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In House Financing and Bank Financing: Their Differences

http://www.carloanskingston.ca/ Understand the difference between in house financing and bank financing.

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In House Financing and Bank Financing: Their Differences

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  1. In House Financing and Bank Financing: Their Differences

  2. When you are considering to buy a new vehicle but are unsure about your financing position, it is important to look at the different options for buying your vehicle. Although there are many different options for the financing of your vehicle, there are two choices that are most common. These two financing options are in house financing which is financing with the dealership itself and then bank financing which is done through a bank you choose.

  3. Differences between In House Financing and Bank Financing Loan Eligibility. One of the differences is the eligibility of the two types of loans. For banks, submission of documents before looking into buying a vehicle is required. Banks are usually very stringent with their applications. When completing an application for financing with the bank, there are specific papers that you require. The necessary papers include a financial statement, certificate of employment, valid identification, and income tax return certification. They may also ask for a pay slip or business registration if your are a business owner applying for the loan.

  4. When it comes to an in house financing assessment, potential borrowers are not required to submit such an abundance of documents. With this eligibility assessment, it only requires proof of income and a certificate of employment. An in-house financing deal, requires a much smaller down payment rate compared to the down payment needed for a bank loan. With in house financing, only 10%-30% of the total vehicle amount is required to be paid by you for your down payment.

  5. Interest Rate. • Although the banks tend to offer a lower interest rate compared to those from in house financing, it is important to consider the trends in the future • Payment Terms • Another difference between the two financing options is the payment terms they result in. Payment terms for bank financing will usually be longer compared to in house financing which can be offered for less than 5 years.

  6. If you decide that in house financing is the better option for you, then consider buying your vehicle through Car Loans Kingston. We will say “yes” to you and will help you find a payment option that is perfect for your needs. Visit us at 1429 Princess St or call 613-549-8900 for more information about the in house financing rates.. http://www.carloanskingston.ca/

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