Nowadays, more and more people are in need of cars from their day to day lives. They need a way to get to work and back home easily, especially if they aren’t a fan of public transportation.
Sometimes, public transportation isn’t easily accessible for most people or would take up hours of their day just to get to where they need to go. Like most people, the first place that they would go to get a car would be a car dealership.
However, a lot of people may not be aware that their bad credit score could greatly affect their chances to be able to get a car. Even if you can afford a car, your credit score could make it hard for the car dealer to want to do business with you. It may seem like you are stuck in a rut at first, but there is no need to fret.
Here’s everything that you need to know about buy here pay here dealerships that will let you buy a car with bad credit.
What Are Buy Here Pay Here Car Dealerships?
A buy here pay here dealership is not necessarily a place or business, but it is a rather a way for you to be able to get a car loan. Basically, the car dealers that work in these kinds of car dealerships will allow you to get a loan for the car by extending the credit towards you themselves.
Therefore, once you get the loan for the car, you will be paying back the car dealership for the money that you borrowed.
Can I Go to Buy Here Pay Here Car Dealerships Near Me with Bad Credit Scores?
Going to a BHPH dealership is one of the most popular ways a person with bad credit can get a car. Most car dealerships that offer buy here pay here methods are much more lenient and willing to do business with people with low credit scores.
People who go to these kinds of car dealerships may even have an easier time getting a car here compared to going to a lender or auto financing bank that specializes in loans for people with bad credit.
The main reason as to why they would be more quick to approve you for a car loan is because they will want to generate business and earn more money.
However, that does not mean that they will just say yes to anyone who has low credit scores. They will ask you about some things to help them know whether or not you will be able to pay them back for the car loan.
What Would They Ask Me For?
Generally, they won’t ask for a lot of requirements or documents from you, but that will always depend on what dealership you are talking to.
However, the most common things that they will ask you for is your current address along with your current income.
These two questions are very important to car dealers who offer buy here pay here methods, because this will keep them reassured that you will be capable of paying them back for what you owe.
If you want to get approved easily for a buy here pay here car loan, then one of the things you should make sure of is that you have to have a good income.
Try to make sure that you have job security or know that you will have that job for awhile, this will help you know that you will have a steady flow of income for the duration that you are paying back the BHPH dealerships that you borrowed from.
Additionally, try to see if you can get a raise or another side job to increase the income that you get every month. The more cash that you earn every month will make a car dealer more willing to approve and sell a car to you.
If you haven’t had any luck with getting approval from traditional lenders and banks for a car loan, then you should definitely visit a buy here pay here dealership after you learned the basics about BHPH dealerships.