 Loans With Bad Credit: Consider, Buy Here Pay Here Used Auto Lots
Posted by carsandtrucks on Thursday, November 08 @ 10:32:13 PST
If you are unable to secure a traditional auto loan due to poor credit you may consider a
buy here pay here used car lot. Essentially a buy here pay here program works when the
used car dealership provides the financing directly to you. Unlike traditional loans
where you make monthly payments a buy here pay here loan is usually paid weekly or
bi-weekly. In fact in many cases it is required that you deliver the payment in cash. You
should also know that most buy here pay here establishments do not report your payment
history to any of the credit bureaus, so if you are hoping to improve your credit score a
buy here pay here plan may not help. Another consideration of a buy here pay here is what
is their policy if your
payment is late. I have seen some buy here pay here lots with a
policy that if your payment is late your vehicle is repossesed the next day. As extreme
as this sounds it is not uncommon in the buy here pay business, so make sure you know the
late payment policy before committing to buying. Additionally, you should know in some
instances the selection of vehicles for the buy here pay here buyer is limited to older
models with high mileage. This is often the case because the dealership owns them for
less and feels they can afford the risk of financing them to a buyer with a poor credit
history. If you find yourself in a position where the only means of getting
transportation is buy here pay here make sure you find a reputible dealer. Buy here pay
here is a great option with the right used car dealership
|
|
| |
|
