Aurora Buy Here Pay Here Buyers Guide
If you live in the Aurora area and have bad credit, are a first time buyer or have no credit we can help you get financed. The best way to get an auto loan with bad credit is a buy here pay here dealership. If you don’t know what a buy here dealership is read on. Just like a traditional car dealerships there are certain guidelines you should follow when you go shopping. Buy here pay here can be a minefield unless you stick to the parameters in this article. If you have any questions about how buy here pay here works you can call 303-623-1926 and I will be more than happy to answer any questions you may have. For now read on and I will guide you on how to shop buy here pay here in Aurora.
1. What is buy here pay here? Buy here pay here has been in Aurora, Colorado for a long time now. Aurora is called the gateway to the Rockies as it is a melting pot of all different cultures and backgrounds. Because of this when people move from other countries they don’t fully understand how credit works. They may not have bad credit they just have ghost credit. If this is the case often times they have to go to a buy here pay here specialist in Aurora to get financed for a car. Buy here pay here means you buy at the dealership while also paying there as well. Instead of selling your note to a bank they take on your loan out of pocket. Buy here pay here began in the 1970’s during the savings and loans crisis. Similar to the 2008 crisis, suddenly millions of people were struck with bad credit while banks and credit unions tightened lending practices. These people still needed cars so buy here pay here dealerships began offering bad credit auto loans. This is when buy here pay here was born and has continued on in the United states, and Aurora as well.
2. How do I know I need buy here pay here? If you have ghost credit, bad credit or are a first time buyer most likely you need to go to a buy here pay here. If you move around a lot, are new to the area or have a volatile job history then buy here pay here is the place to go. Usually a credit score of under 700 means you should finance at a buy here pay here and preferably in Aurora, Colorado. Because you’ll be making payments there you’ll want it as close by as possible.
3. What will I need to buy a car in Aurora today if I have bad credit? You’ll need a valid drivers license, down payment cash and proof of income. If you don’t get pay stubs your bank account can work as proof of income. You’ll also need to get insurance but you can set that up at the dealership. Some buy here pay here dealers require references as well in case you disappear with the car or default on your loan. Otherwise you won’t need much to drive away with a car today.
4. What kinds of cars do buy here pay here in Aurora, Colorado carry? They have every model you can imagine. Everyone has different credit profiles as well as different kinds of needs. They have to have a variety of different cars that cater to just about everyone. All models are present including but not limited to Pontiac, BMW, Mercedes, Chevy, Ford, Nissan, Honda, Toyota, Buick and Saturn.
5. How does the approval process work? Some people are a little shy about going to a buy here pay here because they’ve been rejected at so many other places. Don’t be. Certain buy here pay here’s are some of the most understanding people in the business. It’s a matter of fitting into your budget not whether you get approved or not. More often than not you will get approved as they finance all types of bad credit even if you have foreclosures, repossessions, bankruptcy, missed credit card payments, outstanding medical bills or a low down payment.
6. How long are the loan terms? The loan terms are short term which is great for you because you’ll own the car much faster then if you had a 48-72 month loan. Most Aurora buy here pay here loans are 36 months or less. Cars depreciate faster than anything else you buy in your lifetime. It’s important to off load the car as fast as possible to combat the depreciation. With a buy here pay here loan you’ll get more value out of your car because they don’t finance for over 36 months. Some of them offer a 60-90 same as cash with no interest as well.
7. What about my credit score? One of the greatest benefits to financing at a buy here pay here dealership is that some of them help you rebuild your credit history. Not all of them do so you’ll have to figure out the ones that do so. If you’re in a bad credit situation there is no better way to raise your credit score than paying off your car loan. Once you raise your credit score you can get lower interest rates and lower monthly payments.
If you have any questions about how buy here pay here works give us a call at 303-623-1926.