/Pay Here Buy Here or Buy Here Pay Here? What's Different?
Pay Here Buy Here or Buy Here Pay Here? Is There a Difference?
Anyone who’s in the market to buy a new car in Raleigh, Durham, Youngsville, or Henderson, North Carolina, will find a plethora of car dealerships calling their name. Not only are there multitudinous new car dealerships on the market, but there are also many used car dealerships, as well. And to make things more confusing and overwhelming, there are also dealerships that don’t quite seem to fit into either category. Buy here pay here dealerships have popped up everywhere, seemingly overnight, and now you’re starting to hear about pay here buy here car lots, too. What gives?
Are you feeling confused?
It’s understandable. Buying a car is a big decision, and you want it to be right. You have to determine whether you want to buy a new car or a used one. While new cars are shiny and - well, new - and have many benefits, used cars also have some things going for them. They’re a good choice for those on a budget, because they’re usually less expensive. You can get more car for your money when you buy used. They’re also a good choice for people with bad credit.
So where do you start your car search?
People with bad credit swear by buy here pay here dealerships. Sometimes they go by the reverse name: pay here buy here car lots. But regardless of what you call them, they’re basically the same thing. These dealerships specialize in helping customers who have bad credit get into a used car that fits their budget. But these dealerships don’t just work with people who have credit challenges. They’ll sell a used car to anyone who walks in looking for a used vehicle - one that’s solid, reliable, and has been checked out by factory-trained certified technicians to make sure it’s safe to drive.
What is a buy here pay here dealership?
Great question! A buy here pay here dealership operates pretty much as the name implies. You buy a car at the dealership, and you make your payments there, too. These dealers work a bit differently than new car dealerships. With a buy here pay here dealership, you may get to skip the credit check, which is what makes these dealerships so appealing to those with bad credit or no credit history at all. There’s a much lower embarrassment factor, too, because your risk of getting turned down for a loan is nearly nonexistent.
A buy here pay here dealer loans you the money for the car you purchase, rather than you having to get a loan from a bank. Many people don’t know this, but even when you finance a vehicle at a traditional dealership, the money still comes from a bank or other lending institution. Sometimes it comes from the car manufacturer’s own finance division, which uses the same rules as banks do to determine loan eligibility. When you go the pay here buy here route, you bypass those restrictions and walk out with the car you’ve chosen.
Sounds great, but are these dealers really legit?
Buy here pay here dealerships sometimes get a bad rap, but they’re legitimate car dealerships. They just work a little differently than traditional new car dealerships do. Buy here pay here dealers have to follow some of the same federal and local lending guidelines that conventional dealers do; they just have more leeway in their lending practices because they fund the loans themselves instead of using a bank. That’s why you make your payments to the dealership. The money goes out, so it needs to come back in, too, so others like you can get loans for their new cars.
I want to work with a dealership that’s reliable, trustworthy, and has a good reputation.
Of course you do! If you’re anywhere near Youngsville or Henderson, North Carolina, AutoMax is a great place to start your search. They have car lots in both cities and also service the Raleigh and Durham metropolitan markets. They’re one of the biggest buy here pay here dealerships in North Carolina, and they have an excellent reputation for developing real relationships with their customers. They genuinely love what they do - helping people buy “new” used cars they can afford.
AutoMax finances 100% of the vehicles they sell - and they sell a lot! They have a sizeable inventory of late-model cars and trucks to fit every lifestyle and every budget. They’ll work with you - if you want them to - to help you figure out how much car you can afford. Then they’ll guide you to the vehicles that fit your budget. They want you to be successful with your car purchase. It makes them successful, too.
Here’s the kicker…
Loan approval at AutoMax is guaranteed. Yes, you heard that right. Guaranteed loan approval. Even if you have a good credit score, that’s still awesome news! Since AutoMax is handling all the financing for you, the car-buying process goes more quickly than you might expect. And it’s sped up even more when you go online and fill out their credit application before you visit the dealership. By doing that, you’ll have a good idea of how much car you can afford, so when you come in to start looking and test driving, you’ve already limited your choices to those that fit within your budget.
So many names, but it’s all the same thing!
Whether you call it a pay here buy here car lot or a buy here pay here car dealership, it’s all the same thing. These dealerships are sometimes also referred to as on-the-lot financing dealerships or “we finance” dealerships. Regardless of what you call it, it’s a viable way to buy a used car, especially if you have bad credit.
Stop in at AutoMax the next time you’re in the neighborhood and look around. These experts are happy to answer any questions you have and help you find a car that fits your budget and circumstances. You’ll be on the road in no time!