Are you ready to trade in your college clunker for a new, professional whip? Is your family growing and you need a more functional, fuel-efficient ride? Perhaps you’re simply at the stage in your life where you’re ready for an upgrade. Regardless of your circumstances, purchasing a new set of wheels is a huge decision. On average, Americans spend almost 300 hours in their car each year, so it’s important to pick something functional, affordable, and stylish.
While determining that you need to buy a new vehicle is easy, finding the funding to make it happen is much more difficult. Financing is one of the biggest roadblocks to getting behind the wheel of a new car, and this is a barrier that’s tough to beat. That said, it’s also the most common way to pay for a new ride. In fact, very few Americans have a free flow of cash sitting around to pay for a new car out of pocket. This makes getting a loan is a necessary evil. Applying for financing through a bank or third-party financial institution requires lots of documentation, prep work, and good credit history. If you lack any of these items, you’re likely to strike out on securing the loan you need.
Luckily, there are other options for obtaining the funds needed to drive away in your dream car. An on the lot car financing dealership may suddenly become your best friend. These unique dealerships are an excellent option for those who aren’t sure their credit will pass the test at a bank or credit union. Let’s take a deeper dive into how an on the lot financing dealership operates.
Working with an on the lot car financing dealership is pretty easy, and most dealerships are friendly and accommodating. While each dealership may have small deviations or distinctions from their neighbor down the street, the basics of on the lot financing are generally similar from dealership to dealership.
At a glance, on the lot financing essentially means that the dealership is willing to offer a unique financing package to customers who cannot obtain a loan elsewhere. The dealership is willing to take on the risk of making the loan to finance your new car. The rates and terms you get with an on the lot car financing dealership are specific to your unique needs and offer the perfect solution to help get you behind the wheel of your new ride - without the assistance of traditional banks or other lending institutions.
Best of all, most dealerships don’t bother to check your credit score. They don’t need to. They make their own rules when it comes to who they lend money to. This means the work involved in obtaining the loan is minimized; and the risk of not getting it is nearly zero since many of these dealerships guarantee approval to everyone.
Why would an on the lot financing dealership be willing to take on this risk? It’s simple business: Without financing, people can’t purchase a car, and the dealership doesn’t make a sale. However, it goes deeper than this. Many dealerships also care about the customer and offer a second chance to those who find themselves in a financial pickle. Offering on the lot financing is a win-win situation and a great option if you’re looking for help when you go to purchase your new car.
There are some definite advantages to obtaining financing through the dealership. One of the more apparent stems from the speed in which these dealers work through the financing paperwork. With a bank, getting approval can take weeks, even months. Banks suffer when they make a bad loan, so they spend a lot of time researching your financial history. It’s hard to blame them for being cautious; after all, they have a business to run. But when you’re anxious to get started on your search for a new car, all that lost time is frustrating. Working with an on the lot car financing dealership is the way to go.
Communication and paperwork are simplified. You’re working directly with the dealership rather than through a third-party lender. Since the dealership assumes the risk of the loan themselves, they can nix a few items like lengthy loan applications and credit checks, so the process moves along much quicker. On the lot financing dealerships work on a ton of in-house financing applications every day, so the paperwork process is smooth and seamless.
It may be your only option. If your credit is truly shot, it may be nearly impossible to get the financing you need without the help of these dealers. An on the lot car financing dealership offers a fresh start and an opportunity to begin rebuilding your credit score. These dealerships give you a chance when most other lending institutions turn up their noses. Certainly, this makes them worth consideration. They’ve built a business on helping people with bad credit purchase reliable transportation that’s also affordable.
Buying a new vehicle when you’ve had a few credit hiccups can be frustrating and somewhat overwhelming. While it may seem hopeless at first, there is a light at the end of the tunnel! AutoMax, an on the lot financing dealership in North Carolina, is on your team and ready to help you drive away in your new ride.
Our dealerships in Henderson and Youngsville, North Carolina, are just what you need to get pointed in the right direction. Also serving the Raleigh-Durham market, our friendly, knowledgeable team is here to walk you through the loan process and ensure that you get the vehicle you need with a monthly payment you can afford. Whether you’re a veteran to the financing game or funding your very first car, the AutoMax team will help you navigate this process with ease. Visit one of our North Carolina dealerships today to shop for your shiny new ride. We can’t wait to help you get on your feet and on your way!