What Does Buy Here Pay Here Mean

Are you looking for a car with low credit? Or perhaps you have a low income while searching for a vehicle? Oftentimes, either of these situations can pose a significant challenge when it comes to qualifying for an auto loan. Maybe you’ve already been to several Terre Haute car dealers or dealerships near you just to be turned away.

At times being turned away may feel discouraging; however, buy here pay here dealerships offer a solution for people with low income or low credit. If you haven’t heard of buy here pay here, you’re likely questioning exactly what it means and how it works. Fortunately, as a dealership offering buy here pay here near Terre Haute, we at Terre Haute Auto have a thorough understanding of the buy here pay here process. For this reason, we have compiled a list of five pieces of information about buy here pay here dealerships below.

1. Caters To Low-Income/Low-Credit BuyersBuy here pay here dealerships like our Terre Haute car dealer are designed for catering to low-income or low-credit buyers. Compared to other used car dealerships near you, buy here pay here dealerships are able to help buyers in bad financial situations by determining eligibility for a loan using factors other than credit.

2. Impacts Credit ScoreWhether you are planning on visiting Terre Haute Auto to buy here pay here near Terre Haute or any other buy here pay here dealership, it is important to understand that an auto loan will have an impact on your credit, even if your credit isn’t used to determine eligibility. In fact, no matter where you shop, taking out a loan on a used car for sale near you will have an impact on your credit. If you make payments on time, it will have a positive impact; however, late or missed payments will have a negative effect on your score.

• Income-to-debt ratio
• Employment
• Living situation

4. Limited Vehicle SelectionsSomething you should note about buy here pay here dealerships is that they typically have limited vehicle selections. This limited selection is due to the fact that buy here pay here dealerships decide which vehicles you can buy based on your financial eligibility. With this being said, your selection may vary; however, you should still strive to find the right vehicle for you at a buy here pay here dealership. For example, if you need to tow something, you should aim to find dealerships specializing in used trucks for sale near Terre Haute or anywhere near you.

For a diverse selection of cars that sets itself apart from most buy here pay here dealerships, don’t hesitate to contact Terre Haute Auto’s Terre Haute car dealer.

5. Trade-Ins WelcomeThe final thing to note about buy here pay here dealerships is that most of them take trade-ins, and they are usually welcome. A trade-in holds many benefits, as it will save you a lot of money on your auto loan while also potentially providing an addition to a dealership’s inventory. Some used car lots near you may even have trade-in offers and incentives that could save you a lot of money. Hence, if you have an old car sitting around, you should consider making a trade-in while shopping with a buy here pay here dealership.