Buy Here Pay Here Auto Dealer in Kansas City Offers the Best Loan & Lease Options
People who don’t have perfect credit are denied time and time again at major dealerships and don’t have the money on hand to buy from a private dealer. It is disheartening to look around and continue to get your hopes up only to find out that due to some bad previous financial decisions that dream is unattainable. Many times, the situations where people ended up with bad or poor credit are beyond their control and are based on life situations they had no choice in. Luckily, for people like that, the increasing majority of the American public, another option is available. That option is to go the way of Buy Here Pay Here dealerships.
What is a Buy Here Pay Here Dealership?
Simply put a Buy Here Pay Here dealership is one where they dealers extend the amount of money to purchase a car from themselves. These are ideal for people with bad and poor credit who may not be approved at traditional banks and loan agencies. Since the buyer needs a car and the dealer needs to sell cars, approvals are usually granted and many offer 100% guaranteed financing on site on the same day. It is typically easier to negotiate the terms of the loan at Buy Here Pay Here Dealerships because you don’t need to go through the intermediary of the sales agent at a traditional dealership acting as the go-between with you and the bank. Since you are sitting right across from the person offering the loan you can discuss things like down payments, biweekly payment options, lower finance charges, and early payoffs and not get caught up in the confusion of legal terminology.
Revolutionizing the Automotive Industry
Owners of Buy Here Pay Here dealerships are building not just the economy but also the credit of their customers by taking a chance on people that are normally overlooked at more traditional institutions. When unemployment is low and people are already struggling, a high car payment is often something extra that the buyer can’t be burdened with.
More and more Americans are going the route of these types of dealerships because of the uncertain times they face financially. Without Buy Here Pay Here dealerships, more Americans would be without a car. When you don’t have a car and aren’t lucky enough to live in an area with a good public transportation option then you are left without the option of even getting and maintaining meaningful employment. This cycle keeps people stuck at the bottom without hope of ever breaking out of it. The owners of Buy Here Pay Here dealerships are helping to break this cycle while at the same time, boosting the economy by selling a product everyone needs and putting money in the form of taxes paid on these vehicles back into the community they are located.
How It Works
One of the ways that Buy Here Pay dealerships can afford to operate this way is the type of vehicles they are selling. While it is possible to buy any model of vehicle from cars, SUVs and minivans they are typically older model cars with higher miles then a new or used car at a traditional dealership. While the year of the car might be older than you like, it is important to note that these cars still must pass the same safety codes as other cars for sale and these dealers cannot knowingly sell you a defective product.
Buy Here Pay Here dealers are not exempt in any way from the same laws that govern traditional dealerships. Dealers are more likely to offer financing to everyone when the car they are selling isn’t a high-end vehicle that is going to depreciate as quickly. This process benefits both parties as well. The dealer still reports on-time payments to credit reporting agencies which allows the buyer to rebuild and improve their credit. The dealer makes a profit on the sale itself and gets the added bonus of the interest paid on the loan they are extending. The interest you are paying is something you would be paying at any loan agency. The only difference is, in this case, you are repaying it to the person who took the chance of helping you instead of some banker you never met.
Is This Option for You?
Buy Here Pay Here dealerships are nothing new. They came into prominence in the 1970s when the savings and loan crisis hit. These dealerships helped revitalize the car market then and are doing the same thing today. If you find yourself in need of a car and have been turned down before, don’t lose hope and check out your local Buy Here Pay Here dealership today. They are found all over the country. In Kansas City Missouri and Kansas, the main option is Auto Bank, which serves Wyandotte County, Gladstone, and North Kansas.
Call ahead to make sure you have all the required information before going. Each dealership has its own standards such as employment requirements or a way to prove an income source, but the standards are much easier to meet then traditional dealerships.
Don’t let your bad credit ruin your chances of being able to get a car and don’t think a new used vehicle is out of your reach just because of poor past financial decisions. These are also great options for those people with no established credit because credit is never a determining factor in obtaining a loan for the vehicle. These are also ideal for young people who don’t have the advantage of having a co-signer. Traditional loan agencies often require another person’s name on the loan and if your parent’s bad credit or your parents aren’t around to sign for you, your life is going to be affected by it and that isn’t fair when you are trying to buy a car. Someone else’s credit should never stop you from being able to buy and own a car.