How Hard is it to Get a Car Loan with Bad Credit?

Even More Buy Here Pay Here Car Lot Myths, Busted!

Our previous blog post dispelled some big myths about buying cars from pay here buy here car lots like AutoMax. Some folks still have questions about what we do and how we’re able to sell reasonably-priced, reliable used cars to people in the Raleigh-Durham area of North Carolina. 

So, we’re back with even more questions from people in our communities and myths we’re looking forward to busting wide open. Let’s get started with Part Two!

Do I Have To Visit The Used Car Lot In Person To Make My Car Payments?

Although AutoMax finances 100 percent of the auto loans we extend to our valued customers, we never force them to come visit us every time a payment is due. We entered the 21st century long ago!

To make your car payment, we have several convenient ways for you to choose from: automatic debit or auto-draft (ACH); via traditional mail; call-in/over-the-phone; text pay; via our online payment portal; or in-store, if you also want to drop by to say hello. 

To make things easier on you, we’ll even arrange your payment due dates to align with your pay day.

How Does A Buy Here Pay Here Dealership Help Me Improve My Credit?

Even if you come to us with less-than-stellar credit, when you make on-time, regular payments to us, we can help you build your credit back up. We report car loan payments to one or more credit bureaus, like Experian, TransUnion, or Equifax. When your payments are in full and on time, your credit score may start to go up. 

A car loan is actually one of the fastest ways to improve your credit score. With improved credit, you also may find it easier to qualify for cell phone plans and rental properties, too.

Do Pay Here Buy Here Car Lots Accept Trades?

This is another rumor we’d like to quash right away. Of course we are willing to appraise and consider a vehicle you’d like to trade in toward a down payment on one of our reliable used cars for sale in North Carolina.

At AutoMax, we’ll buy your current vehicle at fair market price to make it even easier for you to get into a nicer, newer car. If you’d like you can even request that we value your trade before you come in to shop for a car. Fill out our online form, and a member of our team will get back to you within a business day.

How Hard Is It To Get A Car Loan With Bad Credit?

At traditional dealerships or lenders like banks and credit unions, it can be really hard to get approved for a car loan, if they approve you at all. The real bummer is that if you ask bank after bank and lender after lender, each time they check your credit to determine whether they’ll lend to you, you’re actually lowering your score even farther! It’s just one way people are often caught in the cycle of poor credit with no escape, and it isn’t fair.

At a buy here pay here car lot like AutoMax, we don’t base your approval on your credit score when lending you money to purchase one of our cars. Instead, we evaluate your ability to repay your loan based on your monthly income and lifestyle. If you can afford to pay back the loan, you will be approved to buy a new-to-you car, regardless of your credit score. Is it hard to get a car loan with bad credit? The answer is a definite no!

Car-Related Bills Are Expensive. Can A Buy Here Pay Here Dealer In Durham Offer Me Alternatives?

People don’t come to AutoMax just to buy their car and leave. They keep coming back to us for their future cars, too, because they know we have their best interests at heart. We help our customers in a variety of ways beyond selling reliable cars.

First, we extend a free warranty to every vehicle buyer. It covers far more than just the engine and transmission, and the deductible is a low $100. Read more about our warranty

Second, we help you maintain your car to keep it running smoothly for a long time. All your oil changes for the duration of your auto loan are free, up to four per year, at our approved mechanics’ shops in Raleigh, Henderson, Youngsville, and Creedmoor. Read more about the benefits we offer through our AutoMax Trusted Partners program.

And finally, AutoMax can help you obtain affordable, state-minimum auto insurance. In North Carolina, all car owners are required to maintain basic auto liability insurance on the vehicles. If you owe money on a car loan, you also are required to have an additional insurance policy on your vehicle based on the contract you signed with your lender, like AutoMax. That policy is called Collision and Comprehensive Coverage. It can be very pricey, especially if you have a history of accidents or traffic tickets.

However, AutoMax offers Collateral Protection Insurance (CPI) to all of our customers. The high costs of insurance can be unaffordable for a lot of people, so we can help you save money on your policy while protecting your car. For just $89 a month, CPI covers the buyer, co-buyer, and all at-home drivers. You will, of course, need separate liability insurance, but the difference you’ll save between CPI and Comprehensive insurance is truly astounding. Don’t believe us? Call your insurance provider for a quote! Learn more about CPI

See The Difference At AutoMax

Don’t believe the myths and rumors about what buy here pay here cars are like. Visit us at our two locations in the Raleigh-Durham area, take a test drive, and get approved for a car loan with poor credit so you can drive away in a nicer, newer, and far more reliable vehicle than you’re currently cruising around in.