who have bad credit or are unable to attain a loan for financial
problems have the option of purchasing a vehicle from a Buy Here, Pay
Here Car lot, which offers their own financing options. This means
buyers don’t have to go through a financing company or bank to attain
money to buy a car. Rather, they deal solely with the car dealership.
Aspects to Buy Here, Pay Here Car Lots
There are two key positive reasons to go with this car buying option:
• Buyers have a higher chance of
negotiating on the payment schedules because dealerships provide them
with various financing programs.
• Dealerships will make payments
affordable for the buyers.
• Dealerships tend to listen to car
buyers about their plights and offer options based on what they can
• Dealerships usually don’t ask for a
down payment; appealing for car buyers who have a bad credit score.
Aspects To Buy Here, Pay Here Car Lots
There are also some negative aspects behind this car buying option:
• Of course, dealerships have the option
of choosing their customers; people who’ve already been denied loans.
• Dealerships often have higher interest
rates because the buyers are often higher risk, which means they tend
to pay more on the vehicle than ordinary financing options.
• Buyers are often limited to what
vehicles they can pick from, as they’re only allowed to choose up to
the approved loan amount.
Tips To Dealing With A Buy Here, Pay Here Car Lot
If you have bad credit and are in the market for another vehicle, Buy
Here, Pay Here car dealers are a viable solution to your problems when
you’ve failed to qualify for a car loan. Some tips you need to keep in
mind if you plan on going this route include:
• Do your research on the different
dealers. Look at the different dealers and ask them questions including
what requirements they have and the interest rates they can provide you
• If you’re interested in a vehicle, take
it to a mechanic who can give you a good idea of the car’s history.
It’s unlikely you’ll get a detailed history on the vehicle by talking
with the dealer. You may pay for the mechanic to look at the vehicle;
but, you don’t want to be caught off guard with an unnecessary expense
right after the purchase.
• Ask the dealerships about the warranty
options they have available. Most tend to have a full-year warranty,
all dependent on the condition of the vehicle. See if they’ll
add to this with a courtesy service or if they’ll extend services on