Purchasing a new car requires a significant commitment. After all, you spend a lot of time in your car each day commuting to work, running errands, and heading off to social engagements. With the amount of time you’ll spend behind the wheel, it’s important to find one you love.
However, a new car is also a major expense, and finding the perfect match can be exhausting. Before starting your car search, you need to establish your budget, ensuring that your monthly payments are manageable. This process is a lot easier said than done; navigating fees, taxes, and licensing can be overwhelming. Plus, most people can’t afford to pay for a car with cash, so finding the right financing package is also on the list.
As you consider ways to finance your new car, it’s essential to vet all the options thoroughly. Securing a loan from a large lender like a bank or credit union is the most common method for lining up the funding you need, but the process can be tedious and time-consuming. Plus, major lenders can also be pretty selective, opting only to work with low-risk consumers. For borrowers with a low credit score, this means that finding a suitable line of credit can be a scary proposition. Luckily, pay here buy here car dealers offer an escape route that may provide an advantage over powerhouse banks and other popular financial institutions. Here are a few of the many reasons to consider a pay here buy here car.
#1: Anyone Can Qualify
Bad credit often creates a roadblock when it comes to finding resources for big-ticket items (like a new car). Traditional banks and other lending institutions err on the conservative side, meticulously checking credit scores and character reports and only offering financing help to those who meet their rigid lending criteria.
However, pay here buy here car dealers are a little more compassionate and have a more lenient qualifying process. Owners of these dealerships understand that even the most responsible consumer can fall on hard times or make a costly one-time mistake. These financial blunders don’t have to last a lifetime. When you work with a dealership that offers in-house financing, they’re rarely concerned about a poor credit report. While you may have to pay a little higher interest rates to offset the risk, the upside is that you’ll be able to get the loan you need to acquire your new set of wheels! An added benefit is that you can always refinance once you’ve proven that you can make your payments on time every month.
#2: A Shortened Timeline
Another significant advantage of going the pay here buy here route is the easy sales process. When working with a dealership that offers in-house financing, you avoid the time-consuming process of filling out paperwork to get pre-approved for your loan. You’ll find pre-approval with a pay here buy here lot to be much smoother and a lot less stressful. In fact, many dealerships can get your loan approved the same day. This means you walk away with your new car in minutes! Of course, you’ll need to bring a few items with you to get the loan underway (call ahead to confirm what’s required), but working with an in-house financing dealer presents a pretty good bargain when it comes to turnaround time!
#3: A Discount Designed Just For You
Pay here buy here car dealerships are closely connected with car manufacturers and have the inside scoop on vehicle trends. They often offer discounts on models that will soon be replaced with new versions or models that are not selling well. Customers may be able to get an even deeper discount if they finance through the dealership. These discounts are usually designed exclusively for in-house financing purchasers, and negotiations go much smoother in these scenarios.
That said, it’s always a good idea to do a little research before hitting the lot. If you have your heart set on a particular vehicle, look up the launch date of the next model. It’s always good to do some investigation and analysis before you head to the car lot.
#4: A Fresh Start
Anyone with poor credit can attest to the challenges a low credit score presents. It’s more difficult to reach financial goals with this looming overhead. That’s why working with pay here buy here dealers is so ideal for those in this predicament. It’s likely the biggest advantage of going the pay here buy here route.
When you finance directly with the dealership, you often have the opportunity to start rebuilding your credit score. The finance team will report timely payments to the top credit agencies, and these reports are likely to give your credit score a boost. Consider making an extra payment each year for additional security. The pay here buy here method of purchasing a new vehicle can help you get back on your feet and working toward your long-term financial goals again. You can’t beat that!
Purchasing a new car is nothing short of intimidating. It’s a huge financial commitment and not to be taken lightly. If you're on the fence about whether a pay here buy here car is for you, give AutoMax a chance to win your business. Our North Carolina dealerships can be found in Henderson and Youngsville. Live in Durham or Raleigh? No problem. We’re just a short drive away and would be happy to visit with you via phone before you make the trek.
Our team offers a low-pressure environment and strives to make your car-buying experience the best it can possibly be. Our in-house financing staff is happy to answer any questions you may have regarding finance terms. With one of the largest inventories in North Carolina and a top-notch reputation, there’s no reason not to give AutoMax a shot. Swing by one of our lots today and check out your options!