Why Choose In-House Finance

In house financing - Legacy Auto Credit

Why choose In-house finance?

In-house finance is a flexible way to get a new car if you have suffered damage to your credit in the past. If you’re looking for an auto loan while having bad credit, this blog is for you.

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What is in-house financing?

To put it simply, in-house financing is a type of lending where the business that sells a specific product can provide loans directly to customers, eliminating the need for a separate, third-party lender.

Retailers choose to provide customers with in-house financing to facilitate their purchasing process. This form of financing benefits consumers who are unable to obtain a loan through traditional financing means due to a bad credit score.


How does in-house finance car dealership work?

A dealership that provides in-house financing uses its own funds to lend to clients, for them to acquire the specific item offered. The dealership assumes all risk associated with the loan and chooses who is authorized and what terms to offer. 

As a client, you simply borrow the money needed to purchase a vehicle directly from the dealership and make monthly loan payments to the dealership.

Why is in-house finance a great choice?


Straightforward application process


The benefit of in-house financing is that you can apply online or in person and receive your decision directly from the seller. The in-house car financing process allows you to find a car, purchase it, finance it, and drive away with it in just one step. It is a one-stop shop.

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Getting approved if you have a bad credit score is easier


Qualification requirements are less stringent than those of banks and credit unions. When you’re just starting out and don’t have much credit history, this can be a great option if you’ve had some financial problems in the past.


Helping rebuild your credit score


How can you rebuild your reputation after being denied loans and credit cards? You can get a loan with less than stellar credit or no credit with in-house financing, and if you pay on time, your credit score begins to improve as long as they report to the credit bureau.


Faster approval times


In-house financing can be a great option if you need a car quickly. In most cases, you can get approved for a loan within minutes since the process is completed entirely at the dealership. On the other hand, getting approved for a bank loan can take several days or weeks. In-house financing may be the best option if you need a car right away.


Enjoying personalized service


In-house finance dealerships offer a more personalized service than banks or credit unions. In dealerships, you can build a relationship with your loan officer and feel confident that he or she has your best interest at heart. 


Access to a large inventory of reliable vehicles


It can be difficult to find a reliable used car, even with a bank loan. There is almost no guarantee that you will find exactly what you are looking for in a car, and even if you do, it is unlikely that the same characteristics will also be found in a well-functioning vehicle or one that provides transportation for your needs. 

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At Legacy Auto, we ensure a greater selection of quality used cars at a price you can afford and with financing options that work for you. The way we do business is built on trustworthiness, and we take pride in the cars we sell.


What to do if you need a car loan but have a bad credit


If you’re in the market for a new car in Ontario, an in-house car financing dealership like Legacy Auto can be an excellent option. We find ways to work with our customers regardless of their scores and look deeper into their entire financial situation when helping them purchase a new vehicle.  Legacy Auto Credit reports to the credit bureau which helps increase your credit score as long as payments are made on time. 


When you choose Legacy Auto Credit to finance your new vehicle, you are dealing with a name you can trust. We’d be glad to answer any questions about the in-house financing program at Legacy Auto Credit or how we work, so please do not hesitate to contact us.

In need of a new vehicle?

If you need a new vehicle and are looking for an affordable payment plan, our credit experts are ready to help you, even if you have bad credit. You can fill out an online Car Loan Application and our credit experts will help you find a payment plan that meets your budget and lifestyle. You can also reach out for a complimentary credit check.