When you have a guaranteed car finance option, it doesn’t mean that financing doesn’t require a credit check.

Dealerships with in-house financing look at your income to determine what kind of loan you can qualify for when you’re searching for a new or used car. This is a good option for car shoppers in the Frisco area with poor credit or a limited car history.

Bad Credit Loans vs. Guaranteed Financing

When you’re looking for "guaranteed car financing near me", you might come across both guaranteed financing and bad credit loan options. There are multiple options for bad credit loans. Some dealerships allow you to make payments to them instead of a lender, or you might get approved for a loan with high monthly payments and a high APR. To qualify for guaranteed car financing near Plano, you need:

• Proof of income
• A monthly income of $1,500 to $2,000 a month before taxes
• A personal list of references
• A down payment for at least 10% of the vehicle’s price

Can In-House Financing Help Build Your Credit?

Yes, it can. Most guaranteed car finance dealers report payments to major credit bureaus. This means it you make your monthly payments on time, they can positively affect your credit and help improve score.

Get Automotive Financing at Longo Toyota of Prosper

To learn more about guaranteed car financing and how our finance department can help you find the car you need, as well as answer any questions you have about liability insurance coverage. Contact us or apply for financing online.