What Does Guaranteed Car Financing Mean?

Man writing in a ledger

You are not the first Danvers driver to wonder, “What does guaranteed car financing mean?” The biggest fact worth knowing about guaranteed car financing is that it doesn’t require a credit check, making it ideal for individuals with bad credit. Instead of a credit score being the most important factor in receiving an auto loan, in-house guaranteed car finance dealers base your car loan on your income—from your monthly loan payment to your interest rate. Good credit or bad credit, the Honda North finance department wants to assist you in your journey to obtaining a new Honda in the Lynn area.

Does In-House Financing Help Build Credit?

Since most in-house financing dealerships report payments to major credit bureaus, it can, in fact, improve your credit. Make timely payments with this in-house auto loan and your credit report will show positive results over time. With guaranteed auto credit, you don’t only get a great car to drive around inNewburyport, but also the potential to build your credit up or undo poor credit history.

Bad Credit Loans vs. Guaranteed Financing

Bad credit auto loans have multiple options. Some dealerships let buyers make payments to them instead of to the lender, having little effect on their credit, and others are approved for loans but have a higher APR and higher monthly payments. With guaranteed financing you need the following to qualify:

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

Finance Your Vehicle at Honda North!

Looking for “guaranteed car financing near me?” Our finance center can help you figure out the best options for Reading drivers as soon as you fill out our financing application online. You can even learn more about what is good mileage for a used car, car repair financing, financing at a bank vs. a dealershipcar insurance cover stolen cars with the keys left in, or GAP insuranceIf you feel ready to buy a new Honda car, SUV, or truck, check out the great deals on our new vehicle specials page! When something catches your eye, come by for a test drive!

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382 Newbury St • Danvers, MA 01923

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Honda North 42.5976899, -70.9636209.