Getting your own vehicle isn’t much of a challenge these days as dealers offer several financing options. If you have bad credit, though, getting approval can be difficult. Take note – it can be difficult but not impossible. This is because of buy here pay here financing.
Buy here pay here allows you to get a loan and make payments on it at the dealership itself. You’re going to purchase your car through in-house financing instead of through a bank or other third party financing services. Here are the benefits that buy here pay here financing offers:
Eliminates the need for credit check
If your credit score is less than perfect, buy here pay here isn’t just one of your options. It is your only option as traditional loan agencies are sure to turn you down upon evaluating your credit rating. With buy here pay here dealerships, you have better chances of getting the car that you want.
Flexible payment arrangement
Many reputable buy here pay here dealers in Indianapolis offer different options in terms of payment schedules. Some dealerships are willing to work with buyers to come up with the best payment schedule. It’s up to you to choose a weekly, bi-weekly, or monthly schedule. The frequency of payment will depend on your own income schedule and the price of the car, along with the financing plan you choose.
Improve your credit
Most dealerships in Indianapolis send a report of their clients’ payment history to credit bureaus. This offers you a great chance to work on improving your credit history. Just make sure to ask your dealer if they send the reports regularly. When you’ve improved your credit, you can have the confidence to negotiate for better loan deals. You may even use that advantage in your next car purchase.
One thing that differentiates dealers that offer buy here pay here services in Indianapolis from traditional dealers is that no third party lending company is needed. All financing details are handled directly at the dealership by the sellers themselves – from the approval of the payment plan to the arrangement schedules.