There’s a lot more to buy here, pay here dealerships beyond the fact that you’re paying for your car from the same place you bought it. This business is an excellent opportunity for those with little to no credit to get behind the wheel of their car and even build their credit simultaneously.
Whether this is your first time hearing about the buy here, pay here used car business, or you don’t quite understand the concept, we’ve made it easy for you. Here’s everything you need to know before you shop, buy here, pay here used cars.
What is a Buy Here, Pay Here car dealership?
Buy here, pay here dealerships are just like other used car dealerships. You can find quality, pre-owned cars from some of the best auto manufacturers and adhere to a monthly payment to pay off your ride. However, how the financing is handled makes these dealerships different from the rest.
When you shop at a traditional dealership, you must get a car loan from a bank, credit union, or other lenders. To get approved and on the road, you must meet specific criteria, including income and credit score requirements. If your credit score isn’t entirely where you’d like it, or you don’t have credit, these lenders won’t be willing to give you a loan.
Buy here, pay here car dealerships offer in-house financing, meaning they act as both the seller and the lender. This enables those with low or no credit to purchase a car.
Car financing at Buy Here, Pay Here dealerships
When you purchase a buy here, pay here used car, you make loan payments directly to the dealership. Rather than considering your credit score, these dealerships consider a valid driver’s license or state-issued ID, recent pay stub, and bill.
Once approved, you can immediately start shopping at the dealership’s buy here, pay here used cars. Even better, you can take one home with you that same day.
Benefits of Buy Here, Pay Here dealerships
Buy here, pay here dealerships are easy, convenient, and can get you on the road fast. Many drivers find it helpful and convenient to pay off their car at the same place they bought it. There are several benefits of purchasing a vehicle from a buy here, pay here dealership.
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No credit requirements
Of course, the greatest offering of buy here, pay here dealerships is that you can purchase a reliable used car, regardless of your credit score.
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Flexible payment options
Buy here, pay here dealerships have flexible payment options with your best interest in mind. Pay for your new vehicle in a way that works for you.
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Build your credit
When you purchase a buy here, pay here vehicle, you’ll have the chance to rebuild and grow your credit. And you won’t have to deal with high-interest rates or loan denials, either. These dealerships track your on-time payments and report them to major credit bureaus to get your credit score back on track.
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Lower down payments
Buy here, pay here dealerships usually offer lower down payments than other used car dealerships. You can get the financing you need in just one visit and drive away on your new ride.
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Easy application and approval process
These dealerships have everything under one roof, making for a smooth and hassle-free process. Buy here, pay here financing applications are relatively short and easy to fill out, getting you behind the wheel fast. You can complete the application online at some dealerships and get approved before you even step foot on the lot.
Find a Buy Here, Pay Here used car dealership near you
Now that you’re familiar with the ins and outs of buy here, pay here dealerships and all that they offer, it’s finally time to visit one near you! Don’t know where to start? Just search “buy here, pay here used car dealership near me” to pull up a list of dealerships in your direct vicinity.
Visit a few websites, and browse their online inventory. If a particular buy here, pay here vehicle catches your eye, consider contacting the dealership to learn more about how to make it yours.
