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Buy Here Pay Here Loans

Buy Here Pay Here Lots

People get confused easily on what exactly a buy here pay here car lot. It is actually very simple. You most likely know what it is or have seen one and haven't even realized it. Hopefully this info will teach you as much as you would ever need to know about a buy here pay here car lot.

Buy here pay here is a dealership where they finance you and then you make payments directly to them for the car you purchased. These can often be referred to as we finance auto sales. Since most of the dealers will finance anyone, they are more directed towards people with bad credit, no credit, bankruptcy, or repossession.

There are definitely benefits to going to a buy here pay here car lot. There is almost always no credit check because they will finance anyone who can make a payment directly to them. When buying a car all you need is a pay stub and the down payment.

There is a big downfall to going to a buy here pay here car dealership. It is that none of the payment history is sent to the credit company. So if you are trying to rebuild your credit score a buy here pay here purchase is not the way to go.

As you can see buy here pay here car lots are very simple. They are great if you can afford the payments but have poor credit history. They aren't very useful though for anyone trying to rebuild their credit.





Basic Buy Here Pay Here Car Dealer Requirements

  • Good job time
  • Adequate income
  • Valid drivers license
  • Down payment (may vary from vehicle to vehicle)
  • Auto insurance
Does the customer need a good credit history to qualify?

More often than not the buy here pay here customer’s credit history has little or no effect on whether or not he or she is approved. The car dealer will require more of a down payment when a customer has really bad credit.

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