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Are In-House Car Dealers Bad News in the Chicago area?

In house financing car dealers in ChicagoTo answer the question if car dealers in Chicago that offer in house financing are bad news for most people the answer can vary. Yes, car dealers that work in the buy here pay here financing in Chicago want to usually just focus on low credit or lower-income car buyers.


But this isn’t always the worst if you want to purchase a used car in the Chicago area they may be the best to the only option for you.


People generally say that in house financing car dealers are bad news because they have higher interest rates and ask for big down payments or they may even say yes to a car loan that they know you can’t pay on time.


In all honesty what you need to know the most about buying a used car in Chicago


It’s honestly best to do your research on the auto loan offers you can get in Chicago and also know what your FICO score is before you speak with a car dealership.


More than likely the car dealership isn’t going to have an educational discussion with you about the auto loans at an in house car lot but if they do take them up with the offer.


It will be in your best interest to speak with your own bank or even a credit union to see what they can offer you with a used car loan at a local Chicago car dealership.


As a car buyer in the Chicago area what you really need to look at?


As a car buyer, in general, when looking at new or used cars in the area of Chicago its best for you to familiarize yourself with the Debt to income (DTI) reference or Loan to Value (LTV)  and know why they matter with car loans.

In a lot of cases, the car dealerships don’t want to take the risk on you so poor or bad credit will be a sweet spot for most buy here pay here car lots in greater Chicago.


If you know what your terms are for an auto loan you are honestly above the curve for most car dealers and its best to be the most informed before the car dealership visit.


If it takes a few weeks or even months to get the interest rate you need with your credit its best to be patient and seek out the right help. You want to make sure you’re getting the best interest rate you can qualify for,

Getting details from the car dealership can be a smooth way to go before you purchase. There can’t be enough stress on knowing your FICO right off the bat. It’s honestly the best advice you can get because you don’t always want to have the car dealership run it.


Before you commit to a used car dealer in Chicago that works in house financing you want to check out there used car inventory even if it online and make a phone call on the used car in question.

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What in-house car dealers consider the most in Chicago


In house car lots really take a huge consideration to DTI so the less you have the better off you can see yourself so work on that debt. If you honestly don’t have any debt or a low amount any car dealer will be happy to offer you the best financing they can.


To a car dealership, low debt can oftentimes mean a lower risk for a car loan because they sense you can pay your car payment on time.


Buying a used car from any car dealership in-house or not factors on what you have to put down on the car and will you be able to make the car payment for the next two to three years or even more.