In house financing

Please help us get dealers or sellers that can agree to in house financing.Some of us really need it

It would have been better that way,but some of us have really bad credit,so we just want to pay out of pocket instead of going to banks or credit unions where they pull your credit history that is already bad

Because in house financing has risk and costs to the dealer. If a dealer is going to offer in house financing, they have to acquire the capitol to pay for the car while the buyer is making payments. Then there are some folks that stop making their payments, If a dealer has to locate and repo a car, it is an extra expense. If a car is paid for when it's out the door it is much easier to manage a business. I am not a car dealer; I ran a towing business back in the 80's and saw first hand how difficult it is to get a car back from people who don't pay.

Quiet understandable but all the same,some of us really need the cars to move around,but don't have the cash to make a lump sum payment.And can't go tru the banks or credit unions for funds

It's a catch-22 really. I deal with this every day. A dealer doesn't want to take on in-house financing because it is extremely high- risk. By the time a buyer is looking to in-house finance, they've basically been denied by every main lender out there. Pros for the dealer: -In-house financing allows them to still legally own the vehicle -They do not have to carry insurance on the vehicle as it is the buyer's responsibility -They make a TON of money off of the high interest rates (usually 20% APR+) Cons for the dealer: -If the buyer doesn't pay, the process to recover the vehicle is both dangerous and expensive -The dealer is taking on 100% of the risk in this transaction. The buyer only risks their credit, which is already poor in most cases -The vehicle is not available on the lot for cash buyers to purchase -It takes years for the dealer to recover the capital lost on the car you are driving -Many in-house financed vehicles get beat up badly and then repossessed. The dealer is responsible for refurbishing them and getting them ready to sell again Think about it like this: If you owned your car, would you sell it to someone you didn't know who had a terrible track record of making payments and who may or may not pay you at all and run off with your vehicle? Probably not. That's what you are asking dealers to do. Most will refuse, and those that do it usually offer sub-par vehicles at top dollar prices with very high interest rates.

You have plenty of options for dealers who offer in-house financing all around you..make a few calls to smaller dealerships and ask. Many dealers do not offer it because of the inconveniences outweighing the benefits. They have to wait for their money and HOPE you make that payment every single month. There is little profit in buy-here-pay-here. Unfortunately there's folks like yourself who need the ability to do so but the BHPH programs have been ruined by customers who have put themselves in the predicament and so they have created a certain theory in the business. "Besides a few good apples there's a lot of bad ones who refused to pay *insert name of business or service here* so what makes me think you're going to pay me?" It's just a bad situation for everyone involved. It's wise to establish or improve your credit elsewhere (a big purchase paid off over the course of a year on a CC) or bite the bullet and visit a dealer who offers the program if you absolutely have to find transportation soon, just be weary of high APR and hidden fees/programs.