In-House Financing in Las Vegas: What It Is and What to Ask
If a bank has told you no, "in-house financing" can sound like the only door left. Sometimes it is the right call. Often there is a better route, and it helps to know the difference before you sign anything.
Charlie Cheap Car has sold used cars in Las Vegas for 25 years. We are family owned and veteran owned, and we do not carry loans ourselves. Instead, we send your application to several outside lenders that finance bad credit, no credit and past repos, so you get more than one chance at a yes. Financing is subject to lender approval.
What in-house financing means
In-house financing means the dealership is also the lender. You buy the car there, the lot keeps the loan on its own books, and you make your payments to that same lot, often weekly or every two weeks. You may also hear it called owner financing or a second chance lot.
Because the lot decides for itself, approval can lean on your income and your down payment more than your credit score. That flexibility is the appeal. It usually costs something somewhere else.
What is good about it, and what to watch
- The good part: a fast decision, often the same day, from a lot that has seen credit like yours before.
- Watch the total cost. Rates on lot-held loans tend to run high, and the cars are often priced to match. Compare the total of all payments, not the weekly amount.
- Watch your credit. Not every lot reports on-time payments to the credit bureaus. If yours does not, a year of perfect payments does nothing for your score.
- Watch the selection. You can only choose from the cars that lot is willing to carry.
- Watch the equipment. GPS trackers and starter-interrupt devices are common on lot-held loans. Ask what is on the car and what happens if a payment is one day late.
In-house financing compared with outside lenders
| In-house financing | A dealer that works with outside lenders | |
|---|---|---|
| Who makes the loan | The car lot | A bank, credit union or finance company |
| Chances at an approval | One | Several, from one application |
| When payments are due | Often weekly or every two weeks, sometimes in person | Usually monthly |
| Reported to the credit bureaus | Depends on the lot, so ask | Usually yes, but still ask |
| Cars to choose from | What the lot will carry | Most of the cars on the lot |
Eight questions to ask any lot before you sign
- Who is the lender? This lot, or a finance company?
- What is the interest rate, and what is the total of all payments?
- Are my on-time payments reported to the credit bureaus? Which ones?
- How often are payments due, and how do I make them?
- Is there a GPS tracker or a starter-interrupt device on the car?
- What happens if I am late, and how soon can the car be taken back?
- What are the dealer fees? In writing, before the paperwork.
- Can I see a vehicle history report and take a test drive?
A good dealer answers every one of these without hesitating. A lot that will not put the numbers in writing has told you what you need to know.
How financing works at Charlie Cheap Car
- One application, several lenders. Apply online in a few minutes, or call us, and we send it to the lenders that fit your situation.
- Situations our lenders see every day. Bad credit, a past repo, a bankruptcy, no credit at all, an ITIN, or income from driving for Uber and Lyft.
- What lenders look at most. Steady income and your down payment. See what to bring and how much down payment you need.
- Prices you can check first. Every car on our inventory page shows the vehicle price with every dealer fee listed under it.
We cannot promise an approval, but we will give you a straight answer quickly.
Common questions
Does Charlie Cheap Car offer in-house financing?
No. We do not hold loans ourselves. We arrange financing through outside lenders, and many of them work with credit that a bank turns down. Approval and terms depend on the lender.
Which is better with bad credit, in-house or outside lenders?
It depends on what each one actually offers you. If an outside lender approves you, you usually get more cars to choose from and monthly payments that are reported to the credit bureaus. If every lender says no, a lot that carries its own loans may still be an option. Get both offers in writing and compare the total cost. More on that in what to ask a lot that carries its own loans and how to pick a second chance lot.
Can I get a car with no credit history?
Often, yes. Having no history is different from having bad history, and our lenders have programs for people who are just starting out. Read the first-time buyer guide.
Do I need a big down payment?
It depends on the lender, the car and your income, so there is no single number. Here is how lenders think about it.
I live in North Las Vegas or Henderson. Is it worth the drive?
We are on West Sahara, a short drive from most of the valley. See North Las Vegas, Henderson and Summerlin for directions and what is on the lot.
Where to find us
5015 W Sahara Ave Ste 127, Las Vegas, NV 89146. Monday to Friday 9am–7pm, Saturday 9am–6pm, Sunday 11am–4pm. Se habla español.
Financing is subject to lender approval. Terms, rates and down payment depend on the lender and the vehicle. Advertised prices exclude dealer fees, tax, license and registration.
