If you’re someone who’s had credit challenges in the past, you probably know what it’s like to get turned down for a loan. It doesn’t feel good. It’s embarrassing, stressful, and frustrating, especially if you’re doing everything you can financially to get back on your feet again. So what happens when you need a new car? You’ll probably need a loan, and you’ll probably have to come up with a down payment. But one look at your credit history and lenders will want a huge down payment that you’re not able to scrape together. What are you going to do?
Sounds too good to be true, right? But it’s not. Buy here pay here dealerships specialize in helping people with bad credit purchase used vehicles. They know you have to have wheels to get to work, get the kids to school, etc. And when traditional lenders and car dealerships won’t help, you’re stuck. A buy here pay here car might just be the way to go.
Many buy here pay here dealerships were started to help people with bad credit purchase reliable transportation. So they’re a great place to start when you’re looking for a car with a low down payment.
Buy here pay here dealerships take on the risk of loaning you money themselves. There’s no bank or other lending institution involved in the transaction. And because they make the loan themselves, they have some flexibility in what they can offer to their customers. For instance, buy here pay here dealerships often give you more for your trade-in. They know that it’s part of the whole deal, and sometimes the trade-in value is essential to completing the transaction. So they give you more for your old car because they can.
Buy here pay here dealerships also determine the requirements for a loan. Many buy here pay here car deals are struck right on the lot with people who have no credit or a very low credit score. Often you’ll find that buy here pay here dealerships guarantee loan approval for everyone. In fact, some dealerships boast that they finance 100% of the cars they sell! They handle all the paperwork for you, too, which is a big bonus since that can be a confusing part of the car-buying process.
Qualifying for a buy here pay here car loan is quick and easy, too, with an online credit application. Answer a few questions, push a button, and voila! You have an answer in no time!
Because buy here pay here dealerships work with people with bad credit, they know how hard it can be to muster up a hefty down payment. These dealers work with you on the loan terms, including the down payment. They take a look at your current financial situation - your income, your monthly obligations, and your budget - and then come up with a plan for getting you into a new car that you can afford, Not only do the monthly payments have to fit in your budget, but the down payment does, too. Buy here pay here dealers have flexibility with both and will put together a loan that you can live with.
Another bonus is that some of these dealerships don’t even bother to pull a credit report on you - and that’s something to be happy about! When you have bad credit, multiple hits on your credit report can make the situation worse. Lenders assume that more hits mean that you’re looking for someone to loan you more money, and that makes them nervous. Shopping at a buy here pay here car dealership is a great option for someone with a bad credit score because they’re not concerned with your credit history.
If you’re looking for a buy here pay here car with a low down payment, you’ll find it at a buy here pay here dealership. Many of these dealers scour the region looking for the best used cars they can find. Some come from traditional dealerships; some are purchased at auctions; and some are bought outright from other individuals. The point is, the car buyers at these dealerships know what to look for. They can spot a safe and reliable vehicle right off the bat. And once the car comes into the dealership, it goes through a rigorous inspection by certified mechanics. They make any needed repairs and make sure the car is good to go before it ever hits the lot. If you’re looking for a buy here pay here vehicle with a low down payment, you’ll have a lot to choose from at a buy here pay here car lot.
Now that we’ve examined how you might go about finding a buy here pay here car with a low down payment, it’s time to visit AutoMax, one of North Carolina’s best buy here pay here dealers. AutoMax has locations in Henderson and Youngsville and also serves the Raleigh-Durham metro area, providing folks like you with certified pre-owned cars that are both reliable and affordable. Their friendly staff gets to know you and your financial situation before sending you out to the lot to look for a car. In this way, they can point you to the vehicles that will best fit within your budget. After all, if you can’t make the payments, you won’t have the car very long, and that’s bad business for both of you. AutoMax wants to set you up for success with a car that has a low down payment and monthly payments that you can afford. Stop in and see them today!