While driving around the Washington, D.C. area, you've probably seen ads for, or have driven past buy here pay here car dealerships. And if your car has not been in the best shape lately, you might be looking for a quick and easy option to pick up a new vehicle, but you may be worried that your damaged credit will make this impossible. Well, one of these BHPH car dealers could be exactly what you're looking for. But what exactly are buy here pay here car lots, and how can they be of service to you at this time? Let the team here at Auto Credit Express give you the information you need.
Credit Scores Affect Car Buying
Due to an array of economic factors, you've found yourself in a situation where your credit history has been damaged. Because of this, you might be intimidated by the process of applying for another car loan. If you were to go to your average car dealership and apply for a loan, you know that you would be denied. Many dealerships, unfortunately, will view you as a risk due to your credit scores.
Buy Here Pay Here and Credit Scores
Now, we can finally get to the reason why a buy here pay here lot
might be the best answer for you. BHPH dealers don't require a credit check when you apply. When you are able to avoid this step, you stand a much better chance of being approved for the car loan.
What Exactly Does "Buy Here Pay Here" Mean?
At this point, you are probably wondering what exactly a buy here pay here car lot is. The first thing that distinguishes a BHPH dealership from other types of dealerships is that they don't use outside banks or lenders that's why they don't need to run a credit check on you. What they will need is proof of both your steady income and residency. This is the information that they will use to approve you. They will then work with you to determine a payment schedule, which will likely be based on how often you get paid. You can probably count on having weekly or bi-weekly payments that are due on your paydays.
Most BHPH dealers will need you to physically go to the dealership in order to make your payments. This is why it would be convenient for you to work with a dealer who is reasonably close to where you live or work. Some of them, however, may even allow you to make payments online or over the phone.
The Cars You Can Buy
While a used car may not be your ideal choice for another vehicle, that does not mean you should rule them out completely. It is very unlikely that you will find brand new cars at a buy here pay here car dealership. But by asking to see their certified pre-owned vehicles, you may just be surprised at the high quality cars you can find.
Other Information About Credit Scores
Generally, when you take out a bad credit car loan
or another type of loan, you have the opportunity to improve your credit by making all of your scheduled payments on time, every time. But because buy here pay here car lots don't need to check your credit, they don't always report your payments unless you miss them. Therefore, you may not have the opportunity to get a higher credit score. If credit repair is crucial to you, be sure to ask if your dealership reports timely payments before you sign the contract.
Bettering Your Finances
If a buy here pay here arrangement is what you are looking for, or if youre still searching for another subprime loan
option that is right for you, Auto Credit Express can help. It is our goal to find the dealership that can get you the car and the financing you need.
All you need to do is complete our quick, easy and secure application to get back on the road to success!