Buy Here Pay Here Auto Sales
Looking for a used car? Did you check your credit score lately? If your score is low, you are probably not qualified to finance a car on your own, unless you turn to buy here pay here auto sales. Under buy here pay here programs, dealers can approve you without checking your credit score at all. No more feeling rejected; no more wasting time on dealers who refuse to finance your loan.
How Do Buy Here Pay Here Auto Sales Help?
First of all, they can help by approving more clients. Buy here pay here dealers aim to approve everyone with income regardless of credit scores. This allows more people to be approved quickly. These dealerships sell directly to the customers without using external lenders.
Although this might seem normal, it is not so with the traditional car dealers. Traditional car dealers seem to sell you their vehicles and finance your loan but in reality, they are not that patient with the cash. They do not want to wait until you made the payments to them in order for them to make a profit, instead, they sell your loan to external lenders. These lenders get to decide if they approve your loan or if it is too high of a risk and hence decline to finance the deal. These lenders base their decision mainly on your credit score and if your score is not high enough then you are left hanging without the cash needed to finance the vehicle. In addition, each time a lender checks your credit and declines you, your credit score can go down by 5 points. So merely, checking to see if the can finance you can actually harm you.
Since Buy Here Pay Here dealers do not check your credit score, your score will not be affected and no one would need to know how low your credit score is. Just keep in mind that the credit score is a number of your past and does not represent your future finances.
Second is the time aspect. With Buy Here Pay Here Auto Sales, you can be pre-approved before you reach the dealers. This is easily achieved through their online application. With a network of dealers all plugged in to help, the dealers search for you instead of you doing the searching. With a simple online form, your financial situation can be reviewed and the dealership(s) that best fits your needs and can guarantee you to be pre-approved, will get in contact with you to get you driving in the same day.
How much will you be approved for when using Buy Here Pay Here Auto Sales?
The loan amounts will vary for each car buy. This loan amount will mainly be based on your income amount and how reliable is the income source. So bring proof of your income with you to the dealership as this speeds up the process.
How about the terms of the loan when using Buy Here Pay Here Auto Sales?
The main difference between loan terms is the frequency of payments needed. Sometimes, dealerships require payments to be made monthly while other times they might need bi-weekly or even weekly payments. This usually is based on the frequency of your income flow. If your income is low and is paid to you on a weekly basis, you might be required to make your payments on a weekly basis. This is for safety to ensure that your income is not spent on other life expenses first.
How to find Buy Here Pay Here car lots?
It is not suggested to look for dealers on your own. Instead, by filling your application online, the dealerships will find you. Keep in mind that not all buy here pay here car dealers will approve the wide varieties of income types. Also some used car lots require a larger sufficient income amount to approve anyone in their lots. Since dealerships run independently, the online application can filter for you these differences and give you the best result with car lots that can guarantee to work with your financial situation.