DESKTOP

How To Get In House Auto
Financing In Winnipeg, MB

Having a vehicle can make a huge difference in your life, especially with Winnipeg’s mild -40 winters. When you actually need a vehicle nothing is worse then getting repeatedly declined. Its embarrassing, frustrating, and really who wants to go through that? Especially when you can actually afford to make the payments.

We have all had trouble with our finances and/or credit at some point in our lives and often its out of our control. Our in house auto financing programs can get you back in control, driving immediately and on the road to a positive credit situation. If you already know you want to move ahead with this type of financing click the button and apply now or click on the following link to see why we are the best choice for you https://www.mrcarloanswinnipeg.ca/in-house-financing-winnipeg-mb 

What Is In House Financing?

In house automotive financing in Winnipeg is generally 1 of 2 scenarios:

Scenario #1

The dealership has access to a lender (bank) that specializes in lending to people who aren’t able to achieve financing through regular Prime & Non Prime (Sub Prime) lenders 

Scenario #2

You pay the dealership directly as they have financed or leased-to-own the vehicle to you on a payment plan with an interest rate instead of going through a lender (bank)

Situations That Can Benefit From In House Financing

You are a great candidate for Buy Here Pay Here if you have been declined a vehicle loan previously because of:

  • Bad credit
  • Prior vehicle repossessions
  • Loan Defaults
  • Late Payments
  • Collections
  • Currently in bankruptcy
  • Currently in a proposal
  • Recently discharged from a bankruptcy
  • High debt
  • Income too low

Our In House Financing Program Information

The best way to highlight the benefits of our programs is to first detail whats similar in both programs and then list the pros and cons of the 2 in house options we have for yourself and our other clients in Winnipeg. Some Benefits may be pros to 1 person and cons to another so we encourage everyone to read both programs carefully.

Benefits Of Both Programs

The following will detail the benefits to OUR programs NOT other dealers or finance companies. These are the best in house programs in Winnipeg by far for the following reasons

  • Get approved for a vehicle loan/lease when you otherwise are unable to through regular financing
  • The lowest and most flexible requirements to get approved
  • Reports to both the credit bureaus Equifax and TransUnion
  • The vehicle either comes with factory warranty or you are able to add it into your loan/lease
  • Build your credit in one of the best ways possible by having a set revolving payment that will report on your credit bureau as a payment to a bank for a vehicle loan. With an on time payment history this will have a larger impact on your next vehicle loan/lease interest rate, approval, vehicle choice and options than any other type of credit ie mortgage, credit cards etc

Option #1 - New Vehicle

PROS

CONS

Includes everything

Includes everything mentioned above  in "Benefits to both Programs"

New Vehicle

You can only choose a new vehicle. Some clients prefer pre-owned vehicles

Lowest Rates

The lowest in house interest rates in Winnipeg starting at just 10% - 15%

Closed Financing/Leasing

Closed financing/leasing: Fixed term of 3 years with penalties for exiting the early

New Vehicles

Brand new vehicles

Vehicle Choice

Vehicle choice, colours may be limited

Vehicle Options

All vehicles have decent options: blue tooth, power windows etc

Factory Warranty

A great Factory warranty. Includes tire and rim warranty. As well as Roadside Assistance

Option #2 - Pre-Owned

PROS

CONS

Includes everything

Includes everything mentioned above  in "Benefits to both Programs"

Only Pre-Owned Vehicles

Generally only pre-owned vehicles to choose from

Pre-Owned Vehicles

Large selection of pre-owned vehicles to choose from

No Factory Warranty

Aftermarket warranty is an additional cost

Open Ended Financing

Open ended financing. No penalty to trade in or pay off early

Higher Rates

Higher interest rates generally starting at 20% **trade in asap to get a better rate and to avoid paying high interest long term **

Less Expensive

Pre-owned vehicles are less expensive

Aftermarket Warranty

Great deals on after market warranties and you can hand pick which warranty fits your driving habits and level of care

Rachel
Rachel⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"I found Mr. Car Loans on facebook and applied for their bad credit car loan program. The rate I got was almost half of what I was quoted previously by other companies. Thank you I love my Jeep!"
Cory
Cory⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"I applied not thinking much would happen and boom 3 days later I was driving. Everyone I dealt with at this company treated me with respect and was straight up no bs. I will be back for my next ride."
Melissa
Melissa⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"I had such a great experience dealing with Josh when I bought my vehicle. I hate car shopping and he turned what started out being a stressful experience into a very pleasant one. I highly recommend Mr Car Loans."
Mathew
Mathew⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"Friendly staff, easy application process, and they got me approved when nobody else would"
Nancy Goldberg
Nancy Goldberg⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"Best place for in house financing in Winnipeg!!"
Previous
Next

Want to see more of our fantastic Google Reviews for Winnipeg in house financing? << Click Here

Why Choose Our Programs Over The “Other Guys”?

One of the rules to being an ethical auto sales business /professional is to not speak badly about the competition. We generally do adhere to this but in this section we wanted to detail positives about using us and issues that our clients have brought up with us about other dealers who offer in house financing or bad credit car loans. Keep this information in mind when you are shopping around it could save you $1000’s.

A path to good credit: Our goal and commitment to you is to get you out of in house financing, past sub prime and into a prime credit situation. Although you always make the final decisions we will always steer you in a smart direction, that if followed, you will be in a much better credit situation. Most of the others guys just want to sell you a vehicle, we want to help long term and connect you with vehicles for life.

The loan or lease doesnt report to the credit bureaus: This is a huge factor as unless you have some other way of building your credit you will be stuck with in house financing on your next few vehicle choices until your credit improves. Whats the best way to get a vehicle loan with a lower rate? Showing positive and consistent repayment history on a vehicle loan. DO NOT UNDER ESTIMATE THIS as you will be stuck with higher interest rates and our goal is to reduce your in-house car loan rates saving you $1000’s

Applying online with In House “Auto Finance” companies: Although we are an auto finance company our mission is not to damage your credit. Many of the more popular companies you have seen everywhere online and on TV sell your information to multiple dealers, this is not only not clear to you, many of the dealers believe they are the only dealership that has purchased your data/inquiry/application. We have seen clients credit bureaus hit or “pulled” up to 30x after applying just once!! When you are in a negative credit situation you have to make smart decisions, this not only damages your credit but can actually be one of the detrimental determining factors in achieving a regular auto finance loan or lease.

High interest rates with closed financing: Don’t get stuck with a 29.9% interest rate for the duration of the loan or lease which is sometimes up to 5 years! Some dealers prey specifically on people with this tactic as it is very profitable. Our goal is to sell you multiple vehicles over your life time not make your vehicle unaffordable and have you default on the loan or lease, repossess it and repeat with another client. BE SMART AND BE CAREFUL.

Closed Financing & Precomputed Interest: These are quite common arrangements within house finance options. Although not always inherently negative it is important that you know that your loan or lease is structured this way before signing the dotted line. Some in house dealers hide this in the fine print, we do not, everything is explained to you and in most cases you choose which route you wish to take.

Closed financing: Generally means there is a penalty to exiting the your contract and will have to pay a predetermined penalty $ amount for the remaining term length. For example: if you had a 3 year term, your penalty is $100 per month and you had completed only 1 year of payments, you would then have to pay $100 x 24 months = $2400 to exit the finance/lease contract.

Precomputed Interest: You are responsible to pay off the full amount of interest that would have accrued during the agreed upon term of your loan or lease, even if you pay it off faster or all at once. Example: Vehicle cost $10,000, Duration of the loan 36 months, 15% interest rate, if you had paid 13 months and had 13 left you would have to pay the remaining interest of $1239.76 to exit the contract.

Minimum Criteria Needed To Be Approved

***Attention*** this is a general guideline each situation is nuanced and there are some factors that can be worked through. Always apply and one of our finance agents will work with you and exhaust all possible options. In the event we cannot get you financed we will provide you with vital information on both your current credit bureaus and a path forward to achieve financing as soon as possible.

  • Canadian citizenship– Canadian citizen or in the process of becoming one **There are exceptions**
  • Drivers license– the lender/bank will require the vehicle to be insured by the individual that is the primary (person that is responsible to pay for the loan/lease) on the loan/lease documents which is standard. No license means no insurance.
  • Able to obtain auto insurance from MPI– must be able to insure a vehicle which is standard practice with any finance or lease program in Canada
  • 3+ months of employment– usually has to be a full time job but there are exceptions like its a new job but you can prove (by pay stubs or taxes) you were doing similar work recently or if you earn the minimum amount in child tax, on disability, pension, etc
  • Aprox $2000 monthly gross income– before any tax or deductions are taken off the pay cheque. This can be combined with a spouses or family members income but they have to be on the loan/lease with you.
  • Proof of income– must provide recent pay stubs, tax returns, in some cases bank statements, or proof of child tax, alimony etc

Main Reasons Why You Can Be Denied In House Financing

  • You do not have a valid license
  • You cannot prove your income
  • Your income is too low
  • You are currently financing/leasing/cosigned on a vehicle: A) you can only have 1 vehicle loan or lease under your credit profile. B) you are currently financing a vehicle you cannot trade in because have too much negative equity which means the trade-in value is less than what you still owe on your current vehicle loan.
  • About to or in the process of claiming bankruptcy or proposal– if all of your loans/credit cards/lines of credit/repossessions/defaults/etc are very recent and it appears that you are about to claim bankruptcy you may be denied or if you are currently working with a trustee and in the process of claiming bankruptcy or a proposal. After you have gone through the process and have completed a few months of payments we can contact your trustee and work with them. 

Difference Between A Prime Car Loan, Sub Prime Auto Financing, & In House Auto Finance

Prime Credit Auto Loan: clients who qualify for prime credit auto loans have next to or perfect repayment history that has been reported by various companies that have loaned them money, or issued them credit in one fashion or another. They will receive low prime interest rates, easy approvals, zero down guaranteed with most dealerships. The finance manager at the dealership will contact only prime banks for their lease or loan.

Sub prime auto financing: applies to a very wide range of people with less than perfect credit all the way to a very poor credit rating. These days even 1 collection or a few slow payments can put you in this category. You will pay a range of interest rates according to your credit profiles history, the vehicles you choose, and how much money you put down. These rates will be higher than if you had prime credit but many Canadians manage it. The finance manager will submit you to only sub prime lenders.

In house financing: is the last option for many people that couldn’t get an approval with sub prime and who don’t qualify for a prime vehicle loan. An in house loan/lease used to be even higher interest rates than a sub prime loan but in many cases Mr Car Loans Winnipeg can get you the same rate or better. The finance manager will have a program through the dealership or a specific lender that only deals with in house financing in Winnipeg 

 

Apply For In House Auto Financing Or Ask Us A Question

CONTACT

Contact Us

MOBILE

How To Get In House Auto Financing In Winnipeg, MB

Having a vehicle can make a huge difference in your life, especially with Winnipeg’s mild -40 winters. When you actually need a vehicle nothing is worse then getting repeatedly declined. Its embarrassing, frustrating, and really who wants to go through that? Especially when you can actually afford to make the payments.

We have all had trouble with our finances and/or credit at some point in our lives and often its out of our control. Our in house auto financing programs can get you back in control, driving immediately and on the road to a positive credit situation. If you already know you want to move ahead with this type of financing click the button and apply now or click on the following link to see why we are the best choice for you https://www.mrcarloanswinnipeg.ca/in-house-financing-winnipeg-mb 

What Is In House Financing?

In house automotive financing in Winnipeg is generally 1 of 2 scenarios:

Scenario #1

The dealership has access to a lender (bank) that specializes in lending to people who aren’t able to achieve financing through regular Prime & Non Prime (Sub Prime) lenders 

Scenario #2

You pay the dealership directly as they have financed or leased-to-own the vehicle to you on a payment plan with an interest rate instead of going through a lender (bank)

Situations That Can Benefit From In House Financing

You are a great candidate for Buy Here Pay Here if you have been declined a vehicle loan previously because of:

– Bad credit

– Vehicle repossessions

– Loan Defaults

– Late Payments

– Collections

– Currently in bankruptcy

– Currently in a proposal

– Discharged bankruptcy

– High debt

– Income too low

Our In House Financing Program Information

The best way to highlight the benefits of our programs is to first detail whats similar in both programs and then list the pros and cons of the 2 in house options we have for yourself and our other clients in Winnipeg. Some Benefits may be pros to 1 person and cons to another so we encourage everyone to read both programs carefully.

Benefits Of Both Programs

The following will detail the benefits to OUR programs NOT other dealers or finance companies. These are the best in house programs in Winnipeg by far for the following reasons

  • Get approved for a vehicle loan/lease when you otherwise are unable to through regular financing
  • The lowest and most flexible requirements to get approved
  • Reports to both the credit bureaus Equifax and TransUnion
  • The vehicle either comes with factory warranty or you are able to add it into your loan/lease
  • Build your credit in one of the best ways possible by having a set revolving payment that will report on your credit bureau as a payment to a bank for a vehicle loan. With an on time payment history this will have a larger impact on your next vehicle loan/lease interest rate, approval, vehicle choice and options than any other type of credit ie mortgage, credit cards etc

Option #1 - New Vehicle

PROS

Includes everything

Includes everything mentioned above  in "Benefits to both Programs"

Lowest Rates

The lowest in house interest rates in Winnipeg starting at just 10% - 15%

New Vehicles

Brand new vehicles

Vehicle Options

All vehicles have decent options: blue tooth, power windows etc

Factory Warranty

A great Factory warranty. Includes tire and rim warranty. As well as Roadside Assistance

CONS

New Vehicle

You can only choose a new vehicle. Some clients prefer pre-owned vehicles

Closed Financing/Leasing

Closed financing/leasing: Fixed term of 3 years with penalties for exiting the early

Vehicle Choice

Vehicle choice, colours may be limited

Option #2 - Pre-Owned

PROS

Includes everything

Includes everything mentioned above  in "Benefits to both Programs"

Pre-Owned Vehicles

Large selection of pre-owned vehicles to choose from

Open Ended Financing

Open ended financing. No penalty to trade in or pay off early

Aftermarket Warranty

Great deals on after market warranties and you can hand pick which warranty fits your driving habits and level of care

Less Expensive

Pre-owned vehicles are less expensive

CONS

Only Pre-Owned Vehicles

Generally only pre-owned vehicles to choose from

No Factory Warranty

Aftermarket warranty is an additional cost

Higher Rates

Higher interest rates generally starting at 20% **trade in asap to get a better rate and to avoid paying high interest long term **

Rachel
Rachel⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"I found Mr. Car Loans on facebook and applied for their bad credit car loan program. The rate I got was almost half of what I was quoted previously by other companies. Thank you I love my Jeep!"
Cory
Cory⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"I applied not thinking much would happen and boom 3 days later I was driving. Everyone I dealt with at this company treated me with respect and was straight up no bs. I will be back for my next ride."
Melissa
Melissa⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"I had such a great experience dealing with Josh when I bought my vehicle. I hate car shopping and he turned what started out being a stressful experience into a very pleasant one. I highly recommend Mr Car Loans."
Mathew
Mathew⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"Friendly staff, easy application process, and they got me approved when nobody else would"
Nancy Goldberg
Nancy Goldberg⭐️⭐️⭐️⭐️⭐️
Winnipeg
Read More
"Best place for in house financing in Winnipeg!!"
Previous
Next

Want to see more of our fantastic Google Reviews for Winnipeg in house financing? << Click Here

Why Choose Our Programs Over The “Other Guys”?

One of the rules to being an ethical auto sales business /professional is to not speak badly about the competition. We generally do adhere to this but in this section we wanted to detail positives about using us and issues that our clients have brought up with us about other dealers who offer in house financing or bad credit car loans. Keep this information in mind when you are shopping around it could save you $1000’s.

A path to good credit: Our goal and commitment to you is to get you out of in house financing, past sub prime and into a prime credit situation. Although you always make the final decisions we will always steer you in a smart direction, that if followed, you will be in a much better credit situation. Most of the others guys just want to sell you a vehicle, we want to help long term and connect you with vehicles for life.

The loan or lease doesnt report to the credit bureaus: This is a huge factor as unless you have some other way of building your credit you will be stuck with in house financing on your next few vehicle choices until your credit improves. Whats the best way to get a vehicle loan with a lower rate? Showing positive and consistent repayment history on a vehicle loan. DO NOT UNDER ESTIMATE THIS as you will be stuck with higher interest rates and our goal is to reduce your in-house car loan rates saving you $1000’s

Applying online with In House “Auto Finance” companies: Although we are an auto finance company our mission is not to damage your credit. Many of the more popular companies you have seen everywhere online and on TV sell your information to multiple dealers, this is not only not clear to you, many of the dealers believe they are the only dealership that has purchased your data/inquiry/application. We have seen clients credit bureaus hit or “pulled” up to 30x after applying just once!! When you are in a negative credit situation you have to make smart decisions, this not only damages your credit but can actually be one of the detrimental determining factors in achieving a regular auto finance loan or lease.

High interest rates with closed financing: Don’t get stuck with a 29.9% interest rate for the duration of the loan or lease which is sometimes up to 5 years! Some dealers prey specifically on people with this tactic as it is very profitable. Our goal is to sell you multiple vehicles over your life time not make your vehicle unaffordable and have you default on the loan or lease, repossess it and repeat with another client. BE SMART AND BE CAREFUL.

Closed Financing & Precomputed Interest: These are quite common arrangements within house finance options. Although not always inherently negative it is important that you know that your loan or lease is structured this way before signing the dotted line. Some in house dealers hide this in the fine print, we do not, everything is explained to you and in most cases you choose which route you wish to take.

Closed financing: Generally means there is a penalty to exiting the your contract and will have to pay a predetermined penalty $ amount for the remaining term length. For example: if you had a 3 year term, your penalty is $100 per month and you had completed only 1 year of payments, you would then have to pay $100 x 24 months = $2400 to exit the finance/lease contract.

Precomputed Interest: You are responsible to pay off the full amount of interest that would have accrued during the agreed upon term of your loan or lease, even if you pay it off faster or all at once. Example: Vehicle cost $10,000, Duration of the loan 36 months, 15% interest rate, if you had paid 13 months and had 13 left you would have to pay the remaining interest of $1239.76 to exit the contract.

Minimum Criteria Needed To Be Approved

***Attention*** this is a general guideline each situation is nuanced and there are some factors that can be worked through. Always apply and one of our finance agents will work with you and exhaust all possible options. In the event we cannot get you financed we will provide you with vital information on both your current credit bureaus and a path forward to achieve financing as soon as possible.

  • Canadian citizenship– Canadian citizen or in the process of becoming one **There are exceptions**
  • Drivers license– the lender/bank will require the vehicle to be insured by the individual that is the primary (person that is responsible to pay for the loan/lease) on the loan/lease documents which is standard. No license means no insurance.
  • Able to obtain auto insurance from MPI– must be able to insure a vehicle which is standard practice with any finance or lease program in Canada
  • 3+ months of employment– usually has to be a full time job but there are exceptions like its a new job but you can prove (by pay stubs or taxes) you were doing similar work recently or if you earn the minimum amount in child tax, on disability, pension, etc
  • Aprox $2000 monthly gross income– before any tax or deductions are taken off the pay cheque. This can be combined with a spouses or family members income but they have to be on the loan/lease with you.
  • Proof of income– must provide recent pay stubs, tax returns, in some cases bank statements, or proof of child tax, alimony etc

Main Reasons Why You Can Be Denied In House Financing

  • You do not have a valid license
  • You cannot prove your income
  • Your income is too low
  • You are currently financing/leasing/cosigned on a vehicle: A) you can only have 1 vehicle loan or lease under your credit profile. B) you are currently financing a vehicle you cannot trade in because have too much negative equity which means the trade-in value is less than what you still owe on your current vehicle loan.
  • About to or in the process of claiming bankruptcy or proposal– if all of your loans/credit cards/lines of credit/repossessions/defaults/etc are very recent and it appears that you are about to claim bankruptcy you may be denied or if you are currently working with a trustee and in the process of claiming bankruptcy or a proposal. After you have gone through the process and have completed a few months of payments we can contact your trustee and work with them. 

Difference Between A Prime Car Loan, Sub Prime Auto Financing, & In House Auto Finance

Prime Credit Auto Loan: clients who qualify for prime credit auto loans have next to or perfect repayment history that has been reported by various companies that have loaned them money, or issued them credit in one fashion or another. They will receive low prime interest rates, easy approvals, zero down guaranteed with most dealerships. The finance manager at the dealership will contact only prime banks for their lease or loan.

Sub prime auto financing: applies to a very wide range of people with less than perfect credit all the way to a very poor credit rating. These days even 1 collection or a few slow payments can put you in this category. You will pay a range of interest rates according to your credit profiles history, the vehicles you choose, and how much money you put down. These rates will be higher than if you had prime credit but many Canadians manage it. The finance manager will submit you to only sub prime lenders.

In house financing: is the last option for many people that couldn’t get an approval with sub prime and who don’t qualify for a prime vehicle loan. An in house loan/lease used to be even higher interest rates than a sub prime loan but in many cases Mr Car Loans Winnipeg can get you the same rate or better. The finance manager will have a program through the dealership or a specific lender that only deals with in house financing in Winnipeg 

 

Apply For In House Auto Financing Or Ask Us A Question

CONTACT

Contact Us