When you have bad credit it can seem there is an endless amount of bills and that you’ll never have to get out of it. This doesn’t have to be the case. You can get out of a bad credit situation and continue on with your life. The best way to do that is to finance a car from a buy here pay here used car dealership.
Not all of them do it but some of them will report your credit to all three major credit agencies. This raises your score which also raises your credit profile. With a higher credit score you can get lower interest rates which means you’ll also have a lower monthly payment on all of your loans throughout your life.
All you need to qualify for an auto loan at a buy here pay here used car dealership is a credit score under 700, a drivers license and down payment. Buy here pay here dealerships work with all sorts of credit profiles. They are some of the more understanding dealerships you can go to. Most dealerships won’t loan to you unless you have a 700 score or above. If you move around a lot or have sketchy job history they also won’t finance you.
At a buy here pay here dealer they go by stability and not just your credit score. If you’ve fallen into a bad credit situation and have a low down payment they will still finance you.
Oftentimes they have a wide range of inventory such as cars, trucks, SUVs, mid sized sedans, wagons, sports cars and more. The models they carry include Nissan, Ford, BMW, Chevy, Lexus, Mercedes, Hyundai, Saturn, Buick, Jeep, Chrysler, Pontiac, and more.
Buy here pay here dealers work with people who previous repossessions, bankruptcy, foreclosures, missed medical bill payments, missed credit card payments or previous legal issues. If you have any of these issues they will work with you and finance you for an auto loan.
A buy here pay here dealership gets it’s name because you buy directly from the dealer and pay directly at the dealership. In other words, you don’t get sold off to a bank. They fund you directly out of their own pocket. Buy here pay here loans are considered high risk so the loans aren’t longer than 36 months. This works in your favor because you’ll own the car faster which means it won’t depreciate in value as much as if you had a longer loan. This will help boost your credit rating much faster which means you’ll save money much faster as well.
Paying off a car is one of the fastest ways you can boost your credit score which will save you thousands of dollars over your life time. Once you pay off the car you can buy a car with lower down payment and lower monthly payments.
There are a lot of buy here pay here dealerships out there but only a few are worth going to. Before you go to one you should make sure they have a program that reports your payments to credit agencies.
Make sure they also fully service their cars before selling them. Buy here pay here cars are usually as-is no warranty by law but that doesn’t mean they have to sell you a clunker. There are plenty of good buy here pay here dealers who will sell you a reliable car that will last you a long time. Do your best to find the ones that take care of there cars and will give you some sort of guarantee when you buy the car.
Buy here pay here used car dealerships are great place to finance your car and also rebuild your credit. If you have bad credit or a low down payment give us a call and we can help you get back on your feet