Guaranteed auto financing is a payment method that is offered by many car dealerships who do their own in-house financing, which means that when you make a payment on your vehicle, you make it to the dealership or their financing service. These dealerships don’t rely on checking your credit to approve you for an auto loan; they use your income to determine what loan amount, interest rate and payment schedule you qualify for.
How can guaranteed financing help you?
Guaranteed auto financing is a great option for drivers who need a vehicle fast and are struggling with their credit situation. It is a great way to get the car you need with as little hassle as possible. Most buy here, pay dealerships, or dealerships that provide their own in-house financing, will get you approved and driving away in a new car the same day.
Getting a loan from a bank or other lending institution can sometimes be a rather long, drawn-out process that requires a lot of paperwork. In most cases, the only things you will need to get a guaranteed loan are a steady work history and a recent pay stub. Having these things lets the dealership know you’ll be able to make your payments each month.
How does it work at Car City?
At Car City, we offer guaranteed financing, so we base your approval on your income, not your credit score! To get you in a used car, truck or SUV, we require:
- $39 down – In most cases, we only need $39 down to get you approved and driving.
- Driver’s license – A valid driver’s license that matches your state of residence.
- Recent pay stub – Your most recent pay stub that lists year-to-date earnings.
- First Class Mail – A piece of mail, postmarked within the last 30 days, that lists your current address.
- SSI or Disability Award – If you receive SSI or Disability, bring your current award letter.
We will work with you to put together an auto financing plan that works with your financial situation.
If you have less than perfect credit and think that you will have troubling getting a car from a traditional dealership or getting financing from a bank or other 3rd party, keep Car City in mind. We have one of the largest selections of reliable used cars in Michigan and Indiana.