Buy here pay here is the fastest way to rebuilding your credit if you’re in a bad credit situation. The loans are short term so you’ll own the car faster then usual while also raising your credit score in the process. Because it’s tax season you’re probably getting a refund of some sort. This can go a long way in not only paying the car off faster but also saving you hundreds if not thousands on your car loan.
If you have bad credit you probably don’t have that many choices when it comes to financing a vehicle. Buy here pay here is probably your best and only choice. Because you’re probably getting your tax return in soon you can use that to your advantage to both build your credit and save money!
Buy here pay here loans are short term so your payments are sometimes a little higher then usual. Because of that it’s in your best interest to pay the car off faster than usual. The best way to do that is to put a larger down payment down. Putting more money down up front will lower your monthly payments and save you money on interest over the long run. On any loan you’ll have to pay some sort of interest.
This is where your tax return comes in. You can use that to pay a sizable portion of the car off up front and make payments on the rest. Not everyone wants payments but making payments is the best way you can raise your credit score. By using your tax return on your down payment you can save hundreds if not thousands on the back end of the loan.
Some dealerships also offer a down payment match program for your tax return. This can double your initial down payment up to a $1000!
If you have any questions on how to get the most out of your tax refund while also getting financing with bad credit give us a call now 303-623-1926.