What Does Guaranteed Car Financing Mean?

Does your credit need a little work, but you’re trying to buy a new or used vehicle near Beverly Hills? Guaranteed car financing near Los Angeles could be the option for you. This is also known as “buy here, pay here” financing. Before you start searching how to get guaranteed car finance plans, let’s talk more about it. The financial experts at the Jaguar Los Angeles finance department will take you through the steps to see if this is the right financial path for you.

How Guaranteed Car Finance Plans Work 

Guaranteed car finance dealers, or in-house financing dealerships, will offer this type of loan because it opens up the possibility of buying a car to lots of different drivers – no matter their credit history. Unlike traditional financing, a guaranteed car finance plan doesn’t require a credit check, which means your income is what’s used to determine what you qualify for. Most of the time, car dealerships will have minimum income requirements that you must meet to move forward. 

Credit not great? That’s okay – guaranteed car financing can be a convenient and hassle-free option for you. You can get pre-approved for a vehicle and drive off our Los Angeles lot on the same day! Remember, you’ll need to meet the requirements, show the appropriate paperwork, and make a down payment on the vehicle you’re buying. Below is what you’ll need to get started with obtaining guaranteed financing near Bel Air at Jaguar Los Angeles:

• Typically, dealers will check a minimum income of $1,500 to $2,000 a month pre taxes (this depends on the dealership, though) 
• Recent pay stub
• Down payment (usually around $1,000 or 10% of the car’s selling price) 
• Proof of residency (a utility bill should suffice)
• They may ask for a list of personal references 

Does In-House Financing Help Build Credit?

Yes, because most in-house financing dealerships report payments to all major credit bureaus. So, when you’re paying your auto loan on time, you’re also building up your credit report, which ultimately improves your credit score. With guaranteed car financing, you’re able to get the vehicle that’s going to enhance your drives around the Los Angeles area while having the chance to improve your credit report with your on-time monthly payments.

Explore Your Financing Options at Jaguar Los Angeles!

Are you ready to upgrade your ride and improve your credit report at the same time? Peruse our inventory to find the vehicle that checks off all of your boxes, then give us a call to schedule your test drive. We can’t wait to help you find the vehicle that you’re excited to drive with an auto finance plan that helps improve your credit score. Have any questions in the meantime? Give us a call!