Consumer Car Buying Advice Blog

There are a number of advantages to getting a buy now pay later car loan from a buy here pay here car lot and while these dealers have helped many people finance a car this may not be the best choice for most buyers with credit issues

We know credit problems

Here at Auto Credit Express we’ve spent the last two decades helping car buyers with credit problems find dealers for their best opportunities at approved auto loans.

At the same time we also believe it’s important that these applicants understand the different kinds of higher risk auto lenders.

Buy here pay here dealers

For those people who are unfamiliar with what “buy here pay here” means, it refers to a car dealer where you can not only buy a car, but a dealership where you can finance it, right there, as well. You arrange financing with money that you actually borrow from the dealer instead of a bank, credit union or finance company.

Many customers in the market for a used car – especially if they have bad credit – start the buying process by visiting one of these dealers, thinking that they have no choice other than one of these buy now pay later car loans.

These customers think that because of their poor FICO scores, no regular car dealer will be able to get them approved for a loan. In many cases, this may be true.

Low income, short job time, no credit history

For those customers that have a low income, say $1000 per month, a short time on the job – maybe 3 weeks – and no credit history, the chances of getting financed at a regular dealer – even one that offers auto loans from subprime auto lenders – are slim. For these customers, a tote the note car lot may be the only way that they can finance a car.

But many car buyers who believe that a “buy here pay here” arrangement is their only option may be pleasantly surprised at the number of alternate opportunities for financing that they really have.

Buy and pay here pros and cons

The biggest attraction of buy here pay here lots is the fact that they don’t require credit checks. But this also means that, in most cases, repaying this type of loan will not help anyone’s credit – since a majority of these lots don’t report loans or good payment records to the credit bureaus.

In most cases these buyers, unfortunately, will find themselves in the same car credit situation the next time they need a vehicle loan.

As we see it

For over 20 years Auto Credit Express has been helping people with less than perfect credit find dealers that can get them approved for new and used car loans. Our nationwide network of dealers works with a wide array of lenders to maximize your chances for auto loan approvals. These loans require a credit check, but once you are approved, each month that you make a car payment you are taking one more step in rebuilding your credit scores and reestablishing your financial future.

So if you need to buy a car and think that your only option is a “buy here pay here” dealer, visit our web site at www.autocreditexpress.com. Let us explain the benefits of getting financed through one of our dealers.

Once you’ve finished and you’ve decided you’re ready to establish your auto credit, you can begin now by filling out our online auto loans application.

Tags: Bad Credit, buy here pay here

This entry was posted and is filed under Lender Companies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.