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Bad Credit Car Buying Solutions

Car lots that are Buy Here Pay Here Virginia are second chances for car buyers with bad credit. A Buy Here Pay Here loan may be an option if your credit history or current situation makes it difficult to obtain an auto loan. Let’s take a closer view to see what they are and what you can expect when financing and buying a car. And how to find them.

What are Buy Here, Pay Here Car Lots?

A Buy Here, Pay Here dealership sells cars and handles financing in-house. The dealership acts as the bank. You can buy your car here, and you can make your payments there. These dealerships are able to help consumers with credit problems that could be hindering their ability to get approved for traditional bank financing.

These dealerships almost guarantee your approval. They aren’t so interested in your credit history or credit score but rather in your ability to pay the monthly payment. A steady income and a decent down payment usually lead to easy approval.

What to expect when buying a car

It is important to remember that Buy Here Pay Here dealerships may make high-risk loans when you purchase a car. These loans are second chance loans, and therefore are not approved by most banks. You will find that dealerships will charge high interest rates, finance for shorter terms (24 months or less), sell cars at a higher price than their value, and require a down payment.

They will often ask for the following information from customers to approve a Buy Here, Pay Here vehicle lot:

*Proof Of Income (pay slip, bank statements, W2)

*Proof of residence (current utility bill).

*Proof of full coverage insurance

*5-10 References (family, friends)

*Valid Driver’s License

*Down Payment (roughly $800 minimum).

This is often all you need to get approved.

Many Buy Here, Pay Here car lots will sell vehicles between 5-10 years of age and with a higher mileage (80,000-130,000 miles is typical).

Where can I find them

It is easy to find Buy Here, Pay Here car lots online or by walking down the street. You will see them advertise with phrases like:

*Buy here, Pay Here

*We finance

*In House Financing

*Note Lot

*We Toss the Note