How Do Buy Here Pay Here Car Lots Make Financing So Easy?
As a Buy Here Pay Here dealership in Wichita, drivers from Kansas and Missouri often ask us how do Buy Here Pay Here dealers make financing so easy. This question comes about because of the decades of hassle people have been put through just to buy a car.
Traditional used car dealerships in Wichita have been slow to keep up with the needs of individuals in the modern era, so Buy Here Pay Here car lots have come in to fill the gap. Buy Here Pay Here financing is so simple it surprises some people.
Why Is Your Credit Score Often an Issue for Buyers?
The U.S. economy has been on a rollercoaster ride over the past twenty to thirty years. The cycle of boom and bust, the housing crisis, the recession, and financial uncertainty has taken its toll on just about everyone in Missouri and Kansas. At some point over the past few decades, we’ve all felt the pinch.
If there’s been a time where you’ve had a lot of credit and struggled to repay all of the bills on time, you’re not alone. Unfortunately, banks and lenders share data on these credit problems via the three credit reporting agencies. These agencies have somewhat of a stranglehold on the credit industry, and while there has been an effort in Congress to ensure more accurate reporting, one’s credit report can be filled with discrepancies or old information.
If you think you might have a poor credit score, it’s worth getting a free credit report to see what’s on it. You can get a free credit report once a year. You might be able to remove errors from the report if you find them, but this involves getting the original creditor to clear the record, something they’re not always in a rush to do. You might have a protracted back-and-forth with them to try and get a record expunged.
Even if the information on your credit report is accurate, it can include problems you’ve had repaying a loan many years ago. You simply have to wait years for this information to become old and irrelevant.
Why Does a Credit Score Matter When You’re Buying a Car?
Your credit score is a high-level indication of how credit-worthy you are. If you’re a person who has taken out credit in the past and repaid it all dutifully, your credit score will be higher. If you’ve had problems repaying credit in the past, your low credit score will suggest you might not repay another loan in the future. If you’ve not relied on credit at all in the past, instead of being smart and only paying for things using cash, the banks will consider you an unknown and your credit score will be relatively low.
Banks take that credit score and use it in a formula to decide whether it’s risky to lend you a large sum of money to buy a car.
But Should Your Credit Score Really Matter?
Car lots that focus on poor credit car financing usually don’t believe that your credit score is a good indication of whether you’re a candidate for a loan. For one, if you do indeed default on your car loan then the used car dealership has the right to reclaim the vehicle. The actual risk of losing money to the dealership is low unless you decide to trash your car or you disappear into the night!
Secondly, a credit score offers almost no real indication of how much you can afford to repay. It’s a historical indication of your credit activity, but if you now own your own home or you have a great paying job then it’s clear that you should be considered a good candidate for a loan. Banks that rely on outdated information are turning away perfectly good customers every day, and this is where Buy Here Pay Here car lots come in.
Do Buy Here Pay Here Car Lots Consider Credit Score?
Some Buy Here Pay Here dealerships might perform a credit check, but poor credit auto loan companies like Auto Now in Wichita don’t. This can be crucial to whether or not you’re offered a loan for a car.
At Auto Now, you can get a loan for a car if you’re earning at least $1,200 after tax. You’ll need some forms of ID and proof of income, but that’s it. Now you can see why people are sometimes amazed at how easy car financing at a Buy Here Pay Here car lot can be!
Are There Other Advantages of Buy Here Pay Here Car Lots in Wichita?
Simply being offered a loan for a vehicle when you have a poor credit score is perhaps the biggest benefit of Buy Here Pay Here financing, but it’s far from the only benefit.
Financing is made easier, but so is the entire process of buying a vehicle. Once you consider that everything is done under one roof, you can see why things can be much more streamlined. You can get approval for your loan online, get an exact quote of how much you’re able to borrow, browse through the hundreds of models on offer, then come to the dealership to pick up your car and sign the loan documents. Instead of taking weeks, it takes hours. If you really needed to, you could have a new car to drive away almost immediately.
After you’ve taken ownership of the vehicle, you make repayments direct to the dealership. There’s no third party you need to worry about. You even get a two-year warranty, so if anything goes wrong with the car you just bring it back to the dealership and it’ll be repaired.
Buy Here Pay Here car lots like Auto Now make financing easy and buying a car into a fun, exciting activity.
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