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What is Buy Here Pay Here Financing?

Buy here pay here shops are famous for their advertising. It is unlikely that you have gone your whole life without at least driving by one of them, even if you may not have known it. They have a wide variety of new and used cars on their lots, and they often have bright signs that draw the buyer in with an enticing deal.

But sometimes in the excitement of a potential sale, buy here pay here dealerships forget that not all their potential buyers are necessarily comfortable or knowledgeable about what these types of dealerships do.

At AutoBank, we believe in open and honest communication with our potential clients. This begins with helping our customers understand the financing process - arguably one of the most essential parts of the whole financing procedure.

Why is it Called Buy Here Pay Here? It All Has to Do With the Financing.

buy here pay here financingBuy here pay here dealerships are all over the place, and you might have even been to one without having known it. For a car dealership to qualify as a buy here pay here dealership, it needs to offer in-house financing. This might seem like a broad definition, as most dealerships provide the option to apply for financing in-house. The difference between a buy here pay here dealership and mainstream, brand-name dealerships is who is in charge of lending. At brand dealerships, like Ford or Chevrolet, they work to connect you to a lender that can pay them for your car purchase. In this case, the lender is the intermediary between the customer and the dealership.

Buy here pay here dealerships work without a lender - so they are giving you a car and working with you on payments without an intermediary. You pay them directly, which can be beneficial in certain situations.

How The Application Process Works

Applications for buy here pay here financing options look a lot like applications for any other lending application you might fill out.

At AutoBank, you may fill out an application either in-store or online. The form will ask you detailed information about your financial life. Some of these questions include your monthly rental amount, employment information, adjusted gross income, and what car you intend to purchase. From there, the folks at the buy here pay here dealership will work with you to determine how much they can lend for you based on your financial perimeters.

When you purchase a car from a brand dealership, you go to the dealership with an idea of the vehicle you want in mind. The buying process looks a lot like this - you browse a selection of cars, pick out the one that you like the best, and then if you need financial assistance with the purchase of that car, you would begin the financing process. At a buy here pay here dealership, the application and purchase process is a little different. You apply for financing before you browse the car lot. Then, based on the income information you give, the buy here pay here car dealership works with you to find a car that you will be able to afford comfortably.

Am I a Good Candidate For Buy Here Pay Here Financing?

People seek out financing from buy here pay here car lots for many different reasons. However, one of the most commonly cited reasons for in-house financing with a buy here pay here dealership is because the person applying has poor credit and has encountered issues with lending because of it. Buy here pay here dealerships are kind to those with poor credit, and we’ll go into more reasons why later on in this post. However, it shouldn’t just be those with poor credit who consider buying from a dealership like AutoBank.

Here are some of the other reasons why you might be a good candidate for in-house financing with buy here pay here dealerships:

  • You need a car quickly. Financing through banks can be a tedious process, sometimes even taking a few weeks. The buy here pay here financing procedure is quick, and usually, you can apply and drive away with your new car on the same day.
  • You have issues with your creditworthiness. Is this your first time applying for any sort of financing? Is your credit score low through no fault of your own? Not only will these issues not get in your way of getting a car with a buy here pay dealership, but they can help increase your creditworthiness.
  • This is your first car. First-time car buyers often make the mistake of purchasing their first car on private seller platforms, where it can be hard to find a deal that won’t leave the buyer worse off than they were before. First-time car buyers can be sure they get a car that runs, and one that they can afford, by working with a buy here pay here dealership.
  • You want a quality used car that will last you a while. Buy here pay here dealerships must comply with local and federal lemon laws, which means the buying process will always be transparent, and you will be able to choose a car that runs.

Why Should I Consider Financing With a Buy Here Pay Here Dealership?

  • Everyone is approved at buy here pay here dealerships, so you are supporting a business that cares about your local community when you buy at these dealerships.
  • Many cars are still under warranty and work just as well as the used cars for sale at brand dealerships.
  • You can still trade-in your car for in-store credit. After all, keeping their inventory stocked up is one of the ways that they can continue their business.
  • You can pay off your car payment more quickly than you might be able to at non-financing dealerships.

Long story short - there is no wrong time or reason to finance a car from a buy here pay here car dealership. They are a great way to rebuild credit, save money, and get back on the road when you need to.

Live in the greater Kansas City, Missouri area? Stop by one of our two Kansas City locations to get started with the process today.