Once you feel confident in the current income that you get every month, you would start walking around to find financing options like auto financing lenders. However, you might realize that you have one thing that is stopping you from buying the car that you need. You might find out that you have a bad credit score that keeps you from being able to get things such as a car loan.
Thankfully, you don’t have to sit back and let your low credit scores keep you from getting the things that you want. There are loads of ways that you can still get a car. If you need a car right away and can’t wait for one to two years until you can build up your credit score, then you can try some of these options, such as buy here pay here Columbus Ohio dealerships, to help you get a car as soon as possible.
Know What Car Financing Options Are Available to You
A lot of traditional lenders such as banks may turn away a person with poor credit scores right away. This is because they see you as a high risk client and do not want to take the chance of potentially losing money. However, having a poor credit score doesn’t necessarily always mean that you are not financially responsible. You may be surprised to know that you can have a low credit score just for never taking out a loan before!
You can have a bad credit score for various reasons. Like the last reason mentioned above, your credit score could be low because you do not have proof that you can pay back a loan that you take. However, one of the most common reasons that you have a low credit score is the way you handle your bills, whether it be for your home, credit cards, etc.
If you have a habit of paying your bills late, not paying them in the full amount required, or even missing them completely, this reflects very poorly in your credit history. If you have gotten into some legal issues in the past, such as declaring bankruptcy, it can also greatly lower your credit scores.
However, this doesn’t mean that you are completely unable to get car loans to be able to get a car. You will still have a lot of financing options that you can try to get despite your current credit situation. For example, you can try to find an auto financing lender or bank that specializes in giving out loans to people with bad credit.
This will depend on your background, i.e. your job history, current career, etc., but these types of places are generally more welcome to giving out loans to people with low credit scores compared to traditional lenders. Be aware that this process could involve a long waiting period to see if you will be approved by them or not and you will still have to wait for the processing period as well.
Thankfully, there are still other ways you can get a car faster than that if you need one right now. Buy here pay here car dealerships are one of the best options for people with low credit scores to get cars as quick as possible. Buy here pay here dealers will be the ones who will personally extend credit towards you for you to be able to buy a car. In other words, the car dealers will be in charge of getting a lender so that they will be able to hand the cash to you. In return, you will be the one to pay them back for the car loan with some added interest rates.
You might be wondering why buy here pay here financing is one of the quickest financing options for people with low credit scores. It is because the car dealership that you are talking to wants to be able to earn. Of course, they won’t just jump in and offer it to you right off the bat without making sure of a few things first. They need to make sure that they will be able to earn off the car loan that they gave you.
A lot of buy here pay here dealers will typically ask you about two things. One of the more important questions that they will ask you is about your current income at your job, and most likely it will follow up with them asking if you’re secure with your job.
This will help let them know whether or not you will be financially stable enough to pay them back for the duration of the loan period. They will also ask you about other things, such as contact details like your home address to know how they can reach you if you were late on a payment.
What Are the Advantages of Going to a Buy Here Pay Here Dealership?
One of the most prominent benefits that you can take advantage of from a buy here pay here loan is that you almost have a 100% chance of being approved for a car loan as long as you meet their requirements, which aren’t a lot. This is a reason to rejoice for many people with low credit scores, because the car dealers will only want to see that you are financially capable and responsible enough to pay them back for the car loan.
Another great part about getting a car loan from a buy here pay here car dealership is that a lot of them have a 48 hour return policy for their clients. This means that if you are not satisfied or see issues with the car that you got, you can return it within 48 hours. 48 hours is more than enough time for you to test out and drive the new car and inspect it for any issues.
However, returning the car that you get from these kinds of car dealerships may not even be necessary. The great thing about buy here pay here car dealerships is that you can get brand new cars from the car loans that they offer. You not only get to avail of a car loan, but you might be able to get the car that you really want right away!
One of the best things that you can get out of buy here pay here car dealerships is that you get to be the one to choose the terms of repayment for the car loan. A lot of traditional lenders and banks will tell you what the length of time of repayment would be. However, a buy here pay here car dealership will let you choose exactly how quick or how long you want to repay the car loan. Whether it be as quick as 2-3 years or as long as 7-9 years, they just want to know that you will be able to pay them back.
If you have been dreaming about owning your own car but your bad credit score has been stopping you, it is time to wake up! You actually have loads of convenient ways for you to be able to get car loans even with a low credit score. Visit a buy here pay here car dealership in Columbus today and see how easy it is to get approved for a car loan yourself!