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InHouseFinancing.org

In-house financing is a way for customers to get a loan without having to rely on the financial industry outside of a company's reach. In other words, in house financing is a kind of seller financing that eliminates the need or reliance of a company on the financial sector to provide a customer's funds. The seller becomes the financier.

One common user of in-house financing is the automobile sales industry, but it's certainly not limited to that particular sector. Any industry that relies heavily on a buyer taking out a loan, from car sales, rv sales, boat sales, home sales, furniture sales, dental work and motorcycles etc. can often benefit from providing in-house financing to customers, thereby allowing them to take on more customers and ultimately, approving more customers for loan approval, even those with bad credit.

Essentially, with in-house financing, a company fronts you money as credit. Sometimes, just having a job is enough to qualify for in-house financing, with gives the company proof that you have an ability to pay back a loan. Some companies that offer in-house financing will finance you if you can make a down payment.

There are some advantages associated with in-house financing. Often, you can get financing at lower costs since there aren't any middlemen (financial institutions and other lenders that add on their own financing fees on all transactions). Since the seller of the goods is making money off of the sale, financing is oftentimes on easier terms and conditions. As well, getting approved for in-house financing is often a faster procedure, since customers don't need to approach different lenders and compare them. There's usually less documentation that needs to be filled out in order to get approved.

In-house financing is particularly useful for those that have bad credit, who might otherwise be turned down from getting loans or only get loans approved at high interest rates from most other banks or financial institutions and lenders. Some companies offering in-house financing don't even run credit reports.

As mentioned, in-house financing is very common in the automobile sales industry, but also across several other industries. Some common reasons why a company will offer in-house financing are costs and control. Costs become fixed after an initial investment in in-house financing-based hardware and software is made. The more loans that are made, the less expensive the servicing costs per loan are. And the more loans made, the better a company can market itself and its comprehensive loan portfolio. And control comes into play, since an in-house computer system allows a company complete freedom and independence to offer loans on their terms.

If you happen to have particularly damaged credit and don't want your credit run too many times needlessly, you may want to take advantage of companies that offer in-house financing. Loans are generally faster and easier to get approved for, and there's less typically less documentation required compared to getting loans through other financial institutions and money lenders. And it's a win-win for the company offering in-house financing, who can gain more control over costs and loan terms by offering financing in-house rather than relying on financial middlemen.