What is Buy Here Pay Here?
Possible problems that you might have encountered include the following. You were not happy with the terms and conditions of the traditional money lenders and you could not proceed with them even though you had a strong desire to avail a loan and purchase a car! The exorbitant rate of interest and the credit check they used to follow do not make you convenient and you were thinking about finding another source to avail a loan!
You didn’t know What is Buy Here Pay Here when you heard about it first. You were much interested to know that you can buy the car of your choice from after availing an in house loan. You get a loan from the car dealership for buying the car and you can make the repayment at the dealership. When you decide to go in for an in house loan for the purchase of the car, you need not search for the services of a third party money lender.
The difference between availing a loan from the traditional lenders and the dealership is that while the traditional lenders insist for a credit check, the dealership does not ask your credit score. The in house loan arranged by the dealership is not concerned with your credit score. They don’t bother about your bankruptcy or other bad credit score. They examine only whether you have the means to repay the loan being availed or not.
The financial experts of the dealership make you aware What is Buy Here Pay Here doing when they get the applications from the buyers. They discuss with the buyers, analyze the financial background and convince the buyers their ability to repay the loan amount. The buyers come to know about their loan limit and they are able to finalize the car deal within the loan amount. They need not go anywhere for repayment which can be made at the dealership itself.
Another advantage you get when you avail loan from the dealership is that they structure your loan repayment. They let you repay the amount according to your payment period. If weekly or biweekly payment is convenient to you, they will schedule your repayment accordingly. Your desire and financial capacity are the criteria for the selection of vehicle. The dealers do not induce you to buy any particular type of vehicle in order to boost the sale.
You return fully knowing What is Buy Here Pay Here and of course with an unforgettable shopping experience. To get started at this great buying journey, you need not look for car dealers that approve you. Instead, you let the dealers find you. You are first asked to fill out an online form to assess your income and financial capability. Out of that form, the dealers in your area that can guarantee to pre-approve your loan, will contact you with further information and get you to go to their car lots to inspect their cars and test them to see which ones you like. The cars you choose should be within your pre-approved loan amount to qualify for zero-down option, otherwise, you are asked for the difference as a down payment. So if you are approved for a four thousands loan offer and you want to buy a car that is only 2500, then you probably can get zero-down deals. However, if you qualify for that same four thousand dollars loan and want to get a car that is forty-five hundred, then there is a difference of five hundreds that have to be paid as down-payment. However, you need to check with each dealer individually as some dealers require that you pay the taxes and registration fees ahead of time even if the deal is zero-down.
If you are concerned about the monthly payment amount, all you really need to know is that it is a reflection of the total cost of the car price. So a costly car would have a higher monthly payment then a less costly one. Keep in mind that the payments do not have to be in monthly installments. There can be dealers that require bi-weekly payments or even weekly ones. This is because some customers earn monthly income while others earn income in bi-weekly, or weekly installments. So if the dealers feel it is essential, they will ask it to be so as part of the deal agreement.
So in summary, the answer to the question of What is Buy Here Pay Here ? is that it is a great way for car buyers to finance their cars. No worry about credit scores and a fast online application form are mainly how buy here pay here dealers can help you get driving quickly.