Buying a car when you have damaged credit can seem frustrating, and at times, a complete dead end. So when you are being continuously denied for an auto loan, what can you do? A no credit check car loan may be the answer you are looking for.
It’s possible that you have already heard of car dealerships that offer “guaranteed financing.” And the first thing you probably ask yourself is “how?” These dealers are able to do so is because they don’t work with banks or other third-party lending companies. Every aspect of the deal is done right there at the dealership. These dealers are commonly called “Buy Here Pay Here” or “In-House Financing”.
The Benefits of Buy Here Pay Here Lending
When dealerships don’t need to acquire their financial support from an outside source, it allows them to be more flexible with the approval guidelines as opposed to traditional auto lenders.
- No Credit Check
When you work with an In-House or BHPH lender, your credit is not an issue. These dealers will utilize your income, employment and residence history in order to determine your ability to pay. It’s a fast process and since there is no emphasis on your credit score, this type of car buying is appealing to bad credit car buyers.
- Flexible Payment Schedule
No credit dealers have more flexibility when it comes to payment options. They will coordinate your payment dates with your paydays. While this means that you may be paying weekly or bi-weekly, it allows you to build a relationship with the dealership. Many dealers will want you to make in person payments at their location, but some may offer online payment options.
- Vehicle Selection
At a traditional dealer, you usually take a look at several vehicles first and figure out the financing last. When you work with a BHPH/In-House dealer, you will determine how much you can afford to pay before looking at and selecting a vehicle to purchase. Once those details are worked out, the dealer will provide you with a selection of used vehicles to choose from.
The Right Buy Here Pay Here Dealer
If you need to get financed for a car fast, it can be extremely tempting to go for the most immediate option. Before you do that, you should be absolutely sure that the dealer you are working with is reputable and is providing you with the best possible deal. Suburban Auto Finance has helped car buyers with bad credit buy a reliable car, regardless of their situation. Our team is skilled in finding the auto financing that works for your situation. Get started today by completing the fast and secure online application.