In-House Financing Gaining Popularity

Paragould, AR (KAIT) -- Many are attributing the decrease in car sales to Americans keeping their cars longer.  In addition, instead of buying new cars they're opting for used cars.  There's plenty driving them to the dealers' lots.  Despite some automakers struggling to be in the black, some used car dealers continue seeing "the green".

"It's always the same story usually....I can't get a loan.  Can ya'll help us out," said Alan Slayton, Sales Manager at Pre Owned Auto Mart, in Paragould.

That help he's talking about is Pre-Owned Auto Mart's in-house financing.  Instead of going through banks, in-house financing is available at the dealership to those who qualify.

Slayton says it's a feature that keeps car buyers coming back.

"It's just hard to get credit out there these days.  We do report to the credit bureau here too,  so we're going to build your credit," said Slayton.

Officials say they began to notice a boom in business last August and they say it hasn't slowed. They say many of their customers are sharing similar stories of how a tough economy is affecting every aspect of their lives including how they buy a car.

"When we pulled the report you can see where they paid and paid and paid.  All of the sudden, they hit a dead end there.  We try to give those people a second chance," said Slayton.

Slayton says with in-house financing, quality cars, and competitive rates, he expects business to prosper--sluggish economy or not.  Alan Slayton says February was a very good month not only because in-house financing is growing in popularity,  he says tax returns coming in, also bring in the customers.