Should I Lease a Car with Bad Credit or Use Buy Here Pay Here CT?
People with bad credit scores may feel upset or down in the dumps because of how hard it can be for them to get a car. Thankfully, there are still lots of ways that you can get a car despite your poor credit scores. Two of the most popular methods of getting a car is either leasing a car or going to a buy here pay here car dealership.
Keep on reading this article to find out whether you should lease a car or visit a buy here pay here CT car dealership to get a car with bad credit.
How Do I Lease a Car with Bad Credit?
Leasing a car is a good way to get a car right away if you have a poor credit score at the moment and don’t have a lot of money to throw on a quality used car. When you lease a car, you will be paying low monthly payments each money to the person that you are leasing from.
Once the lease period is over, you will have to return the car back to the person you got the lease from.
What Are the Benefits of Leasing a Car?
One of the benefits of leasing a car is that you can still qualify for it even if you have a low credit score. Along with that, you will have to pay very low monthly payments. Leasing a car can be very affordable because you are considered to be only leasing a part of the car, hence why it is cheap
. You don’t have to worry about spending for repairs either, because a lot of them have warranties on them already.
What Are the Disadvantages of Leasing a Car?
A disadvantage that you can get is the risk of not being qualified. Even though you can still be qualified to lease a car despite your credit history, you could still be denied. There is also the chance that you could be charged with high interest rates every month.
If you are not careful with the monthly payments and interest rates, you might end up paying for more than what the car is worth and have to return it once the lease period is over.
What Is a Buy Here Pay Here Car Dealership?
A buy here pay here car dealership is a car dealership that offers you a buy here pay here car loan. These car loans are one of the best ways to get a car for people with low credit scores. This is because the car dealers themselves will give you a loan by extending their own credit to you.
This means you get the money that you need for a car, and you can pay them back without worrying whether or not if an auto financing lender will approve your loan.
What Are the Advantages of Buy Here Pay Here?
You can get a brand new car thanks to the car loan that you get from these dealerships. You don’t have to return it, you get to have it forever as long as you pay off your car loan.
A massive benefit that you can get from buy here pay here car dealerships is that you get to choose how many years it would take to pay off your loan, it doesn’t matter how long or how quick you do as long as the car dealer knows that you will pay them back.
As long as you fit the requirements of the car dealer, you will be guaranteed to get a new car.
What Are the Disadvantages of Buy Here Pay Here?
An issue that you could run into is high interest rates. This will vary from each dealership, so take a look around to find the lowest one with the best terms possible.
There could be a chance that you could be denied for a car loan, but this may be because you have a low monthly income and no job security to reassure the dealers that you will be able to pay them back.
All in all, both methods are good and quick ways to get a car for people with low credit scores. However, when comparing the two methods, going to a buy here pay here CT car dealership is the best method to use, especially in the long run. You get to keep the car and choose your repayment terms, a great way to get your money’s worth.