House Finance

Saturday, March 20, 2010

In House Financing - Car Dealers & Dealerships

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Many people that have bad credit think that they have to use a buy here pay here car lot in order to obtain auto financing. This is certainly not the case, in fact you can get approved online easier than you can at a normal everyday car dealership.

If car dealerships have turned you down and told you that your credit is not good enough, you may be pleasantly surprised at what you will find through alternative lending sources. Let's talk about dealerships that offer in-house financing, shall we?

You Do Not Have To Use Buy Here Pay Here Financing!

Car lots with in-house financing are in most areas. Sometimes, these are businesses that come and go and occasionally you can find a buy here pay here car lot that has been in business for many years.

Either way, these dealerships make their money by overcharging people that have bad credit. Generally speaking, these types of car lots by used cars at car auctions that normal car dealerships do not want to buy.

The reason may be because of an unpopular model, high mileage or that the vehicle has damage or mechanical problems that the buy here pay here dealers can have patched. Typically, the most common scenario is a newer model, high mileage car.

New car dealerships have a hard time getting anyone financed on a vehicle that has more than 75,000 miles on it. Buy here pay here dealers basically make their money selling cars that other dealers don't want, to the people that don't have the credit to go to a normal car dealership.

What They Won't Tell You...

What car dealers will not tell you is that you can get a better deal on auto financing intitiating it on the Internet. It's not the actual Internet that allows you to do this, it is that through the Internet you have access to lenders all over the entire country.

There are lenders that are available that will accept people immediately after repossession, bankruptcy, foreclosure or other credit disasters. There are even car lenders that will accept people that are on a fixed income or only receiving Social Security benefits.

If you have bad credit, before you go getting yourself into a car loan that is not going to be in your best interest, you should definitely check out a few sources on the Internet to see if you are able to get real financing.

Dealers that offer in-house financing on cars are an absolute last resort!

Find Legitimate Lending Sources Here: Buying Cars with Bad Credit.

(http://www.BuyingCarswithBadCredit.com)

Jason Lanier, Expert Author.

Article Source: http://EzineArticles.com/?expert=Jason_Lanier

Labels: check house financing, dealers house financing, dealerships finance

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No Credit Check in House Merchant Financing Program

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As a merchant who offers a product or service that costs $300 or more. Wouldn't it help you if you could offer a finance program to your customers that 95% of them would qualify for? I would imagine you could add a few more sales per week or month which could really improve your profitability.

There is a new "no credit check finance program" for merchants like you to offer to your customers. This program works anywhere in America.

Four Ways to Buy

Today your clients have four ways to pay when they buy from you. They can pay cash, use a debit or credit card, pay by check or use your financing program (if you are fortunate and savvy enough to have one).

Pay Cash: Cash is king and is almost always the best option for most merchants. Unfortunately most people do not carry cash, especially larger sums like $500, $1500 or $3,000. Most Merchants like cash.

Debit or Credit Card: Today more often than not this is how most customers make their purchases. As long as you have a relationship with a good merchant services company you gladly accept debit and credit cards.

Depending on your merchant services company and your business and personal credit profile they may charge you between 1.9% or 3.5% maybe a little higher or lower. Most businesses have this cost factored into their price as a cost to do business.

To get the sale you must accept this form of payment. Especially if you have a virtual company, you must be able to accept debit and credit card transactions.

Single Check: Like cash this form of payment is going the way of the dinosaur. People just do not carry checks like they did in the past. One other reason is that merchants generally do not want to accept the risk of a check not clearing..

There is a solution for business to accept checks. They can use the services of a check guarantee company. They work similar to a merchant services company by running the check through their processing machine and determining if the writer is on a "bad check writing watch list" or if the checks have been reported stolen.

The check guarantee company then guarantees the check is good, converts it into an electronic funds transfer item, which makes it payable immediately. This has a few benefits for the merchant.

First there is no hold on the checks and the money is deposited into there accounts within 48 hours. There is also no reason to run to the bank to deposit the check (which many banks are charging merchants a fee to do so). Most importantly the check is guaranteed good and there are no return checks or return check fees.

Financing Program: The obvious reason this is not prevalent today is that most merchants do not offer one. If they did many clients would not qualify for financing. First banks are very tight in financing customers today.

They are reducing the credit lines on their good customers and canceling the accounts of their marginal ones. Even if you are fortunate enough to be able to offer a financing program to your customers 50% of them will not have the credit to qualify.

But today you have the ability to offer your customers a "Complete Payment Solution". You can offer your customers a "No Credit Check Finance Program" where they can finance up to $5,000 for 90 days and the money is guaranteed to you by your merchant services company.

This means without a credit check your customer could qualify to finance their purchase from you. Louis Jeffries is a banking and finance professional with over 20 years in financial services. Go to this site and register your business for free exposure throughout the internet.

http://merchantfinancing.howtogetthebestcredit.com/biz-directory

Article Source: http://EzineArticles.com/?expert=Louis_Jeffries

Labels: check house financing, house financing, house merchant