Buying a car at a buy here pay herr dealership can be stressful. It is important to know the facts about these dealerships, before you commit to a deal. You can find a buy here pay herr car lot through a quick search online, or you can visit the lot yourself. You can ask a salesman to show you the vehicles.
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These dealerships are designed to help people who have a low credit score, or no credit at all. Unlike traditional dealerships, they have in-house financing and are more likely to work with credit challenged borrowers. They often have the best interest rates, which can make the purchase of a new car easier.
Buy here pay here loans are not reported on your credit report. They require you to make monthly payments in person. If you miss a payment, your car may be repossessed. This can result in a big hit to your credit score. The best way to avoid this is to make all payments on time.
Some buy here pay here dealerships report payment history to the major credit bureaus, including Equifax and Experian. Others may not. It is important to ask your dealer if they report payments.
These car lots may also try to sell you a warranty or GAP insurance policy as a condition of the loan. This is not an ideal solution, as it could result in the loss of your down payment.
If you are buying a used car, it may be better to trade it in. This will reduce the amount you owe, and lower your monthly payments. However, you must make sure you get a bill of sale with the sales tax included.