What Does Guaranteed Car Financing Mean?

Car keys and a credit card on top of a signed car loan

If you’re looking to buy a car, but 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. Learn more about guaranteed financing with us at Medlin Mazda before searching for “guaranteed car financing near me” online. Our capable finance department can help answer your questions as well as help you learn more about what guaranteed financing entails and find the right auto financing path for you!



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; even those with bad credit history. This means car finance dealers use your income to determine what you qualify for. Even so, there will be a minimum income requirement that needs to be met before moving forward.

Guaranteed car financing is a convenient and hassle-free option for drivers with less than perfect credit. This can help drivers get pre-approved for a vehicle and drive off the dealer’s lot the same day. Of course, you would still need to meet the necessary requirements, show the appropriate paperwork, and make a downpayment on the vehicle. Here’s what you’ll need to start the guaranteed car financing process with a dealer:

  • Generally, in-house dealers check of 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 of residency (a utility bill should suffice)
  • You may also be asked for a list of personal references

Does In-House Financing Help Build Credit?

Yes, it can! Many in-house financing dealerships report payments to major credit bureaus. As long as you’re able to make timely payments, this will build up your credit report, resulting in a better credit score and more lending power 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 Medlin Mazda

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. Not only do we offer different financing and leasing options but we have new and used vehicle specials to help drivers save even more. Learn more about what our finance department can do for you by applying for financing online to get pre-approved or by contacting us with any questions about a guaranteed car finance option, financing with a bank or dealership, or even to compare models like the Mazda CX-9 vs. Honda Pilot.

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(252) 243-6106

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(252) 246 7810

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(252) 246 7815

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1900 Tarboro St. West • Wilson, NC 27893

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Open Today! Service: 7:30am-5:30pm

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Medlin Mazda

1900 Tarboro St. West Wilson, NC

Phone: (252) 243-6106

http://maps.google.com/?q=1900%20Tarboro%20St.%20West%2C%20Wilson%2C%20NC%2027893

Parts

Phone: (252) 246 7815

1900 Tarboro St. West Wilson, NC

Sales

Phone: (252) 243-6106

1900 Tarboro St. West Wilson, NC

Service

Phone: (252) 246 7810

1900 Tarboro St. West Wilson, NC
35.720337 -77.949762
Medlin Mazda 35.720337, -77.949762.