If you are searching for “in-house financing car dealership near me” in Phoenix, In-Power Motors 5, LLC can help! We are the #1 used car dealership with in-house financing in the Phoenix Metropolitan area.

Those that have rocky credit, or little to no credit history, might not be able to get an approval for a conventional vehicle loan. They also may not have the money required for a down payment.

Nevertheless, in-house financing vehicle dealerships offer loans independently and at their own authority, free of down payment and credit requirements that conventional auto loans may enforce. This makes it possible for some individuals to get an auto loan when it wouldn’t be possible otherwise.

The vehicle you could be able to get from a buy-here, pay-here dealership most likely won’t be brand new (and probably not your dream vehicle), but there’s a good possibility it will at least get you going.

What is an In-House Financing Car Dealership?

In-house financing dealerships, more likely known as “buy-here, pay-here” car dealers, offers financing directly to the buyer. Because these dealerships finance car purchases on their own, they do not have to get approved from a financial institution or other lenders to give you a car loan. Buy-here, pay-here dealerships arrange their own loan approval guidelines.

Pros and Cons of In-House Financing Dealerships

Pros of In House Financing Dealerships

Bad credit acceptance – A lot of “buy here, pay here” dealerships sell and finance vehicles to buys with bad and/ or no credit history. They typically advertise “No credit? No problem” and “no credit check car loans.”

Little to no money down – In-house financing dealerships can offer the possibility to buy a vehicle with no money down, or only a minimal down payment, such as $500 (O.A.C.) or lower.

Simplified process – Purchasing a vehicle and getting financed at the same time and making car payments to the dealership where the vehicle was purchased, is simple.

Increased interest rates – Interest rates on loans provided by in-house financing dealerships can be a lot higher than those from financial institutions and other lenders, as reported by the Consumer Financial Protection Bureau.

Cons of In-House Financing Dealerships

Higher risk of borrowing more than what the car or truck is worth – Financial Institutions and other vehicle lenders typically restrict the amount they will lend on the basis of the value of the vehicle, but “buy here, pay here” dealerships that offer credit for a customer’s purchase on their own might not do that, warns the CFPB. “So, you may end up paying thousands of dollars more than its value,” it says.

Vehicle loans might not help build credit – Making payments on time on a vehicle loan may help enhance your credit score, but “buy here, pay here” dealerships may not report your monthly payments to any of the major credit bureaus such as FICO, Equifax, and Experian. Even though you’re keeping up good payment habits, your credit report might not see its benefits.

Vehicle GPS devices might be installed – Because of the risk involved in lending to individuals with poor credit, some dealerships will have GPS installed to track the vehicle or stop it from starting in order to repossess the vehicle when customers miss payments.

How to Find In-House Car Dealerships & Car Lots Near Me

There are a lot of ways to find “buy-here, pay-here” dealerships around your area. If you’re looking for “buy-here pay-here” car lots, Trust In Power Motors 5 for all of your Used Car needs. Other ways to find “buy-here, pay-here” car lots include:

1. Ask Friend and Family for Referrals to In-house Car Dealers

Your friends or family might have used a good “buy-here, pay-here” dealer in the past. Maybe ask around and see if they know of an inexpensive dealership that maybe could help.

2. Use Search Engines Like Google.com to Find In-house Car Dealerships

Use Google.com when searching for “buy-here, pay-here near me” and look in the maps listings to find the best “buy-here, pay-here” car dealerships.

3. Use Online Directories to Find Used Car Lots with In-house Financing

Online directories such as Yelp supplies lists of the best buy here pay here dealerships in your local area. Are you searching for the highest-rated $500 – – $1500 Down (O.A.C. – On Approved Credit) vehicle dealerships? You’re most likely to find them on this helpful website.

 

Find A Buy Here Pay Here Dealership In Phoenix, Arizona

If a bank or credit union lender doesn’t want to loan you money for a vehicle because of your credit, BHPH dealers are pleased to put you behind the wheel today. If you live around the Phoenix, Arizona area and are wondering if a buy here, pay here car dealer is the right choice for you, stop by In-Power Motors. We are a buy here pay here dealership in Phoenix, Arizona ready to get you in a car today! Our BHPH dealership also works with buyers with bad credit.