The Top 3 Advantages of Buy Here, Pay Here

December 30th, 2015 by

Buying a car with bad credit is much easier now than it once was. While bad credit consumers once had severely limited options to choose from for a fair car loan, often expecting rejection after rejection before managing to eke out some high-interest, less-than-fair loan deal with a shady lender.

Luckily, things have improved since then. Now, with many more buyers in the market for cars, there are understandably more consumers with poor credit scores looking for decent loans to get affordable used cars. As a result, many affordable car dealers have popped up that are specifically targeted at bad credit borrowers.

If you’ve experienced trouble securing a good auto loan because of your bad credit, try contacting one of the buy here pay here car lots in Ohio. They can often help you out of a tight financial spot by getting you the money you need for a decent used auto without putting an undue burden on your finances. In fact, going with a buy here pay here car lot may be the best option for a bad credit borrower for several reasons:

Bad Credit is Often Not a Problem, and A Loan Can Actually Help Fix It

At many of these buy here pay here lots, there is an initial expectation that the buyer will have less than perfect credit – after all, this is a buy here pay here lot’s target audience: people who have had trouble receiving loans from other lenders because of their bad credit scores. At buy here pay here dealers, the sales team is looking to work with you to find a mutually beneficial financial arrangement even with a low or very low credit score applicant.

Not only that, but by taking on a buy here pay here loan agreement you actually are beginning to do right by your credit score. By taking on a debt you know you can manage and pay off on time, you will begin the credit rebuilding process that can raise your credit score and make securing loans even easier down the road.

They Can Help You Decide on A Car Based on Financing Options

In most car buying transactions, the consumer is directed to choose the make and model he or she likes before discussing finances. At a buy here pay here lot, the opposite is possible: you work out the most manageable payment plan possible with your lender and they then direct you toward vehicles that fall within that price point. This way, less fickle drivers who don’t care as much about what car they get can secure a good car loan that they know they’ll be able to pay from the onset.

They Are More Likely to Accept Old and Heavily Used Trades

In many cases, the vehicles you’ll encounter on a buy here pay here lot will be older used models with a good amount of driving experience. This is the reason that buy here pay here loans can be so affordable, and also speaks to the resale values of the cars you do see since the dealer must then resell that car again.

Because the dealer is always looking for inexpensive cars for future leases, a buy here pay here dealer is much more likely to offer you a good deal for your heavily used trade-in. While other dealers might see your used car as an unsellable liability, the buy here pay here dealer sees it as a future transaction.

For these reasons, any consumer with a less than perfect credit score should consider a buy here pay here car lot for their next auto loan – it may just be exactly what they’re looking for.

Photo by John Lloyd via Flickr.