Auto Loan Options for Those with Poor Credit in Wichita

March 5th, 2020 by

Having a poor credit score is nothing to be ashamed of. You’ll find that across Wichita, because of the various financial depressions and recessions we’ve all found ourselves reeling from over the past few decades that many people have less than perfect credit scores. Money can be tight, and gains on the stock market don’t really mean much to the average person.

Having credit problems doesn’t really matter on a day-to-day basis until you find yourself needing to make a large purchase that you can’t immediately afford. Buying a car is one of these times, as dropping thousands or tens of thousands of dollars on a new vehicle is something very people are able to do. Instead, they turn to financing so they can get the vehicle now and make repayments until the financing is all paid off.

But this is where having bad credit can put a stick in your spokes. Most banks, wary of losing money in another financial crash, will not lend money to people who have no collateral and a history of issues with credit. Even if it’s been many years since you’ve had any problems with credit, it remains on your file as a black mark, stopping you from realizing your need to buy a car.

Thankfully, the auto loan market has changed a lot over the past few decades to compensate for this disparity between the elite banks and the normal person on the street.

Alternative Loan Options for Those with Poor Credit in Wichita

In-house financing is an option for those who are struggling to get an auto loan from the bank. With in-house financing, the dealership takes a more hands-on role in sorting out the financing for your vehicle purchase.

The most modern and advanced version of in-house financing is Buy Here Pay Here financing, where the dealership is taking on all of the roles the banks used to in addition to the role of selling used vehicles on a car lot.

What is Buy Here Pay Here Financing?

As the name suggests, at a Buy Here Pay Here dealership in Wichita you’ll buy your used car at the dealership and make repayments for the loan straight to them. Essentially the dealership becomes the bank and there’s no longer the need to go through an antiquated process of getting approved for a car loan based on a credit score.

How Do You Know Whether Someone Will Repay the Loan?

Buy Here Pay Here dealerships know that the credit issues someone had seven, eight, or nine years ago are not a good reflection of their ability to repay a loan in the present. Though every Buy Here Pay Here car lot has a right to its own criteria on whom to loan to, most Buy Here Pay Here dealerships base the decision on salary.

For example, at Auto Now, if you’re able to prove you’re a driver taking home over $1,200 each month after tax then you’re approved for an auto loan in Wichita or at any of the other Buy Here Pay Here dealership locations in Kansas and Missouri.

The law still exists of course, so the dealership has the right to repossess the vehicle if the borrower doesn’t keep up with their repayments.

Do Buy Here Pay Here Dealerships Run Credit Checks?

Buy Here Pay Here dealerships, on the whole, do not run credit checks. As dealerships with inventories that they need to shift, there’s a lot of incentive for the dealership to offer loans to people who can demonstrate they’re able to make the monthly repayments.

Because no credit checks are performed at auto loan specialists like Auto Now, the process is lightning quick compared to a traditional dealership. There’s also much, much less paperwork. It’s no wonder that the Buy Here Pay Here industry has grown and grown and more people see the benefits of foregoing the dated traditional dealership.

What Other Auto Loan Options Are Available for Those with Poor Credit?

Very few other options exist for those looking to buy a car in Wichita with bad credit. The issue is that a car is quite an expensive purchase, so other loan options like payday loans, personal loans, and cash advance loans aren’t going to be enough to cover the costs of a car.

If you are able to borrow money from family or friends and pair it with credit card cash advances, it’s feasible you could cover a larger down payment on a car, but it stretches your budget so far that it’s possible you’ll struggle to repay the loan and the various credit cards, resulting in losing the vehicle, devastating your credit score, and worse.

Buy Here Pay Here Cars in Wichita

You can choose from a wide range of vehicles for sale on the Buy Here Pay Here car lots of Auto Now in Wichita and across the state. There are hundreds of vehicles, and they’re all available to browse on the Auto Now website. Every vehicle has had an extensive, comprehensive test that ensures it’s running in excellent condition.

Every car bought through Auto Now has a warranty that covers you for two years or 24,000 miles, whichever comes first. So you can immediately be reassured that every car on offer is in excellent shape and should any issue rise up you’re completely covered.

You can apply online for Buy Here Pay Here financing in Wichita on the Auto Now website. All we need is some basic information like your contact details. Remember, we’re able to get you into a car today if you’re over the age of 18, you have a driver’s license, and you take home at least $1,200 each month after taxes.

For those with poor credit in Wichita, the best auto loan option is Auto Now, where you’ll find easy auto loan approval and a huge range of fantastic cars from which to choose.