Getting a Car Loan if You Have Credit Problems

In the United States economic structure, having a questionable credit history can severely impact your ability to do day to day activities. This ranges from everything from being able to obtain educational loans without a cosigner to being unable to purchase a house – regardless of how much money you make and how reliable your past payments to other financial obligations have been. People with credit problems usually suffer from a sense of guilt, blame, and a feeling that they are alone in your credit problems. The truth is, if you’re experiencing credit issues then you are among one in millions of people who have experienced these problems. One in eleven credit card holders feels as though they will always have credit card debt, no matter how hard they try to pay it off. And these high balances are part of the reason why credit scores can inch lower even if you’ve done your best to make payments on time.

Among the problems that people with credit issues experience is the ability to obtain a loan to repair or replace an old car. People with cars are usually dependent on these vehicles as a form of transportation to and from their work. Without that access to work, they are unable to make the money they need to make repairs on their car. When you don’t have the money saved up and are not able to access traditional loan options, there are options.

Visit a Buy Here Pay Here Lot for Loan Options

Purchasing a vehicle from a buy here pay here auto sales establishment is easy and convenient, as well as being a viable option for those with past credit problems. The first stop for people thinking about purchasing a car from a buy here pay here establishment is to view the dealership’s inventory to see what they have. While most reputable dealerships will have a big selection of cars you can choose from, buy here pay here lots also take in used vehicles only. Therefore, they will have a massive range including many different makes and models, but might not have your dream car. However, the chance that they have a car that fits your needs is high.

Additionally, if you have an old car you’d like to get rid of, you might be able to trade it in to a buy here pay here dealership for credit toward a new car. This is one of the many ways that buy here pay here dealerships keep their inventory diverse – by buying cars from potential customers. Most dealerships have guidelines and rules centered around the types of cars they will buy, so before making any big financial decisions based on the Kelly Blue Book value of your current vehicle be sure to talk to the dealership to find out if they can take it and how much they will take it for.

What the Loan Application Process Is Like

Applying for financing through a buy here pay here dealership looks a lot like this. You’ll visit the dealership and browse their selection of vehicles. At some point, a salesperson will most likely ask you about your budget and will show you cars based around your budget. This is not to dissuade the buyer from purchasing that hot new sports car – instead, it is to guide them into making smart and financially-savvy choices that will give them reliable transportation as well. Once you have an idea what car you’d like to purchase, a salesperson will work with you on filling out an application for an in-house loan.

Loans through buy here pay here establishments are not based on credit alone, though the application will likely ask for your social security number. Not everyone who goes to a buy here pay here establishment has credit problems, so a credit inquiry can help potential customers with good credit get a rate and payment plan that better works for their income and needs. But credit history should not be a worry for potential customers, as several different decisions go into the calculation of an in-house car loan. Most importantly, a loan from places like Auto Now Wichita often requires a net take-home each month and might need references upon request. To save time, many buy here pay here dealerships have put the application online for potential clients to fill out – that way if the dealership has any questions about the form, they can call the potential customer before they come in for an appointment.

Are There Any Loan Limitations?

While the loan application process is usually easy regardless of credit, there are still specific requirements that must be met for potential customers to receive loans. At Auto Now Wichita, the conditions are as follows:

• Applicants must have a monthly income of $1200 or more after taxes. This ensures that you can make dedicated monthly payments regardless of your credit history.
• Applicants must have a valid driver’s license. Because the loan will be for a specific car, which will be licensed under your name, it is essential that you have a license. This shows us that you are most likely buying the car for yourself and, more importantly, that you can drive the car that you are purchasing.
• Applicants must be at least 18 years of age. While we recognize that minors can hold a driver’s license and bring in a significant income each month, we cannot hold them legally accountable for a car should they fail to make monthly payments.

Regardless of your credit history, getting a car at a buy here pay here auto dealership is one of the quickest and most hassle-free ways that you can obtain a car loan and get yourself back on the road in a new vehicle. Auto Now is one of Kansas and Missouri’s most reliable used car dealerships. Our wide selection of used cars provides the comfort and flexibility you need at prices that work for everyone. To get started with a loan application, visit our application page today or visit us at our Wichita location.