Buy Here Pay Here Financing in North Carolina Explained
If you’ve searched the Internet for a good used car in North Carolina lately, you’ve probably seen several advertisements for buy here pay car dealers or buy here pay here financing. By now you may be wondering what that means. Although buy here pay here financing has become more common over the past few years, not everyone has heard of this method of purchasing a used car. However, it’s a viable option - and may be the best solution - for someone who has suffered from credit challenges in the past and cannot pay cash for a car.
What Does Buy Here Pay Here Financing Mean?
Buy here pay here financing is a term that’s used to describe the process of arranging a loan for a used car through the dealership the car is being purchased from rather than from a traditional bank, savings and loan, or credit union. Buy here pay here dealerships handle all financing on-site for the cars they have on their lot. They’re willing to take on the risk of lending money to someone with bad credit or someone who hasn’t had a chance to establish credit of any kind yet.
How Do I Recognize a Buy Here Pay Here Dealer?
Many terms are used in the industry for this type of car dealer. Phrases such as on-the-lot or in-house financing, easy financing, or no credit check financing often signal that the dealer is a buy here pay here car dealer. They all function in largely the same way, although there may be slight differences from one dealer to the next. AutoMax in Henderson and Youngsville, North Carolina is a good example of a trusted buy here pay here car dealership. They’ve been making car loans to customers in Henderson, Youngsville, and the surrounding areas for nearly 30 years and they love educating customers on the buy here pay here financing process. If you have questions about how buy here pay here financing works, jot them down, and then stop in and talk with the folks at AutoMax.
Making Payments is Easy and Convenient
Buy here pay here dealers provide many different ways for you to make your car payment, allowing you to choose the one that’s right for you. The payment date typically coincides with payday, so making the payment every paycheck is convenient from a budget and timing perspective. Dealers often request that you make payments in person; but many dealers offer other options like online payment portals, payment by phone, automatic payment withdrawal from your checking account, or traditional mail service, to name a few. AutoMax allows you to pay online easily. AutoMax has an interest in your overall success, so they’re willing to work with you to ensure that making your payment is as convenient as possible.
Is Buy Here Pay Here Financing a Good Solution for Me?
Buy here pay here financing can be an excellent solution for someone who is not able to get a loan through traditional means. Buy here pay here dealers work with you when you come into the dealership. The qualification process is often very quick and easy, so you’ll know within minutes of arriving that you are approved. By requesting salary information, they’re able to come up with a down payment that your budget can handle. Payments are affordable, too. Buy here pay here car dealers like AutoMax want you to be happy with your purchase and comfortable with your payment schedule. They know that you’re more likely to succeed in keeping up with your payments if they fit well within your monthly budget.
Rebuilding your credit score is another reason why buy here pay here financing might be right for you. Many buy here pay here car dealers report your good payment history to Equifax. This good payment history gives you brownie points in the eyes of the agencies and future lenders because the more reliable you are with making car payments, the better risk you are for other lenders. This can boost your credit score and improves the chances of getting a conventional loan if you ever need to make another large purchase, such as a house.
Experience it for Yourself
Buy here pay here financing is simple once you understand how it works, and it’s a great way to purchase a used car if you have bad credit or haven’t had an opportunity to establish any credit record yet. North Carolina car dealer AutoMax has two convenient locations, one in Henderson and one in Youngsville, North Carolina. They’ve been serving customers in Wake, Durham, Orange, Franklin, Vance, Granville, Person, Nash, Johnston, Warren, and Halifax counties; and they’d love to help you, too. Stop in today and experience the ease of buy here pay here financing for yourself.