How to Rebuild Your Credit With a Buy Here Pay Here Car

The road to a rebuilt credit for millions of Americans is a long and painstaking one. For a system that was designed to make transactions more manageable, it overall has only benefited those with high credit scores and the banks and financial institutions that serve them. For anyone without a high credit score, obtaining a loan, credit card, or another financial line of funding through the use of the credit system is arduous. It often comes with high interest rates on lines of credit, constant refusals on applications that take a long time to fill out, tears over rejections, and frustration. Luckily, there are ways to finance big purchases like cars without going through the traditional credit system. But that’s not where there benefits stop. Working through an alternate line of finance, such as getting a buy here pay here car from a dealership, can not only provide you with an affordable option for a big purchase but can also build up your credit as you go along.

Although credit history is not an issue when it comes to applying for a buy here pay here vehicle, it can still make a difference on the health of your credit score. Most buy here pay here establishments, like Auto Now in Wichita, report to credit agencies on the payments you are making toward your car. Over time, this increases your credit score while also providing you with the vehicle you need. Here is how you can rebuild your credit with the help of a buy here pay here car.

Making On-time Payments

An essential step in rebuilding credit is making on-time payments consistently. Despite what credit agencies would have you think, making on-time payments often is not an issue for those with bad credit. A myriad of different things go into calculating a credit score – from how high your credit card and loan balances are to how many accounts you have open – and sometimes all you need to take the first steps in remedying your credit history is by making new, consistent on-time payments.

Working with a dealership that understands your needs is important in these instances. Auto Now helps potential buyers structure their payments in a way that works for them. Finding a comfortable payment schedule is as important as having flexibility when it comes to making those payments. Plan to purchase a car that is a little below your top budget. That way you can still afford a new car while always assuring yourself that you can make those monthly payments. Your used car dealership will ask you questions about your income and other responsibilities to help you best determine your flexible budget.

Paying More Than is Due

Another perk of buying slightly below your maximum budget is that it leaves you with a little extra spending money at the end of the day. With this extra money, it is possible to make payments that are occasionally larger than usual. You might even feel less stressed. 78% of people working at even the $50,000-$90,000 salary line report living paycheck to paycheck and the stress of not having extra money at the end of the month adds up. Larger-than-normal payments on open credit accounts go into reports to credit companies. When credit companies see that you can make larger than normal payments, you’ll often notice that your credit score will raise. With continued consistency and continued payments that are larger than average, it is possible to rebuild your credit score while still making regular, on-time payments.

Continuing the Cycle

Once you get started rebuilding your credit with the help of a buy here pay here car establishment, you’ll realize that rebuilding your credit is a lot easier than credit agencies make it seem. You’ll probably notice a confidence boost, and you’ll feel like you can do anything when it comes to rebuilding credit. Above all else, having the confidence and wherewithal to see that credit is something you can correct is important to restoring that credit. If you approach your credit history with a sense of dread and despair, it will seem like you are going nowhere. But understanding that the process takes time and is something within your reach is important to correcting your credit before it slips again.

A buy here pay here car is also a vehicle (pun intended) to new monetary opportunities. Use your new vehicle to make a little extra money to pay off other credit-dependent accounts. A ridesharing or transportation app that allows you to make money by providing cheap transport will allow you to bolster your monthly income, which in turn will enable you to pay off student loans, mortgages, and credit cards that much more quickly.

How to Get Started on Applying for a Buy Here Pay Here Car

Most buy here pay here dealerships have online applications that you can access to get started on your application for a car and financing through their establishment. To get started with the Auto Now Wichita application process, click here. The form will ask a few clarifying questions, such as how much money you make each month, how old you are, and whether or not you are a license holder. These questions are to be sure that you fit the requirements for purchasing a car through the establishment. Based on your income, the salesperson that you work with will help you find a vehicle that meets your financial needs as well as your personal needs and will get you set up with payments.

Purchasing a buy here pay here car is a simple process, and for people with credit issues and those who also need a new car, this is one of the most straightforward steps you can take toward rebuilding your credit. If you live in the Wichita greater metro area, give Auto Now a call at (316) 262-3000. We are open Monday through Saturday and open as early as 9 am. In addition to working with a knowledgeable car sales agent, you can also test drive any car on our lot.

Have fun rebuilding your credit while driving a great vehicle from Auto Now in Wichita.