What Not To Expect From A Buy Here and Pay Here Dealers?
There must definitely be many buy here and pay here car dealers around town and you must be thinking about visiting one of them in order to get your next car. You can definitely be expecting a great deal for yourself if you need a car soon and do not have a very good credits core. As a general rule, the car loan companies wish to get a credit score of at least 700 in order to consider you a good candidate for a car loan. However, a lot of people are not able to get such a score because of which they are never able to qualify for a loan. In such a situation, you can always turn to the buy here and pay here car dealers who would help you buy a car.
There are many misconceptions about such dealers. Many people believe that they would be able to find a car for themselves even if they are not employed. However, this is clearly nothing that you should be expecting from these dealers. They would definitely be providing you a car loan without taking your credit score in consideration. However, they would not be providing you a loan without checking your repayment capacity. If you are not employed or if you do not have a steady source of income, you can have a lot of problems in getting a car financing option from the buy here pay here car dealers.
The buy here and pay here car dealers often enjoy a good fan following. However, this does not mean that this kind of dealership is for everyone. You must definitely be paying attention to the fact that these dealers often charge a very high rate of interest. The risk that they are taking by giving a loan to someone with a bad credit score is always reduced by charging a very high rate of interest. Therefore, you must not expect them to take any pains for your low credit score. They would definitely be checking your pay stubs and looking for your actual repayment capacity. This shall greatly help them in making sure that their investment is not lost. You must also not be expecting brand new cars in there buy here and pay here car lots. They would be selling your old cars which have been refurbished for new drivers. Therefore, stay away from misconceptions and be a smart buyer.