Auto Now Wichita: Buy a SUV with Buy Here Pay Here Financing

July 5th, 2019 by

SUVs are arguably the most popular type of car in the United States. Applauded for their safety, affordability, and relative gas saving capabilities compared to trucks, a recent survey showed that almost all of the top 10 cars in America last year were a truck or an SUV. Despite being much more affordable than a new truck, SUVs are still out of the price range of many Americans. The average new SUV costs about $35,000, whereas the average new sedan costs just over $25,000. This price jumped 2% from 2017 to 2018, according to Kelley Blue Book. This leaves many disheartened by the idea that they might never get the chance to own an SUV in their lifetime.

Luckily, owning an SUV is not as difficult as the average price might suggest. Especially if you purchase a used SUV through a trustworthy buy here pay here dealership like Auto Now of Wichita, you can save time and money on the process and end up with an SUV that is just as good as any that you might get from a factory dealership.

What is Buy Here Pay Here Financing?

Buy here pay here financing is a type of financial assistance that comes directly from the dealership. As the name implies, it implies that you receive financial aid at the dealership you are hoping to work with rather than having to seek financial assistance from outside sources. We’ll speak more about what the financial process looks like later, but typically a person hoping to buy a car from a buy here pay here dealership needs only to visit the dealership’s website (or the dealership in person), apply for financial assistance, and then be granted that assistance. In essence, it is a one-stop shop.

How is it Different From Typical Financing Options?

Other financial options require multiple stops and invasive techniques to help investors understand just how much investors can give to potential borrowers. When you apply for a bank loan, the process usually looks like this: you go into the banking institution, you work with a loan officer, and they inquire about your income, and you fill out an application together. Alternately, some banking branches allow customers to fill out forms online. Regardless of the application process itself, filling out, getting approved, and eventually getting the funds needed to purchase a car is a long-reaching process.

In the meantime, not all cars wait. Especially for those hoping to buy a specific vehicle from a private seller, the time it takes to get the funds from a private loan can often lead to people to miss out on getting the cars that they want. Cars get bought out from under them, leaving them with the need to find another vehicle quickly (usually a car that they don’t want!)

How Does the Process of Buy Here Pay Here Financing Work?

Fortunately, buy here pay here financing options, especially those at Auto Now of Wichita, are much more straightforward. The difference between this sort of financing and conventional bank financing is that the process of applying for funding is different. Instead of researching the cars you want, you instead research which buy here pay here car lot you are interested in purchasing from. From there, you fill out an application. Most buy here pay here car dealerships have an online form you can fill out to save yourself time. By filling out the application at home, you assure yourself that you have time to get all the necessary materials — such as proof of income or any reference information you might need.

Once your application is filled out, you then meet with a representative at the buy here pay here car dealership. They will go over how much you were approved for and will clarify any unfamiliar terms or issues with your application. From there, they will help you pick a vehicle from their inventory that meets your standards and your budget. Once you find the car on the lot that works for you, you sign off on ownership papers and can drive away with your new car!

Don’t see anything that strikes your fancy? Don’t worry. We will keep your application on file and can let you know if the particular type of car that you are looking for reaches our inventory. If your income changes between then and now, let us know! We might be able to increase your borrowing limit.

What are the Restrictions for Buy Here Pay Here Financing?

One of the best parts of buy here pay here financing is that there are not that many limits on who may take out an in-house loan. Unlike banks and other financial institutions, your ability to borrow money is not dependent on your credit score. We lend to everyone, regardless of credit history, and we will continue to make access to reliable cars easy for everyone.

Each buy here pay here establishment will have their own rules for borrowing, so be sure to discuss those with the establishment before getting too far into the application process. For Auto Now of Wichita, those limitations include:

  • Age. You must be 18 years or older to purchase a car through one of our locations.
  • Income. You must make a minimum of $1200 monthly after taxes to be considered for an auto loan.
  • License. You must have a valid license. The state in which you are a resident doesn’t matter, only the validity of the license.

Other than these restrictions, the sky is the limit when it comes to applying. Most buy here pay here car lots are more than willing to help you get the car that you need regardless of your time constraints and/or credit history. Additionally, buying an SUV from a buy here pay here establishment is easy– because of their popularity among United States drivers, there are almost always SUVs in stock at any buy here pay here lot you might visit.

Don’t let the soaring prices of new SUVs get you down. Consider buying your next SUV from Auto Now of Wichita. We serve the greater Wichita, Kansas metro area and have NIADA certification, so you can be sure about the SUV you purchase. Contact us today for more information about how we can help you get the SUV you’ve always wanted for a fraction of the cost.