Why You Shouldn’t Buy into the Negativity of a Buy Here Pay Here Loan


Securing a car loan when you have poor credit can be one of the most frustrating processes you will ever go through. Unfortunately, it is also one of the most important steps to rebuilding your credit to where it needs to be. If you find yourself in this situation, it is important to realize that you are not alone, and that there are reputable dealerships who want to see you succeed in your future financial endeavors. More than likely, you have come across the loan option known as buy here pay here in Columbus

If you have investigated this option for yourself, then it is also likely that you have come across plenty of negative things surrounding this particular loan structure. Unfortunately, the buy here pay here loan has gotten a bad reputation in the past, and that negative hype has turned away people like you, who could have benefitted from what it has to offer. Rather than succumb to the negativity, discover why you should give a buy here pay here loan a chance, here in the Columbus Ohio area.

4 Buy Here Pay Here Rumors, Debunked

There are two sides to every story, and while most of us know this to be true, the majority of people stop listening after only one side has spoken its peace. The bad reputation that buy here pay here dealerships have received, is the result of car buyers listening to, and reporting on, only one side of the story. Let’s take a look at five of the most common rumors that swirl around the concept of a buy here pay here loan, and what the other side has to say about each accusation. What you end up learning may actually surprise you.

Rumor One: Makes your credit score worse than ever before! – While this can certainly be the case for some drivers, the vast majority of buy here pay here loan recipients turn their bad credit scores around by the time their loan expires. Finding a reputable dealership that specializes in buy here pay here loans is crucial to ensuring the best possible outcome. McCluskey Automotive located in Cincinnati, reports on-time payments to the proper credit reporting agencies, which helps improve poor credit scores. Unreliable buy here pay here dealerships skip this all-important step, and buyers are left paying off a loan with no benefit to their financial situation.

Rumor Two: The interest rates are outrageous! – Another rumor; however, this one is true to a certain extent, but certainly not enough reason to turn away a buy here pay here loan opportunity. Dealerships who take on high-risk customers finance used cars in-house, which leaves them susceptible to a greater risk. If a buy here pay here loan is not paid, it falls entirely on the dealership who issued the loan, rather than a financial institution. Interest rates for buy here pay here loans are higher than traditional car loans, but not because dealerships are trying to “pull one over” on drivers. These high rates are meant to serve as protection in the event that a loan is defaulted on. A buy here pay here loan from McCluskey Automotive carries a higher interest rate than a regular-risk loan, but it is definitely not outrageous, or meant to trap buyers into a deeper hole.

Rumor Three: I didn’t get to pick the car I wanted! – Securing reliable transportation when you have bad credit is the number one way to reverse your situation. At a buy here pay here dealership, the traditional way of securing a car is essentially reversed. When a buyer with bad credit goes down to McCluskey Automotive to get a buy here pay here loan, a dealer representative will sit down with the driver to discuss monthly payment options and what said buyer is able to afford. Once the financial aspect is settled, the salesman will present a few different options of vehicles that are within the range of what the buyer can afford. While this process is not as exciting as test driving various cars before deciding on a single one to purchase, it is the best way to get bad credit buyers behind the wheel of a reliable car.

Rumor Four: The dealership is hoping I default on my payment! – Unfortunately, this can be true of buy here pay here dealerships who aren’t operating ethically. Unreliable buy here pay here dealers prey on bad credit car buyers, and set them up with payments they won’t be able to make. After defaulting on a loan, the dealer repossesses the car, and is able to sell it to another unsuspecting buyer. This is one of the main reasons why finding a reputable dealership that is known for their expertise in buy here pay here loans is so important. McCluskey Automotive has been a staple in the Cincinnati community for decades, and operates on its long-standing commitment to integrity and dedication to its customers.

Proceed, But with Caution

If you are in a poor financial situation and aren’t sure how to get out, consider how a buy here pay here loan can help you reach your future goals. While it isn’t meant to be a long-term solution, it is the fastest way to secure a reliable form of transportation, all while improving your credit score.

Deciding to secure a buy here pay here loan in the Columbus area truly has the potential to be life changing. In order to get the most out of a buy here pay here loan so that it works well for your unique situation, it is imperative that you find a reliable dealership with an outstanding reputation. Buy here pay here loans can be an incredible asset for drivers who have no where else to turn, but only when they are secured through a reputable dealership.

If you have been on the fence about whether or not to take out a buy here pay here loan, we encourage you to explore its many benefits, and proceed with this life-changing process. As you do so, be sure to err on the side of caution, and only do business with a dealership you can trust, like McCluskey Automotive.