Discover the Benefits of a Unique Used Car Shopping Model

When you hear the phrase, “buy here pay here,” you may first be uncertain about what it truly means, or you may have heard it used in a negative light.

Simply put, when used in context with vehicles, “buy here pay here” means that where you buy the vehicle is where you pay for it. The car and the funding for it come from the same business, without needing to involve a bank, credit union, or another personal loan lender.

But what it truly means to purchase a buy here pay here car can vary from person to person. For some, it means gaining independence they’ve never had before. For others, it means financial freedom.

Keep reading to learn the benefits of a buy here pay here car and what purchasing one could mean for you and your life.

Get a Buy Here Pay Here Car Without a Credit Check

When buying a car from a buy here pay here dealership, your eligibility for an auto loan isn’t based on your credit score. This means that the car lot won’t run a credit check through any of the major credit bureaus: Experian, TransUnion, or Equifax.

This process ensures that even those with challenged credit histories can be approved for in-house financing for a used car. Otherwise, you’ll need a credit score of at least 675 to be approved for a loan elsewhere, and your credit score will drop each time there’s a hard credit inquiry.

Car Loan Financing Based on Income

Instead of considering your credit score as a rationale for lending, Kansas City buy here pay here dealerships look at other factors instead.

To be eligible for in-house financing, you’ll need to prove your identity, declare your monthly income, and provide your mailing address. Most car lots request that you show them:

• Your government-issued photo ID, preferably a driver’s license
• Copies of your most recent pay stubs
• A recent utility bill with your address on it

The car lot team will be able to extend financing if you can prove that you can afford payments based on your income. For those with low or no credit, this is a major benefit of a buy here pay here car dealership.

A Chance to Improve Your Credit Score

Although the buy here pay here car dealership considers only your monthly income when determining your ability to repay a loan, a used car from them can actually help you build or rebuild your credit score.

Most buy here pay here car lots report your payment history to the major credit bureaus. Consistent on-time payments will help increase your credit score, especially if you are not taking on additional debt through credit cards or other types of loans.

As your credit score increases, you may eventually be eligible for a used car loan from a traditional lender. You could even qualify for a nicer apartment and eventually a mortgage. A healthier credit score opens the door to a variety of possibilities.

The Opportunity to Own a Reliable Vehicle

If you’ve historically been unable to get a car loan, you may have felt that your only option for getting a trustworthy car is to buy one with cash from a third party. You likely saved up money slowly over time and then hoped that a stranger would not take advantage of you and sell you a lemon.

A major benefit of a buy here pay here car is that most lots provide a limited warranty and have mechanics carefully look over the vehicle before they offer it for sale. They want you to drive a reliable vehicle, because it’s much better for you to make payments on one that runs perfectly and is safe.

The Convenience of Buying a Car from a Buy Here Pay Here in Kansas City

When shopping for used vehicles from third party individuals on Facebook Marketplace or Craigslist, you may find that you have to travel longer distances to get the deal you need. And there’s a possibility that the vehicle will sell before you can work out your schedule.

In Kansas City, buy here pay here lots are easily accessible, and their inventories include multiple vehicles that would suit your driving style, lifestyle, and budget. There’s no rush to get to the dealership of your choice, but they can get you out the door in a new-to-you vehicle in as little as 60 minutes, especially if you fill out the online credit application in advance.