You are looking at pre-owned cars in Anchorage, Alaska! Congratulations on your soon-to-be purchase! You have probably thought a lot about how you are going to pay for the car, and whether it will be financed or not. If you are thinking about getting it financed, take note of these benefits of going through the dealership for your auto loan rather than a traditional bank or credit union.
Other Lenders Refuse You
If other lenders are refusing to finance your auto loan because of no credit or bad credit, in-house financing might be the only way you can get into a new car. If you are underwater on another car and want to trade it in, a bank or credit union might not be as willing to let you absorb the negative equity you have in the old car to let you get a new one.
More Flexibility with Loan Terms
Another reason to give in-house dealership financing a serious look is because they have the ability to be more flexible with the loan terms. A credit union or bank is restricted to a certain set of loan products with little to no variation in loan terms. If you don't agree to those terms or don't fit the requirements, this can bar you from getting a car at all.
Repair Your Credit
If you chose dealership financing because of a low credit score or no credit, buying your car through a dealership can be a good way to go. Some dealerships will only ask for evidence that you have a job in order to finance your vehicle. If you do this, make sure they report your payments to the 3 major credit bureaus so you can build or repair your credit through them.
There are some people who might be nervous about in-house financing, but there are actually many benefits of obtaining your auto loan this way. Read the above benefits when you are out shopping for pre-owned cars in Anchorage, Alaska so you can get the best deal on your loan in addition to the best value for your car.
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