What is Guaranteed Car Financing?
Guaranteed car financing doesn’t require a credit check and can help many people who don’t qualify for traditional loans to afford the vehicle they need. In-house financing dealers that offer guaranteed auto financing use your work history and income to qualify your loan. Guaranteed loans are a great option for those with bad credit or no credit history who are unable to qualify for a standard car loan. Learn more about guaranteed car financing and get assistance with your auto financing needs at the Land Rover Princeton finance center today.
Does In-House Financing Help Build Credit?
Since many in-house financing dealerships report timely payments to the credit bureaus, staying on top of your guaranteed loan payments can help build-up your credit score. With guaranteed financing, you get the car you need; and with timely payments, you can get the credit boost you need at the same time. If you make all your payments on time, this positive information will be recorded in your file and will contribute to the overall health of your payment history—helping your scores over time.
What Does the Guaranteed Car Financing Process Look Like?
While in-house financing dealerships don’t check your credit, they do look at your income and employment in order to qualify you for a guaranteed car loan. Here’s an idea of what you can expect when qualifying for a guaranteed loan:
- While income requirements vary, in-house dealers typically look for a minimum income of around $1,500 to $2,000 a month before taxes
- You’ll likely need to provide proof of income and employment with a recent paycheck stub
- You can expect to need a minimum of around $1,000 or 10 percent of the vehicle’s selling price as a down payment
- In addition, you may be asked to provide proof of residence with a recent utility bill and a list of personal references
Finance Your Vehicle at Land Rover Princeton
When considering which Land Rover model to cruise the South Brunswick-area streets, be sure to check out our exciting inventory and discover our current Land Rover lease deals. Need help deciding? Our Finance Center team is committed to helping you find the right model with the right financing option for you. 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 you may have about the average down payment on a car with no credit, guaranteed car financing, or the Gap insurance cost.