If you want to purchase a car but don’t have enough money to pay in cash, you might want to turn to buy here pay here dealers. What makes this kind of setup favorable to buyers is that it offers on-site financing. It is advantageous to buyers who fall into the following categories:
- No credit line
- Has a bad credit record
What are the advantages of buy here pay here dealers?
· It lets you buy and set up loan payments in one place
Obtaining a loan from the bank or from a third-party lending institution is quite a tedious process. You don’t need to undergo such a tiring process because buy here pay here dealers have it all in one place, which makes the process simpler and easier.
· Arrange payment terms
You have the freedom to choose the payment terms you are most convenient with, such as monthly, semi-monthly, or weekly. To help you find which payment option works best for you, the dealer will match your pay dates with your job. That way, you can lessen the possibility of missing payments.
· Guaranteed loan approval
Another advantage of buy here pay here dealers is that your loan is guaranteed to be approved. It does not matter if you have undergone bankruptcy, have no credit line, or have bad credit. Regardless of your financial situation, you will be approved, which is a great way of building up your credit standing.
· Low down payment
Some financing institutions would require a 20% to 30% down payment. Well, this is not the case with buy here pay here dealers. Most of them have a low down payment ranging between 15% and 20%.
Consider buy here, pay here dealerships if you need financing for a car purchase. They offer greater advantages compared with other car financing dealers.