What Does In-House Car Financing Mean?

You hear the phrase on the radio and see it on windshields as you drive by car dealerships. It seems to be all over town. We’re talking about the term “in-house car financing.” What, exactly, does that mean? Is it a trendy fad that’s here today and gone tomorrow, or is it something that’s actually worth learning about?

Those are great questions. We’re glad you asked!

In-House Car Financing“Who are you?” you’re now asking. We’re AutoMax, one of the most respected in-house car financing dealerships in North Carolina. We’ve been serving the cities of Henderson, Youngsville, Raleigh, and Durham since our founders started the company in 1989. We’re still a family-owned operation. In fact, the second generation of the family is running the business now, but we still adhere to the principles that guided us when the company was first started. That is, we sell and finance quality pre-owned vehicles to people all over central North Carolina. We have two locations - one in Henderson and one in Youngsville - so we’re easy to access.

“That’s great,” you’re thinking, “but get back to the in-house car financing thing.”

Okay, moving on. In-house financing just means that we handle all the financing for the vehicles we sell. We take care of all the paperwork, make the loans, and collect the payments. No need to visit a bank to see if you can get a loan. When you come in to buy a used car from us, we take care of everything for you. We’ll walk you through the car-buying process from start to finish and make it easy for you - and fun, too!

“Okay, but I’ve had some credit challenges. I bet you’re not really talking to me.”

Think again. We are talking to you. Because we handle all the financing in-house, we make the rules (mostly) when it comes to who we lend money to. We are governed by some state regulations regarding lending practices and interest rates - just as all lenders are - but for the most part, we decide who we want to loan money to. And when you shop for a used car at AutoMax, we guarantee approval. That’s right. We don’t care about your past credit issues. All we care about is your future earnings potential and whether you’ll be able to afford to make your monthly payments on time.

“There has to be a catch, right? You can’t just loan to anyone.”

Nope, no catch. We do loan to anyone and everyone. In fact, we finance 100% of the vehicles we sell. We do that by working with you up front to determine how much car you can afford and how well the payments fit into your budget. We won’t loan you more than you can repay. We want to make sure that, especially if you’ve had credit trouble in the past, you can repay your loan according to the terms agreed on in the contract. We help set you up for success, not failure.

In-house car financing gives people with bad credit a chance to start over. Working with an in-house car financing dealership can even help rebuild your credit score. At AutoMax, we report your on-time monthly payments to Equifax, one of the largest consumer credit reporting agencies in the country. This helps rebuild your credit score so that when you go to apply for a loan a couple years from now - for a house, for instance - you’ll be back on top and able to get a mortgage loan because of your good payment history with us. Other potential lenders appreciate seeing a trustworthy, responsible stream of payments being made on time every month.

“Okay, but I bet your down payments are sky-high then, right?”

Nope. We have reasonable down payments, too. Again, we want to set you up for success. Having extraordinarily high down payments wouldn’t serve you or the dealership very well. It’s often the case that someone who’s had credit challenges may have trouble saving up a pile of cash for a down payment. We keep our down payments reasonable and guide you to the cars on our lot that are within your budget.

“So how do I qualify for in-house financing from AutoMax?”

Prequalification is easy. Just click here to go to our online credit application. Fill out the form, answer a few questions, and you’ll be on your way to a “new” used car in no time. You’ll find out whether you qualify within minutes, and then you can start gathering the information you need to bring into the dealership with you when you come in to look for your new car. You’ll need to bring the following with you:

  • A valid North Carolina or Virginia driver’s license
  • Two recent pay stubs as proof of your income
  • One current utility bill which shows that you’re a resident of North Carolina

“I’m ready to shop for a used car right now!”

We’re glad to hear it! Our lots in Henderson and Youngsville are filled with good-quality, reliable used cars, many of which are certified pre-owned vehicles. Our trained mechanics inspect each vehicle as it comes into the dealership to ensure safety and reliability for our customers - and this inspection takes place before the car is added to our lot. We know a large portion of your life depends on getting where you need to go on time and without hassle. That’s what we provide for our customers.

Here’s what one of our customers had to say about her experience:

“I have had an excellent experience with AutoMax. Come by and pick out a car and they will help you get it. I had no car, two jobs to go to and five kids. I came over and they helped me wonderfully and I have had a great experience with AutoMax. Come on by.”
-Tina

Come on into our Henderson or Youngsville location and let our friendly sales staff help you pick out your next used car. If you have additional questions about in-house car financing or in-house car financing dealerships, our sales team will be happy to answer them. They’ll get you going on a used car loan and have you behind the wheel in no time!

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