The standard way of buying a brand-new or a second-hand car is through paying cash on the spot, leasing or taking out a loan to finance all of the vehicle’s purchase price.
However, having financial problems in the past like repossession, foreclosure, bankruptcy and high credit card balances simply hinder you from applying for a loan with banks and other financial institutions.
You can take the alternative option like the buy here pay here car dealership, and this type of financing has less hassle than applying with traditional banks.
There are many advertisements showing buy here pay here near me, buy here pay here car lots near me, buy here pay here lots near me, buy here pay here car dealerships near me, buy here pay here dealerships near me, buy here pay here no credit check near me, etc. This financing option provides a range of advantages to those who are in need of a vehicle but are in trouble with their credit score. So before deciding which of the car make and model to buy, check out a number of advantages of buy here pay here (BHPH) dealerships.
1. In-House Lending
Instead of processing your auto loan from a bank or other financial organization, you can have everything done from the application and processing to the loan payments. All at the same place when you decide to go with a buy here pay here dealership.
2. Forty-Eight-Hour Return Option
If you are not satisfied with the purchase of your car, there is little to no chance of returning it when buying from a private dealer. With buy here pay here car lots, there is often a return period so you can test drive what you purchased. The two days given to you is sufficient enough to drive the cars, trucks, or SUV of your choice in different road conditions, therefore allowing you to compare it with other vehicles. Some provide forty-eight hours for their return policy, but be sure to check with the seller to see what their return policy is.
3. Trade-In Car Deals
There are buy here pay here car lots that accept trade-in deals. They take your old vehicle as part of the down payment when you want a new model. So if you have a unit that doesn’t suit your needs or you need a bigger car, you can take it to buy here pay here dealers near you.
4. Car Warranty
Some BHPH dealerships provide warranties that reach up to six months. It is best to inquire about warranties prior to acquiring a bad credit car.
5. Fast and Simple Processing
The dealers of buy here pay here financing, depending on the lender and location, will negotiate and work with you to clear out your existing debts so you can experience a smooth bad credit auto loan processing. They will handle the paperwork so you will have a quick and hassle-free car buying experience.
6. Flexible Terms and Conditions
The payment plan can be done once a week, once a month or twice a month, depending on your choice, and not the lender’s. Usually, the payment dates are scheduled on the day of your salary so you can keep up with the monthly payments on time. When it comes to the number of years, they would also create a car loan that depends on what you need.
7. Competitive Interest Rates
Getting approved for a loan can be difficult but with buy here pay here car dealerships, no matter what your credit situation is like bad credit or post-bankruptcy, you can still avail of this option. It’s a good way to rebuild your credit. Some car financing firms provide 15% to 20% interest rates to approved car buyers.
8. Low Down Payments
Many buy here pay here dealerships don’t require a large down payment. However, if you provide a higher down payment, that means you can have a lower monthly payment and lessen your chances of going into default. This also provides the dealership with peace of mind knowing you are serious in paying your monthly dues.
In looking for a buy here pay here car dealerships, identify if the dealers offer a wide selection of auto makes and models you can choose from. Request a pre-approval so you can determine beforehand how much you can loan and check if the interest rates are lower than 20%. This is an indicator that you have acquired a loan with the best deal.
Having a poor credit rating shouldn’t stop you from acquiring a good vehicle. As long as you pass the criteria required by dealerships, it’s affirmative that you can obtain a new vehicle. So consider your employment and tenure, place of residence and how long you stayed in the place, and your proof of monthly income so you can set a realistic budget and avoid defaults. You can also apply online for a car loan from buy here pay here dealerships you can trust.