Why Choose a Buy Here Pay Here Car Lot
Buy Here Pay Here car lots are automobile lots where the buyer is able to pick out, finance and purchase a vehicle at the same place, instead of relying on third-party financing like one would receive from a bank or credit union. Buy Here Pay Here car lots are a valuable resource for working class people who are in need of reliable transportation in a timely fashion. They can be especially beneficial to people who have less than stellar credit ratings, no credit, or bad credit histories including bankruptcies. They are also very useful for people who otherwise could not afford a reliable vehicle.
The economy being what it is, especially where lower-income individuals are concerned, it can be very easy to fall into a circular financial trap of not being able to maintain employment because one has no reliable transportation but not being able to get reliable transportation because of not having lucrative employment. This is a conundrum for many people who have fewer opportunities or suffer circumstances of poverty. Buy Here Pay Here car lots fill a needed service to these individuals by recognizing these factors and designing a system wherein they are addressed.
For example, credit can be damaged indirectly throughout life during transitions like divorce, loss of employment, illness, childbirth or other major transitional circumstances. Rebuilding it can be a daunting process wherein one might become discouraged at the choices available to do so. With a Buy Here Pay Here car lot, an individual can get a vehicle on weekly or bi-monthly payments that are reported to credit agencies. By maintaining full payments on time, the individual can build their credit back up to an acceptable level. This means they can improve their lives in other ways with a better credit score. Better credit scores mean more financing opportunities in the future, with lowering interest as the score improves. A good credit score can really improve the quality of life of a family in myriad ways.
Buy Here Pay Here car lots also provide needed transportation for individuals who are in desperate need. If one cannot travel to work, one cannot make the money necessary to live. These car lots, by providing lower credit standards (and other perks like flexible payments, lower down payments and credit reporting) provide this needed transportation to end the cycle of not being able to work and therefore not being able to afford necessities like transportation, as well as food and housing. A way to get to work can make or break a family budget based on the ability to maintain that gainful employment.
Buy Here Pay Here car lots also provide, in conjunction with credit building services, the ability for those with few resources to afford the initial purchase of a vehicle through lower down payments. Often one’s payments will be financed in-house and are scheduled according to when one has money coming in - weekly, bi-monthly, monthly and according to one’s payday. Financing with other sources usually has a much more strict allocation of these factors. These sorts of flexible repayment terms are not usually available with banks or credit unions. This flexibility can be very important to those working for lower wages, longer hours, or non-standard schedules.
The process of obtaining financing at a Buy Here Pay Here car lot is usually a standardized, simplified process wherein a very few steps and minimal paperwork can result in driving away in one’s own vehicle. This can be a big advantage of purchasing from the same place that is carrying the financing. In addition, trade-in values are usually higher at a Buy Here Pay Here car lot, meaning the buyer can get far more for their old vehicle. Sometimes, the relative shape of the vehicle isn’t as much of a factor as at standard dealerships as well, meaning a non-functioning or otherwise unreliable car might be accepted as down payment for the vehicle that will be a reliable work transport. This can greatly reduce the stress of buying by providing a discount on the price or the down payment, taking some of the financial stress off the buyer.
Usually, the standard of vehicle one receives is not only affordable but also reliable. Most Buy Here Pay Here car lots use Certified Pre-Owned standards and have policies that allow one to return a car with mechanical issues within a reasonable time. Many even have partial warranties. Having a reliable vehicle is extremely important to an individual who is attempting to maintain gainful employment as well as have a safe vehicle for the transport of their family.
Interest rates at Buy Here Pay Here car lots, though sometimes higher than standard lending, usually stay quite competitive in the field and are usually well within the means of the individual. Usually, the buyer is constricted by one or more factors (like employment circumstances, bad credit, or odd paycheck schedule) and the small bit more in interest is balanced by the credit building and flexible terms.
Another advantage of Buy Here Pay Here car lots is that one receives more practical help and advice. At a standard car lot, the seller is usually attempting to upsell the client with not much concern for the budget of that individual. At a Buy Here Pay Here car lot, the seller is usually far more motivated in finding a choice that fits into the client’s budget and needs. The more suited the deal is to the client, the better the seller does. This means a more personalized service designed to get a buyer into the most practical and useful vehicle for their available budget as possible. Usually, these sales are based on need rather than the bells-and-whistles attitudes of outside financed car lots.
Overall, by recognizing and addressing the issues faced by today’s buyers, Buy Here Pay Here car lots are invaluable resources that provide a staple asset for today’s working class individual. Without them, many people would be forced into much more dire circumstances or have to rely on outside assistance to provide day-to-day necessities for their families. They are a means to independence and a truly needed resource.