When you’ve got no credit, bad credit, previous credit issues or a prior repossession you’re best bet to get financed is a buy here pay here dealership in Colorado. There are buy here pay here dealerships all around Colorado but most of them are focused in a few key areas. You can find buy here pay dealerships in Denver, Lakewood, Aurora, Thornton and Englewood.
While there are buy here pay here dealers in these cities that help people with bad credit, not all of them are good. Just like any other reputable business or car dealership you need to do your research. Just because you have bad credit or no credit doesn’t make you a bad person. It just means you need a little help getting back on track. We aren’t taught financing in school until we get into college. Even then the best way to learn is to actually finance something like an automobile firsthand.
There are two big purchases people make over their lifetime. One of them is a car and the other one is a house. If you have bad or no credit it makes it extremely difficult to finance either a house or a car. Your credit history is a way for companies to determine whether they can loan out large sums of money to you.
There are certain buy here pay here car lots you should zero in on. Here are the things you should look for.
Down payment deferment plans: Most buy here pay here car lots require a minimum down payment of $1,000 no matter what model of truck, SUV or car it is. $1,000 is a lot harder to come by in this day in age and not many people have the luxury of saving up that amount of money. If you can’t save up a $1,000 and need your car now go somewhere that has down payment deferment plans. Essentially, a dealership will sell you the car for a little down payment and give you a set amount of time to come up with the rest.
First payment deferment plans: If you need time to make your down payment it probably doesn’t make sense to have to make your first payment within 30 days. There are bad credit dealerships that will defer your first payment for 2 to 3 months while you come up with the down payment. Buying a car is expensive but it doesn’t have to be all at once. Sometimes everyone needs a little extra time to get things going again. First payment deferment plans give you an opportunity to do this.
Build your credit history now: If you have bad credit you probably need help rebuilding it. Good credit is a doorway to a better life. You’ll end up paying less over the long run and find it easier to secure a car or house loan.
If you don’t have good credit the quickest way to do so is to finance a car. Not all bad credit or buy here pay here dealerships will report your credit. It’s important to find one who will. This way you can pay off your car and rebuild your credit at the same time