What is a Buy Here Pay Here Auto Loan?

When you’re looking to buy a used car in Olathe, you’ll quickly find there’s more than one way to go about it. The best option would be to buy a used car outright, foregoing any used car auto loan. Unless you have a current vehicle of good value that you can trade-in, this is a difficult prospect as few people have lots of spare money to cover the cost of a car purchase.

The next option that most people seek out is a traditional auto loan from a bank or from a company that specializes in loans for cars. You can either go directly to a number of banks or apply online for a car loan. Unfortunately, traditional auto loans are difficult if not impossible to get if you have a poor credit history. Even if you’ve not used credit in the past, a bank will be unlikely to lend you a large amount for the purchase of a vehicle.

Does that leave you out of options if you’re buying a used car in Olathe and you don’t have the best credit score? No. Thankfully, Buy Here Pay Here financing is the realistic option for those with less than perfect credit.

What Is Buy Here Pay Here?

Buy Here Pay Here car loans started in the 1970s when there was a high unemployment rate. There wasn’t much of a chance for people with poor credit to purchase a vehicle for themselves and their families.

Many car lots in Kansas and Missouri noticed that there was a lower number of sales going through their doors, meaning that they had to find a solution to this issue. Their new idea was the Buy Here Pay Here car loan.

The idea was to have a finance company associated with the car lot to approve loans for customers with low or poor credit, or to prevent them from having to get a loan from the bank which could put them into a worse situation than they already are.

This concept has evolved much over time so that now the car lots themselves are leasing cars and giving loans inside of a building directly connected to these car lots. Meaning that it has become easier than ever to lease your next car!

How Does the Buy Here Pay Here Process Work?

Now, it would seem like this process would be very difficult, as it could be that a high credit is needed to get these loans, but it isn’t as difficult as it may seem. Whenever you arrive at the car lot, find your car and talk to a seller while you’re there. Then once you are for sure happy with your choice, go ahead and close the deal, and they will help you with the whole financing process while you go along. After this, you will be taken to a separate building to understand how the financing and process will go along. Alternatively, you can secure funding from the Buy Here Pay Here dealership first so you know how much you’re able to afford and then choose the vehicle that fits your needs and your budget.

Low Down Payment Buy Here Pay Here Auto Loans in Olathe

There are a number of myths about Buy Here Pay Here car loans that should be dispelled. For one, it’s often considered that you’ll need to make a larger down payment on a vehicle when you get Buy Here Pay Here financing for a car.

This might have been true about 20 years ago when Buy Here Pay Here dealerships in Kansas and Missouri were first finding their feet. They needed to increase the amount of down payment the buyer placed to cover the additional risk of loaning directly. However, now that so many large players have come into the market, there’s a lot less risk for Buy Here Pay Here dealerships and they’ve been able to perfect the systems involved.

Auto Now in Olathe will see you in a car of your choice with a down payment as low as $99. If you need a car now but you don’t have large sums of money to put down as an initial payment, Auto Now is a great choice.

Exemplary Vehicles at a Great Price

Buying used means you avoid the massive depreciation in value that all new cars see. Buying a used vehicle that has been treated well by its previous owners is financially one of the smartest moves you can make when buying a car.

Buy Here Pay Here vehicles are a step above the cars you can purchase privately as they’ve already undergone a tough inspection by the dealership before they’re put on sale. Every maintenance step has been performed to bring the used car up to a nearly new standard. A respected Buy Here Pay Here dealership like Auto Now doesn’t purchase any vehicle for sale that doesn’t already meet its exacting standards. This is how the Buy Here Pay Here dealer can keep its reputation.

Can You Get a Warranty on a Buy Here Pay Here Car?

Every Buy Here Pay Here dealership is different, but at Auto Now you automatically get a warranty on every vehicle sold at the car lot. This is quite an extensive warranty, covering all of the major parts of the vehicle – the engine, transmission, electrical systems, etc. You are covered for two years after purchase or for up to 24,000 miles, whichever comes first. There’s a $200 excess on repairs, but everything above that will be covered by the dealership so you can have complete peace of mind no matter which car you buy from Auto Now.

Buy Here Pay Here is the future of car buying, and more and more used car dealerships in Olathe, Kansas City, and Missouri and choosing the Buy Here Pay Here model. It’s better for business because it’s better for the customer.