If you’re shopping buy here pay here you have a limited set of options to choose from. Some of the dealerships and car lots are shady and don’t care if the car breaks down or not. Other buy here pay here dealers will help you get back on your feet and protect you in case something goes wrong. If you have bad credit or no credit but need a car today you need to know what to look for before you sign any paper work. As a consumer you have plenty of choices when you have bad credit. It’s not the end of the world because you can rebuild your credit profile and lower your interest rates in the future.
While there aren’t as many buy here pay here dealerships as regular dealerships you still have plenty of choices. The first thing you need to do is figure out where you’re going to get financed. There are buy here pay here car lots, dealers, brokers and dealerships in and around most cities. You can find them in Aurora, Lakewood, Denver, Thornton, Northglenn, Englewood and Littleton. You’ll have to find out which ones are good and which ones are bad. Not all of them are created equal. Some of them are only in it for the money. Other’s will protect you if something goes wrong with the car. I’ve known some shady operations that will sell you a piece of junk car knowing that something is wrong with it. This isn’t every buy here pay here dealership but there are definitely some bad ones out there you should avoid. It is best to do you research first. Ask around as friends, family and relatives have all bought a vehicle at some point. Find the ones that will work with you in case something goes wrong with the car. It doesn’t need to have a warranty but there needs to be some sort of agreement between customer and dealer that protects you in case something goes wrong with the car.
You’ll also want to find a dealership that is nearby. If you live in Lakewood but have to drive to Aurora to make your payment it will be a huge pain in the rear end. If you live in Aurora go to a buy here pay here dealership in Aurora. If you live in Lakewood go to a buy here pay here dealership in Denver or Lakewood. Some of them will let you make payments online but not all of them. Some of them won’t let you pay online until your first or second payment to show that you are willing to try and rebuild your credit history.
Once you get to the dealership you’ll want to figure out if they have some sort of down payment deferment program or first payment deferment program. This will come in handy if you have a low down payment but need a car right away. Not all bad credit car dealers will finance you with a low down payment but there are a few that will. If they can’t finance you no one can or will. If you only have a low down payment and have 45 days to complete the rest then it will give you time to come up with the rest.
Once you figure out your down payment then you can set your payment schedule. The best thing you can do is set your payment on the day on or after you get paid. While there is a grace period for late payments it’s better to pay on time. Paying late hurts your credit score and is counted against you.
After you’ve generated some good history and standing with the dealership another company can buy your note and start reporting your payment to all three major credit bureaus which in turn will raise your score. So when you have bad credit all is not lost. You still have choices but you just have to know what to look and ask for. Navigating buy here pay here dealerships can sometimes become a mine field. It doesn’t have to be if you do the proper footwork and research.