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When is The Right Time to Choose A Buy Here Pay Here Dealership?

In the United States, the average credit score is 687, which is on the high end of fair. In the south, Experian lists average credit scores as even lower than the national average. Even if you have a stellar payment record, credit attributes like what percentage of your credit cards you are using, how old your credit record is, and how many loans you have can contribute to a lower score. This can make obtaining a car much harder, which can make simple things like getting a job extremely difficult.

When you need a car but have issues with our credit, consider visiting a buy here, pay here dealership, like Auto Bank of Kansas City, Missouri. Not convinced? Read on to learn more.

What is a “Buy Here, Pay Here” Dealership?

buy here pay here used car dealership

Buy here, pay here dealerships are used car dealerships that offer in-house financing on their vehicles. In addition to providing a selection of used cars to choose from, they also act essentially like a financing office. Buy here pay here dealerships must follow strict state and federal regulations, or else face serious legal consequences for the quality of their lot.

Use a Buy Here Pay Here Dealership When:

Buy here pay here car dealerships get a bad rap, especially when it comes to sales, because of the fees associated with some (but certainly not all) lot financing. However, there are many instances in which purchasing from this type of dealership is optimal. Here are some instances that might lead you to a buy here pay here auto dealership.

  • You have a used car you’d like to trade in for. Many buy here pay here dealerships do offer competitive pricing options when it comes to trading in a previous vehicle. Dealerships like Auto Bank evaluate the interior, exterior, make, model, year, and accident history of your car to determine its trade-in value. If you intend to simply upgrade your car to something newer, working with a buy here pay here dealership is one way to save money and pay the least up front.
  • You’d like to know the history of your vehicle. If you buy from a disreputable dealer, or secondhand from a for sale by owner site, it can be hard to determine the accident history of your vehicle. And while a vehicle that has been in an accident doesn’t necessarily imply a bad vehicle, it is something you should know prior to owning a car. Buy here pay here dealerships are required to give you information about the repair and state of the car, including the accident history.
  • You have had trouble receiving the financing you need from other companies. Sometimes, new car dealerships will also be able to work with you on financing. However, they often base their approvals upon credit scores, which does not always work out for those applying for a car. Additionally, bank loans are subject to approval, and there are many requirements you must meet to get the funds you need. Auto Bank and other buy here pay here car lots approve most people they work with, and usually without trouble.
  • You are in bankruptcy. It is hard to get a new job without a vehicle, and when you’ve filed for bankruptcy getting back into a normal working routine is a major motivation point. But bankruptcy mars your credit for a while, which in turn hinders the applications for bank loans and other routes of financing. Because buy here pay here car dealerships approve most of their customers, including bankruptcy customers, many who are in this financial situation and need a car opt for the services provided by buy here pay here car dealerships.
  • You’d like a certified, pre-owned vehicle. You can purchase pre-owned, but the “certified” part of the pre-owned process is what makes buying a pre-owned car worth the while. Used cars and the dealerships that sell them do not do any prior work to them before they sell them. In order to be certified pre-owned, a car must go through an inspection that fixes, tunes-up, and repairs any sort of issues with a car before they offer it as part of their inventory.
  • You’d like a warranty. Good, reputable pre-owned vehicles come with a warranty. However, it is best to discuss the terms of your warranty with the buy here pay here dealership you are buying from, as warranty terms will differ from company to company.
  • You’d like your car purchase to be quick and easy. No one ever said buying a car was easy. It takes ample research, dedication, and attention to detail on your part before you even begin to seek out financing. However, working with a buy here pay here car dealer does save quite a bit of time if you understand your budget and are transparent with the dealers when you walk through the door. Usually, you’re able to drive out of the dealership the same day with your new car.

The Pros of Using a Buy Here Pay Here Dealership

  • You are fully aware of the final price. Thanks to a federal regulation known as the Truth in Lending Act, or TILA, buy here pay here dealerships are required to follow this set of rules when it comes to letting their customers know about how much they will be paying. This includes the amount the car was financed for, the final price, and information about fees and normal pricing for the make and model they are buying.
  • You always get financing. Whether you’re ready to pay the moment you walk through the door or you’re looking for help after countless fruitless searches, a buy here pay here car dealership will be able to work with your situation to provide you with financing. Auto Bank approves everyone, so why not start with us?
  • You’re working with people you know you can trust. Buying from private owners remains popular, but there’s no way to avoid getting sold a lemon if you are meeting someone with no reviews from the internet about their car. Auto Bank has stayed in business for thirty years by providing quality used cars at prices that people can afford.

Buy here, pay here dealerships come with perceived risk, but with proper planning and help from a reputable, certified pre-owned dealer, that risk can be mitigated. If you live in Independence, Kansas City, North Kansas City, or Wyandotte County Missouri, stop by one of our two Kansas City locations, or contact us for more information.