What is Buy Here Pay Here Financing?
After a string of bad decisions you may be left with less than fair credit. Perhaps you learned money lessons the hard way. Or maybe you got a credit card because of a dire situation. Now you need a car and you can’t find a dealership that will give you a loan. A buy here pay here car dealership may be the right option for you. Not only will you be able to purchase a car, but you may end up with better credit at the end of the process.
What is a Buy Here Pay Here Dealership?
Buy here pay here financing means that the car dealership will give you a loan in which you make cash payments to at the dealership each month. The dealership does not turn to a credit union or bank to extend you a loan. Instead, they themselves will extend a loan. This means that just about everyone who can make the necessary down payment for the said car will get approved. This is great news for anyone with poor credit.
The Ups and Downs of Buy Here Pay Here Financing
The definite benefit to purchasing at one of these used car dealerships is the fact that you will get approved. However, the credit they extend will come with a high interest rate. The dealership is assuming a large risk lending to someone with a history of late or no payments. For this reason it only makes sense to hike up the interest rate. On the flip side, buying at one of these dealerships can help you improve your credit. When you make payments on time the dealership will in turn report your activity to the credit bureau. In order to enter one of these arrangements you have to come with a down payment for the vehicle. Some people see it as a downer to have to drive to the dealership every month in order to pay their bill. However, when no one else will extend credit, taking this step to get back to good credit can be a benefit.
Visit Express Auto Credit Today
If you are looking for a good buy here pay here financing deal you should visit us at Express Auto Credit. We have plenty of cars to choose from in excellent condition. If you visit us and have your down payment ready, you could drive off the lot the same day with a vehicle! Call or visit us today for more info!