Auto Financing Tips for People with Bad Credit or No Credit
If you’re in a bad credit situation or haven’t had the opportunity to rebuild your credit history, then there is a solution. The biggest purchases you will ever make in your lifetime are a home and a car. Most people have to take out a loan to buy either, and if you’re in a bad credit situation it can be next to impossible to get financed for a car at a regular dealership.
Bad Credit Auto Financing to Rebuild
There is a way to not only get auto financing with bad credit but to also rebuild your credit profile. The solution is to buy and finance a car. Certain dealers will finance people in a bad credit situation and report your payments to all three major credit agencies. This was not standard practice in the past and it really isn’t standard practice today either. You have to find which ones do this and which ones don’t do this. Look for dealers that specialize – that is, a dealership for bad credit. The dealers who don’t report you should avoid if possible.
Used Cars, Bad Credit & Short Term Loans
It is important to rebuild your credit history because doing so can lower your interest rate and lower your monthly payments. One of the biggest perks of financing at bad credit no credit car dealerships is that the loans are short term. Short term loans mean less depreciation on the car you purchase which also means you’ll lose less money over the long run. Once you pay your car loan off your credit score will be higher and you can sell your trade in your car and save thousands over the length of your next car loan.
Car Selection at BHPH Dealers
Buy here pay here car lots have all sorts of different kinds of cars, SUVs, trucks, pick ups, hybrids, mid sized sedans, sedans and more! They carry a wide range of models from different companies because they deal with so many different types of customers with all sorts of different needs. Those companies include, Ford, Chrysler, Chevy, BMW, Lexus, Mercedes, Volvo, Pontiac, Buick, Toyota, Honda, Nissan, Hyundai, Saturn and Porsche.
Get a Car with Bad Credit and Low Down
Not all buy here pay here’s accept a low down payment of less than $500 but there are some who do. It’s important to find these dealers who will work with you with little to no money down. They can give you a certain period of time to come up with the rest so you can keep driving and continue on with your life.
Bad credit happens to good people and there is a solution. That solution is car dealers that provide in-house financing. If you have any questions as to how this works call us now at 303-623-1926.