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Submitted by: John Schofield
The buy here pay here car dealers have been more popular than ever. It is a good option if you want to buy a car but have some troubles with your credit score. Normally, the car dealers would be working with banks and lending companies for the financing. However, people with low credit score would have a hard time to get a car loan or financing approval. An approval would usually result to higher interest rates. The buy here pay here car dealers give a great solution.
What Is Buy Here Pay Here Dealership
The buy here pay here car dealers will arrange the car dealership. They will provide you with the money that you can use to buy the car but you will need to pay the dealer the original amount as well as the interest. The number of months or years for you to pay the loan varies from dealer to dealer.
Today, the car dealers accept several payment options. Some of them are cash and check. You may find buy here pay here car dealers that accept online and mobile phone payments but they are very rare. Credit cards are not a usual option because the buyers usually have a bad credit record.
Modern vs. Traditional Dealership
The main difference between the buy-here-pay-here car dealers and the traditional or usual ones has something to do with how they present the car and financing options. The traditional car dealers would show you the cars before discussing the financing options but modern car dealers Bradford and car dealers Wakefield would talk about the financing options before showing you the cars.
Pros and Cons of Buy Here Pay Here
The main benefit of going to a buy here pay here car dealer is that you can repair your credit record. Such type of dealers can report to credit bureaus regarding your payment behavior. It is important that you do not go behind the due dates. They can help you rebuild your credit. However, not all buy here pay here car dealers would report to credit bureaus so it is important that you ask them.
The main disadvantage of buying from buy here pay here car dealers is that you will pay high interest rates. It is important that you take note of this. Make sure to look at the computations and think if the installments would fit your budget.
Questions to Ask
Just like talking to traditional car dealers, there are some questions that you should ask your buy here pay here car dealer. You should ask the required documents, payment options, and type of vehicles that you can buy. Normally, you will be required to show proof of car insurance. You may also be required to show utility bills, house rent agreement, certificate of employment, drivers license and social security number. For payment options, it is rare to find a monthly payment scheme. Most of them require that you pay weekly and even bi-weekly. It is also important that you ask about the condition of the cars. You should also know the conditions or consequences of late payments so do not forget to ask.
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