For those with poor credit, Buy Here Pay Here Miami car lots can be a second chance financing solution. If you are unable to get approval for an auto loan due to credit issues, a Buy here Pay Here option may be a great way to purchase a car fast.
Let’s have a closer look at what they are, how to find them and what to expect when financing or buying a car.
What is Buy Here Pay Here Car Lots and
A Buy Here Pay here dealership is one that sells cars but also handles your financing. The dealership is basically the bank. Here you can purchase your car and make your payment. These dealers specialize in helping customers with credit issues that might be holding them back from getting traditional bank financing.
Many dealerships can practically guarantee approval. They don’t care about your past credit scores or credit history, but they do care about your ability to meet the monthly payments. A good down payment and steady income usually leads to approval.
What You Should Expect When Buying A Car
You should be aware that Buy Here, Pay Here car lots can make loans that are high risk. These loans are second-chance loans, which are not loans that traditional banks will approve. Therefore, these dealerships will often charge high interest rates and finance for short terms (24 month or less), and will sell cars for less than their worth. They will also require a good down payment.
They may ask customers to provide the following information in order to be approved for a Buy Here-Pay Here car lot:
*Proof of Income: Pay stub, bank statements and W2
*Proof Of Residence (current utility bills)
*Proof that you have full coverage insurance
*5-10 Referrals (family and friends).
*Valid driver’s license
*Down Payment (roughly $800 minimum
A small list is all that’s required to be approved.
Most buy here pay here car lots sell vehicles older than 5-10 years and with higher mileage. This is not always true.
Where to Locate Them
You can easily find car lots that are Buy Here/Pay Here on the Internet or in your local newspaper. Advertisers will use phrases such as:
*Buy Here, Pay Here
*In House Financing
*We carry the note