Cars become the primary needs for most of people. It is because cars are the most practical vehicle. You can go to somewhere without getting rained or shined from the sun light. This make people make cars as the must have vehicle. Unfortunately, the high price sometimes becomes a problem. Buying used cars even financing used cars do not always give solutions. That is why nowadays there is a new way in financing cars called in house financing used cars. It also becomes the solution from financing used cars with bad credit.
What is In House Financing Used Cars?
In house financing used cars is like common in house finance for cars. It goals to ease you to get a used car. With in-house financing pre owned cars, it makes you possible to decide the down payment and the tenor even though there are still some rules that you must follow. The down payment is customized to your budget whereas the tenor and the installment will be customized on your income.
The Common Rules of In House Financing Used Cars
In house financing used cars offers you a free in some aspects. However, like other common finances, it has some rules. The rules do not want to cause difficulties for you. There are some primary requirements such as identity card and driving license. Identity card becomes the most important requirement because it is the basic information of the customers. Whereas driving license proves that you are able to drive a car well.
Besides that, if you are an employee, you need to show your current pay stubs. It usually needs current three to six months of the pay stubs. Whereas if you are a businessman or an entrepreneur, you must print out your bank account. The minimum income for a month is usually $ 1,200. Both are needed for in house financing used cars as the consideration or evaluation for the customers to pay the installment.
Another requirement is the proof of residence. It can be phone, electric bill, cable, etc. It functions to keep the communication between the lender and the customers if there is unexpected problems. It also proves that you really have a house and you really live there. If you buy your house from someone else, you can also show the house purchasing receipt as the substitute of requirement of in house financing used cars.
To complete the requirements of in house financing used cars, the lender need some believable references. The references are usually prioritize from at least three family members and five neighbors or friends. They become the references of the credit worthiness in in house financing used cars. It is possible to need other additional requirements. So, just follow the rules and you will get the easy process.
How to Apply Used Cars In House Financing
Before you apply used cars in house financing, you certainly have decided the used car you want to buy. The lender usually give the choices of available used cars on line. So, you can access it on the internet. It usually have cooperation with some dealers, so you can also go to the dealers. If you do not want the simpler, accessing it on the internet becomes a good choice. However, if you want to check the cars directly, going to the in house financing car dealer will be the best choice.
If you want to buy a used car, used cars in house financing will be pleased to help you. They will give their best for the customers. The first way is by phone or email. Every financing surely has a phone number and an email address to ease the communications to the customers. You can phone them or send an email to them. Tell that you want to apply a financing application. You just inform your complete address and one of their surveyors will soon process your application. Make sure that you have prepared the requirements. So, when the surveyor comes to your house, you just need to talk about the promise of financing.
Another way is you go to the financing car dealer. In this case, it will be better if you have prepared the requirements. So, when you go to the financing used car dealer, you also submit the requirements. So that, the process of used cars in house financing will be done more quickly. If there is a lack requirement, they will inform you and you must complete it.
After all the requirements are submitted, they will process your application. They will consider whether your application will be accepted or not. They have some considerations, one of them is your income. It is a vital requirement in applying used cars in house financing because it becomes the analysis of measure of your capability to pay the installment. If you have ever apply a car financing and you have a good track record, it will ease your process. If this is the first time you apply a car financing, you have to convince them that you will be a good customer. So, if you will apply another car financing application, you will be considered to repeat order. It means you will be prioritized.
The next process is the calculating the payment. The greater the down payment, the less the installment. On the contrary, the less the down payment, the greater the installment. Then, the interest is affected by the tenor. The longer the tenor, the bigger the interest. Those should be your considerations in deciding the down payment and the tenor. If there is an agreement, you will be asked to sign some contracts. If there you break the agreement, there will be a fine for you. For example you are late in paying the installment, so you must pay a fine based on the contract. You can see that it is very easy to apply car financing. So, if you want to buy a used car, do not hesitate to apply used cars in house financing for your solution.