There are lots of buy here pay here dealerships to choose from in Denver, Colorado. I’m here to clarify which ones you should choose and what makes a dealership buy here pay here?
What is buy here pay here in Denver, Colorado? Buy here pay here is a dealership that helps people with bad credit get financed for a car, truck or SUV. If you have bad credit and can’t secure an auto loan then buy here pay here is the best route for you to go.
How do I know I should choose a buy here pay here dealership?
If you have bad credit or a credit score below 700 then your best bet is to go to a buy here pay here dealership. If you don’t have a current place of residence or move around constantly or are even new in town then you should go check out a Denver buy here pay here dealer.
Credit issues such as previous repossession, foreclosure, missed credit card payments, unpaid medical bills, bankruptcy, or legal problems are all welcome at a Denver buy here pay here car lot.
What’s the main difference? At a traditional dealer you need a 700 credit score or above to get financed. If you go to a buy here pay here they finance all types of credit issues. It’s still a legally binding contract but they accept all kinds of credit profiles.
The name says it all. You buy there and pay there. Your loan isn’t sold off to a bank. Instead the dealership loans you money “out-of-pocket” and you make your payments either online or right at the dealership. Some of them only accept cash.
The loans are also short term. Often times they don’t go higher than 36 months or less. This means you’ll own the car, SUV, or truck much faster than anywhere else. In other words, the car won’t depreciate as fast as if you had a 48, 60 or 72 month loan. You’ll be able to get more money for your car once your done paying it off.
Improving Credit Score
You can also raise your credit score by financing at a buy here pay here dealership. Once you show payment history they can sell your loan to another company that will report your payments to the credit agencies. Reporting your payments can raise your credit score and lower your interest rates. Lower interest rates can result in lower payments and big time savings over the long run.
People often ask, “…do buy here pay here car dealerships report to credit bureaus?” If you have bad or no credit the best way to get out of it is to go to a buy here pay here dealership. Not only will they finance you but you can potentially raise your credit profile in the process. Many in Denver even accept low down payments. Some will give you 45 days to finish your down payment and your first payment won’t be due for 60 days.
Most buy here pay here dealerships fully service their inventory before selling their vehicles. Not all of them do and if they don’t you shouldn’t buy from them. None of the buy here pay here dealerships in Denver are required to put a warranty on the vehicle.
All cars are “as is no warranty expressed or implied”. Because you’re taking a loan out directly at the dealership you’ll have an opportunity to work out some sort of deal that protects you in case something goes wrong.
The best buy here pay here dealerships in Denver, Aurora and Lakewood will work with you no matter how bad your credit is or how low your down payment.