Buy here pay here is a new thing for most people. In truth, you wouldn’t have to go to a buy here pay here dealership unless you’ve run into credit issues. Just because you have credit issues it doesn’t make you a bad person. Bad credit can happen to good people. Buy here pay here car lots are basically just car dealerships that only deal with people with bad credit or no credit.
They work with all types of credit issues that include but aren’t limited to previous foreclosures, bankruptcy, repossession, missed credit card payments and missed hospital bills. Some but not all buy here pay here dealers accept low down payments.
Most buy here pay here car lots only take $1,000 down payment or more. Some of them will take a lot less than that, like $99-$300 down, and give you 45 days to come up with the rest. At a traditional dealership or car lot you need to have a certain credit score to even get yourself in the door. In this day in age a 700 credit score or above is whats needed to get financed. You’ll often also need steady job history, steady living situation and at least a $1,000 down.
If you don’t have any of this and need to get financed for a car, suv or a truck your best bet is to go to a buy here pay here car lot. They will work with you even if you have a low credit score or a low down payment. In a sense they’re more understanding of your current credit situation.
The best thing about a buy here pay here car lot is that some of them can help you rebuild your credit. When you pay your payment they work with independent companies to report your payments to all three major credit bureaus. This can in turn raise your credit score and eventually lower your interest rate which also lowers your payment.
Buy here pay here car lots can be found everywhere from cities to rural areas. You’d be surprised at some of the places you may run into them. Because of the current state of the economy a lot of people have fallen on tough times so their credit score has taken a hit. It takes time to rebuild your credit score. Financing a car, truck or suv at a buy here pay here car lot can help you rebuild and save lots of money over the long run.