Is It Worth it to Buy a Car from a Buy Here Pay Here Dealership?
Buying a car can be a laborious process. Many individuals do not have the funds to buy a car outright, while many other individuals simply do not have a good enough credit rating to obtain financing through a bank or a traditional car dealership. The process can be stressful and difficult for individuals that fall into either of these circumstances.
There are, however, many options for these individuals. A number of progressive dealerships like AutoMax operate as Buy Here Pay Here car lots. Buy Here Pay Here lots differ from traditional dealerships in the way they offer and obtain financing for their customers. Buying a vehicle from a Buy Here Pay Here dealership requires buyers to be more diligent during the buying process.
Buy Here Pay Here dealerships often require a lot more of their customers than traditional dealerships. This may seem unnecessarily complex for customers, but these establishments have to go through a lot more legal hoops to operate as they are doing the work traditionally shared between a bank and a dealership. Not only do Buy Here Pay Here lots sell the vehicle, they also operate as a financial institution. Buy Here Pay Here USA dealerships have to follow laws that apply to other car dealerships as well as those that would apply to lending agencies.
Do Everything All Under One Roof
Since Buy Here Pay Here dealerships are able to offer vehicles as well as vehicle financing, consumers can finish the entire process in one place. This can make the process a bit more convenient for individuals since there is no need to go to a bank for the financing then find a dealership for the vehicle. This can all just be done at the Buy Here Pay Here car lot.
Buy Here Pay Here dealerships can work with their customers to set up a payment plan that works for each individual. Payment plans can be weekly, biweekly, or monthly. AutoMax can even change payment dates to align with an individual’s pay dates. This can be very appealing for individuals, especially those that may be on a budget.
As mentioned above, obtaining a traditional auto loan through a bank can be quite difficult for individuals with low or bad credit. This can make the buying process extremely stressful since many individuals are trying to better their credit. Not being able to obtain even a small loan for a vehicle can make it nearly impossible to work on an individual’s credit. The whole process can be very discouraging. Fortunately, a Buy Here Pay Here dealership can help these individuals obtain financing for a vehicle while offering a means that may help them improve their credit rating. Buy Here Pay Here dealerships are able to offer their own financing options, so they are much more likely to accept any credit situation. They are motivated to sell their vehicles, meaning they are very motivated to obtain financing for all individuals regardless of their credit background.
Addressing Common Buy Here Pay Here Dealership Concerns
This may sound wonderful, but there are some things to consider. Having a riskier credit history generally is not good, and lenders know this. In order to be able to offer to finance even in the riskier situations, Buy Here Pay Here dealerships often must charge a higher interest rate. This may make the whole situation seem a bit less appealing; however, this is still a great option for individuals with limited or risky credit history.
One complaint of individuals shopping at Buy Here Pay Here lots may be the limited selection of vehicles. Some individuals may erroneously believe that Buy Here Pay Here dealers only offer older vehicles. This may be discouraging to individuals that do not have many other options, especially those that were hoping to buy something newer and flashier. This can translate into something beneficial for buyers though. Autotrader says that Buy Here Pay Here lots will generally accept older vehicles as trade-ins, while lots that are more traditional may not. This can translate into better payment options for consumers. And AutoMax offers a large selection of vehicles through our locations in Youngsville and Henderson.
A common misconception about Buy Here Pay Here lots is that no warranty or insurance in case of problems is offered. This can be true for some dealerships, but more and more consumers are finding that they can opt to include some type of warranty from the dealership. Many customers will stop paying for their vehicle if or when it stops running, and the dealerships know this. Therefore, the dealerships are willing to work with their customers if a breakdown occurs. They want their customers to continue paying, so they are going to be willing to help keep the vehicle running so their customers will remain happy with their purchase. AutoMax includes a warranty on each vehicle.
Customers may be worried about what may happen if their payment is late. It is a concern that there will be substantial late fees or the possibility of repossession. This can be true for all dealerships - not just Buy Here Pay Here lots. However, a Buy Here Pay Here dealership may be much more likely to work with their customers in instances where a payment will be late. It may prove more difficult to call and get assistance from a bank or large lending company in such a situation. AutoMax has a dedicated customer care center that is available to assist should this arise.
Buy Here Pay Here dealerships get a bad reputation from the larger dealer chains who don’t want the competition. It is important to note that these businesses, are on the whole, excellent. They are generally more willing to help and work with their customers. They want to sell their cars and make money, as does any other business. The only way for them to continue making money is to serve their customers well. They want to get their customers into vehicles, helping them obtain financing when a bank may not help. These companies offer a more familiar relationship with their customers. They deal with the entire process in one place, so they are much more likely to really help ensure their customers are happy.
A Buy Here Pay Here dealership can be a great option for individuals. These dealerships are very customer-focused since they have to ensure customer satisfaction to stay in business. Customers looking to buy a vehicle will likely find themselves surprisingly satisfied with a Buy Here Pay Here dealership.