The pendulum of expectations generally swings to the extremes every time someone talks about the buy here pay here dealerships. It is either all bad that misdirects potential no credit car buyers or all good that the scenarios and deals on offer almost seem like a fantasy. The reality actually exists somewhere in the middle where every prospect will seem natural, every step will seem logical and those are what the buy here pay here dealerships have for you.
So, clear out all your misconceptions here, surround yourself with the truth and expect exactly that which is rooted in reality.
Expectation: BHPH dealers do not look at your credit score at all
No credit check does not mean that your credit score and financial history will not matter at all. The best dealers in your search list of the buy here pay here near me will be upfront about the fact that your credit score will ultimately determine the loan amount that they will sanction. Thus, “no credit check” actually means that you are still eligible to apply for a loan despite what your credit score has to say but the amount will be capped depending on your spending habits and your income source.
Expectation: You can buy any car you want at the dealerships
Again, such an expectation will come crashing down for the simple reason that it is too good to be true. Can you buy any car you want with the money you have? Won’t your budget limit your options? Similarly, at BHPH dealerships, you can only choose from among those options that your approved loan will cover. But the silver lining here is at the top dealerships like Family Auto their car sales inventory is large enough to accommodate all your desires that you may have from your car.
Expectation: They are loan sharks who take advantage with high interests
Small players in the BHPH auto industry have plagued the reputation of the entire business. In reality, the interest rates are definitely higher than the traditional banks or other financial houses but these also do not give you loans when you approach them. Buy here pay here dealers’ function in a risky environment and hence their higher rates are a kind of leverage.
And be grounded for a change. Be informed about all the buy here pay here near me dealerships and choose the one who is transparent. The business model is legit, it is designed to help you. Choose one in the real world and enjoy your drive back home.