Car Lot Finance

Buy Here Pay Here Dealer

The Buy Here Pay Here dealer is a fairly new concept in the automobile sales industry. There was a time when if you wanted to finance a car, you had to go to a bank, get the approval, then find a car dealership that would be willing to accept that approval in order to get the money you needed to buy used cars Charlotte NC. Now, more and more dealers are willing to forego working with banks and traditional lenders and instead are getting into the game themselves. This is the rise of the Buy Here Pay Here model.

The Buy Here Pay Here dealer has become a lot more popular in recent years due to the financial crisis. The biggest advantage to working with that style of dealership is that they will generally be willing to work with a person who has lower credit. This was important as it came at a time when banks were getting more stingy with their loans, demanding higher scores and imposing higher interest rates at a time when people could hardly afford it. While interest rates at a Buy Here Pay Here establishment tended to be higher as well, at least they would be willing to extend credit at all, helping people in need of transportation actually get a car.

Other than having looser credit restrictions, a Buy Here Pay Here dealer is also generally more likely to work with you on your loan. Banks and traditional lenders are generally far separated from the borrower, so they have no human aspect to their decision making. They can’t afford to recognize individual circumstances, so if you are having problems and need to change the parameters of your loan, they are more likely to be willing to work with you rather than simply repossessing your car.

Another thing that makes a dealer like this really helpful is that they let you pay actually at the dealership (hence “Buy Here Pay Here”). The ability to pay in person makes it much easier to get payments in on time, not having to worry about them getting lost in the mail or accumulating fees. You also have the ability to pay in a number of different ways in case you have no checks or don’t constantly want to keep getting money orders. The convenience of being able to pay in person absolutely makes it easier to stay up to date.

Convenience and the ability to actually speak to real human beings are huge advantages to this method of financing. That’s not even considering that it just makes it easier for you to make your payments if you can physically go someplace to do so. That’s why it’s really fantastic to have the option of going to a Buy Here Pay Here dealer.