Who Can Benefit from a Buy Here Pay Here Program?

Who Can Benefit from a Buy Here Pay Here Program?

Are you in need of a car? If so, buy here pay here dealerships may be the perfect place to get your car. Buy here pay here programs can be beneficial to a variety of different types of people. Here are just a few of the groups who can benefit from buying a car at a buy here pay here dealership.

Those With Bad Credit

One of the groups that can benefit from buying a car through a buy here pay here program is those who have bad credit. Traditionally, you need good credit to get a loan for a car. And while there are some loans out there for those with bad credit, they are not as prevalent to get. If you are in need of a car, but have bad credit, a buy here pay here program is ideal for you because most dealerships base your approval on your income and ability to pay, rather than your credit score.

Those Who Don’t Want a Loan on Their Credit

Another group who can benefit from a buy here pay here car lot is someone who does not want the loan to show up on their credit. If a loan shows up on your credit, your income to debt ratio can be affected. If you are looking to buy a house in the next couple of years or if your debt to income ratio is already high, increasing the amount of debt that shows up on your credit report can be detrimental. It can decrease your score, which can affect your ability to get other types of loans, such as home loans, or credit cards. If you are in this boat, you may prefer to keep the loan off your credit report, which is what happens with buy here pay here programs.

Those Who Use Cash to Pay

The last group of people who can greatly benefit from a buy here pay here program are those who want to use cash to pay for everything. These days, most people use credit cards or debit cards to pay for everything. But some people do not have a credit card, debit card or checks for a variety of different reasons. You obviously don’t want to mail cash to a lender, so a buy here pay here situation is ideal. You can pay cash for your payments onsite.

The terms and conditions offered by buy here pay here dealerships may vary from dealership to dealership. As such, it is important to take your time and do your research to find the best buy here pay here dealership for your car buying needs.

Category Finance