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Faizan
A "buy here pay here" car lot can be a godsend to someone who can't buy a car from a traditional lot due to bad credit. Those who have a poor credit score due to missed payments, repossessions, or bankruptcy can find it almost impossible to find credit terms on a car loan. If you've been shunned by dealer after dealer, it's time to make alternative arrangements. Going through a lot that can accept bad credit as part of the package may be just the answer. No, you're not going to get the great terms you might get at a traditional lot, but if you need a vehicle, you may not have a choice. Here are some basics about making a purchase.
What To Bring
If you want to make a fairly quick transaction, you should make sure you have a few things with you when you head to the buy here pay here lot. Every dealership is going to be different in terms of what they want to see, but this is a good head start. Some good things to have include your driver's license, proof of insurance, your S.S. number, your bank information, some references, and proof of income. Many (if not all) of these lots will be able to overlook poor credit, but they will probably insist that you have a job.
Making Payments
Before you purchase a car through a buy here pay here lot, it's essential to understand exactly how you'll be making your payments. Unlike buying through a traditional lender, there is usually not a lot of grace period built into missing your payments. Often, you'll be making weekly or bi-weekly payments. Many lots will have you come in personally to deliver the check or cash. Others will allow you to pay online or over the phone. Ask about your options when you buy the vehicle. Some of the more stringent lots may insist that you sign up for direct withdrawal.
Location
If you're going to be going in person to pay your bill, you should probably make sure the buy here pay here lot is located conveniently to your route. The further you have to travel to make a payment, the better the chances of missing one. When that happens, you could be looking at the danger of repossession or, at the very least, a late fee. Depending on your financial circumstances, this is probably the last thing you need. So try to find a lot that is either close to your work or your home. It may not seem like a big issue, but it can become one when it's a place you have to go several times a month.
What To Bring
If you want to make a fairly quick transaction, you should make sure you have a few things with you when you head to the buy here pay here lot. Every dealership is going to be different in terms of what they want to see, but this is a good head start. Some good things to have include your driver's license, proof of insurance, your S.S. number, your bank information, some references, and proof of income. Many (if not all) of these lots will be able to overlook poor credit, but they will probably insist that you have a job.
Making Payments
Before you purchase a car through a buy here pay here lot, it's essential to understand exactly how you'll be making your payments. Unlike buying through a traditional lender, there is usually not a lot of grace period built into missing your payments. Often, you'll be making weekly or bi-weekly payments. Many lots will have you come in personally to deliver the check or cash. Others will allow you to pay online or over the phone. Ask about your options when you buy the vehicle. Some of the more stringent lots may insist that you sign up for direct withdrawal.
Location
If you're going to be going in person to pay your bill, you should probably make sure the buy here pay here lot is located conveniently to your route. The further you have to travel to make a payment, the better the chances of missing one. When that happens, you could be looking at the danger of repossession or, at the very least, a late fee. Depending on your financial circumstances, this is probably the last thing you need. So try to find a lot that is either close to your work or your home. It may not seem like a big issue, but it can become one when it's a place you have to go several times a month.
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