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In-House Financing

At Legacy Auto Credit, we provide our own in-house auto financing in Ontario. We have created this page for those who are not sure what in-house financing means, or have some questions about how in-house financing works.

What is in-house financing?

In-house financing is a type of seller financing where a firm provides a loan to their customers directly. In-house financing eliminates the firm’s reliance on the financial sector by providing the customer with funds to complete a transaction. For example, an in-house car loan is an alternative to obtaining financing through financial institutions such as banks.

How does bank financing work?

Bank financing or non-in-house financing refers to financing that is sourced through traditional financial channels. Financing for the vehicle comes from a bank or car maker financing program. The following companies provide financing for prime credit customers:

RBC
Scotia Bank
TD Bank
Credit Union
Meridian Credit Union
BMO
Honda Finance

When you buy your vehicle, the money for the vehicle is loaned to you from the bank or financial institution and given to the dealership. You then make your repayments for the loan to them.

How does in-house car financing work when buying a vehicle?

When we use the term ‘In-House Financing’ we are referring to the fact that we—Legacy Auto Credit—are the ones providing you with the loan to purchase your vehicle. In-house financing allows us to accept customers who may not be approved for an auto loan through traditional financial channels. Banks or other financial institutions may turn down applications based solely on your credit score, whereas we work with customers to look at their entire financial situation when making a decision.

How do we use your personal information?

We use your personal information only for the purposes identified above and access to your personal information is limited to those employees of Legacy Auto Credit who need to have access to it.

In-house financing vs. bank financing: What are the benefits of choosing in-house?

A lot of customers come to us looking for in-house financing because they are not sure about obtaining traditional financing through their bank or financial institution.  Lending our own money means more approvals, better repayment terms, and better rates.
Benefits of in-house financing with Legacy Auto Credit:
Shop For Your Vehicle with Confidence
In-house financing is convenient. When purchasing a vehicle with Legacy Auto Credit, we’ll take care of the financial information first. For our customers, this means you will know your loan will be approved and you will know exactly what you are approved for when you are shopping for your new vehicle. Our approval process is quick and hassle free, and we can tell our customers exactly what they are approved for on the same day that they apply.

Approval with Bad Credit / No Credit

Because we finance the vehicles we sell with our own money, we can be flexible when approving bad credit car loans. Legacy Auto Credit was created to work with individuals who may not have perfect credit for whatever reason. We look deeper into your financial situation and make our decision based off of factors outside of just your credit score.

Better Interest Rates and Payment Terms

In-house financing allows us to be more flexible with our interest rates and payment terms. Once we have an idea of what your monthly budget is and what an ideal payment would be for you, we can get to work on getting your loan approved. Because the money we lend is our own, we offer flexible loan terms that will keep your monthly payment low and manageable. Pick the vehicle you want, let us know your budget, and we’ll get you driving. It’s that easy.

By financing in-house, your business is between you and the dealership. When you buy a vehicle from Legacy Auto Credit, we provide you with your loan. Our customers are more than just a number, and we focus on understanding your situation and building a relationship with you. You’re not buying your new vehicle and then never talking to us again. Instead, our relationship will continue, and we’ll help you build your credit and payment history.

Frequently asked in-house financing questions

In order to provide a better understanding of the process, here are a few of the most commonly asked questions we receive about in-house financing:

Do you check my credit?
Yes, we check your credit—but we look beyond your credit score. We discuss your financial situation with you, which helps us with the approval process. We need to understand what your monthly budget is and what type of payment you’re looking for. Most financial institutions and dealerships will only look at your credit score, which doesn’t take into account your entire financial situation. We are loaning you the money directly, so we have flexibility in the deals we make with our customers.

What do I need to bring?
The first step when buying a vehicle with Legacy Auto Credit is applying through our website and then meeting with one of our team members to discuss your vehicle needs, your budget, and your situation. From here, you will be able to shop through our extensive inventory (throughout the entire Legacy dealership network) to find the vehicle best suited to your needs.

How do I qualify?
Because we finance in-house, we can qualify you for your loan by looking at your complete financial picture — not just your credit score. Everyone’s financial situation is different, and because we offer in-house financing, we can be more flexible when working with you to find a great vehicle and a payment you can manage.

In-House Financing Ontario

Legacy Auto Credit offers in-house financing services in Waterloo, ON. We find ways to work with our customers regardless of their score and look deeper into their entire financial situation when helping them purchase a new vehicle.
We are one of the few Ontario car loan companies that offer true in-house financing without relying on outside brokers or lenders.

In Waterloo, your options for true in-house financing vehicle loans are limited. If you decide to finance your new vehicle through Legacy Auto Credit, you are dealing with a name you can trust. If you have any questions about the in-house financing program at Legacy Auto Credit or how we work, please do not hesitate to contact us.