Buy Here Pay Here

How Buy Here Pay Here Works

Family in convertible car smiling

What is buy here pay here?

It’s a form of financing that works with people who have bad credit or no credit. The dealer provides the financing, so you make your payments directly to your Denver car dealership, not a third party.

Buy here pay here car lots qualify you based on stability not credit score.

Instead of getting a loan through a bank or credit union, the car dealership finances you directly.

Banks and other lenders have certain parameters that if you don’t fill, they won’t finance you. A buy here pay here dealership, such as Econo Auto Sales in Denver is much more understanding and flexible of your financial situation.

It doesn’t matter if you have bankruptcy, repossessions or no financial history at all, we will still work with you!

What do I need to get financed?

To get financed through a buy here pay here program in Denver, all you need is some money down, proof of income, a current place of residence (must be in Colorado), and a driver’s license. We go by stability, not your financial score.

Call now and we can pre-approve you for a loan in under 5 minutes, or click here and fill out our pre-approval form.

How do I know if I should get my financing through a buy here pay here dealership?

If you have a low score, no financing history, prior bankruptcy, foreclosure, repossession, missed payments or other credit issues then you should give us a call.

We are located in Denver and have a wide range of quality used cars, trucks and SUVs you can buy that will fit your needs, lifestyle or current situation.

Our financing parameters are flexible and we will adjust to your current situation. Your first installment isn’t due for 60 days and we give you 45 days to pay your down payment.

Call today and get as little as $199 down and only $199 a month with approved credit.

How much down do I need?

The more you pay up front (down payment), the more you will qualify for. You can still qualify to buy a vehicle with a low down payment. Call us now or stop by our Denver dealership if you have any questions.

We understand that dealing with past financing problems can be expensive and stress filled. By deferring the first loan installment to 60 days it will give you enough time to get insurance and fit your car payment into your monthly budget.

Is buy here pay here financing right for me?

If you have any type of past financial issue such as a bankruptcy, foreclosure, repossession or missed payments, then give us a call. We work with all types of past financing problems and we can also help get you back on the right track.

Buy a car and rebuild your financial history! Once you’ve established a payment history with us, we can transfer your loan to another company who will report your payments to all three credit agencies.

There isn’t a financial situation we have seen that we haven’t been able to work with.

If you are unsure of how pay here buy here auto sales works, call us now and we would be more than happy to answer any questions you have and pre-approve you.

Note that we don’t have to look at your financing history to approve you. We are one of the most flexible buy here pay here dealerships in the greater Denver, Colorado area.

Our program isn’t all about selling you a car. It’s about getting you back on the right path to rebuilding your finance history. Paying your loan payment on time is a good way to increase your score over the long run.

Econo Auto Sales has been serving Denver, Lakewood, Wheat ridge, Aurora, Thornton and the surrounding areas for 20 years! Our program is among the very best for buy here pay here lots in Denver.

We’re your buy here pay here Denver auto dealer. We can pre-approve you over the phone in less than 5 minutes, so you can buy a nice car.

Don’t pay too much! Call us now to schedule an appointment.

How BHPH works at Econo Auto Sales

Buy here pay here has been around for a long time, but it didn’t become a very popular form of financing until the financial crisis in 2008. Ever since then there were more people than ever who needed bad credit financing because the credit profiles of millions of people took a hit.

From that point on, buy here pay here dealerships came out of the woodwork. The only thing most of them have in common is that they finance people with bad credit. Other than that you’ll have to decide for yourself which ones fit your needs the best.

I can tell you that there are certain things that Econo Auto Sales does that most other buy here pay here dealerships do not. We believe in not only selling our customers with bad credit a car, but also getting them back onto the right track to rebuilding their credit history. Higher credit scores can lead to lower interest rates which can save you thousands over your lifetime.

Here is everything that Econo Auto Sales does that other buy here pay here dealerships don’t:

60-90 days same as cash: If you need a car now but don’t have all of the money up front we have a 60-90 day same as cash program with no interest! That means you can come in and use a low down payment and drive off with the car the same day! The rest of the balance will be due over the next 90 days with no interest.

Credit reporting: No one wants to be stuck with bad credit forever. The only way to get out of a bad credit situation is to pay your loans off and also make sure your payments are reported. Not all buy here pay here dealerships report credit but we work with a company that does. The best way to increase your credit profile is financing a car at a buy here pay here dealership.

Short term loans: The shorter the better when it comes to buy here pay here. The goal is to pay your car off as fast as possible to increase your credit score as well.

At our buy here pay here car lot, our loans are less than 3 years. You’ll lose less on depreciation this way, and be able to sell your car for more money once you’re done paying it off while also boosting your credit rating.

45 day down payment grace period: If you have a low down payment but need a car today we can finance you. You can come in for as little as $99 down and drive away with a car today. That way you can keep your life moving forward while paying off the rest of the down payment over the next 45 days.

60 days to your first payment: At Econo Auto Sales you won’t have to make your first payment for up to 60 days. That’s no first payment for 2 whole months!

Fully serviced and discounted service: All of our cars are maintained and fully serviced before being put up for sale. If you have any car issues we can get you the best rates on anything that needs to be fixed. We have a network of independent mechanics who give us dealership discounts. Financing through us gets you a discount as well.

Top dollar for your car: If you want to sell your car and need cash fast we can help. We will give you cash on the spot. We also accept all of your trade-ins.

Questions to ask your buy here pay here Colorado dealership

There are some basic questions anyone should get answers for from a buy here pay here Colorado dealership before you buy a vehicle from one. By asking these questions you can be sure you get the right car for you and your family. You’ll also better understand how the financing works as well as the used vehicle market in general.

What do I need to bring?

You can realistically walk right into a Colorado buy here pay here dealership and leave with something you like in under 2 hours! That is only if you bring what’s on the list below. All these items do is verify that you are the person you say you are.

Buy here pay here dealers take on a bigger risk because they don’t have a bank to back them up. All the financing is done in-house. Here’s what you need:

  • Colorado Driver’s License
  • Proof of Employment
  • Proof of Colorado Residency
  • Proof of Auto Insurance
  • Recent Pay Stub
  • Social Security Number
  • Financial Information
  • Down Payment
  • Reference List (with full contact information)

Bringing the things on this list will help the BHPH process move along much faster, but you should call ahead to the dealer and find out what exactly they’ll need from you before you visit their lot.

You won’t need all these things right away, but it will move the overall verification process along much faster.

The next question is:

What is the quality of the vehicles?

Knowing how the dealership cares for their vehicles will tell you if the car is in a reliable condition or not. Ask for the inspection report or the Carfax. If the car lot doesn’t offer one, you can always buy it on your own. It’s a small

Also ask if they handle all the mechanical repairs themselves or if they have a partner that works on the cars for them.

In Colorado, since emissions tests are required, any vehicle purchased from any auto dealer must pass emissions in most cases.

Be sure you spend a decent amount of time driving the vehicle as well. If there’s a check engine light on, make sure the dealership puts it in writing that they will take care of it.

Most of the time a check engine light is a minor issue, but you don’t want to inherit the dealership’s problems.

Is the buy here pay here near me?

Couple With Car Saleswoman

You might ask, “Are there any buy here pay here dealerships near me in metro Denver?” This couple found one, but there quite a few, especially as you get closer to downtown.

Seems rather obvious, but find out where they’re located. You should find a BHPH dealer that is closer to where you live rather than further away, if possible. You don’t want to drive half way across Colorado or four towns over to make your payments. It would eventually become tedious.

Most BHPH places won’t work with you if you are too far away anyway. This is to make sure that you can make your payments on time. Living too far away from the store can cause the dealer to doubt your ability to come in each time to make your payments.

That, of course, brings us to our next question:

How is the financing arranged?

Most Colorado BHPH dealers want you to bring the money to the lot directly. It makes it easier, with less confusion then you know the payment was taken and they know you made the payment.

There are some dealerships that accept other methods of payments too. Some may accept a credit card over the phone, money order, or even a deposit.

Just as it is important to know how they take payments it’s also important to ask about Late Policies.

What is the late policy?

Is there a grace period in case an emergency comes up or a check comes out short? Will they contact you before they take the car back or take it without questions asked?

You may also want to ask if they report the negative data as well as the positive to the credit reporting agency. If they report often to them and you have a good payment record this can really help you build or rebuild your credit.

 

 

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