Second chance financing options for consumers with bad credit are available through Buy Here, Pay Here car lots. A Buy Here, Pay Here car lot may be the best option for you if you have poor credit or are having trouble getting approved for auto loans. Let’s take an in-depth look to discover what they are, what to do when financing a car and where to find them.
What Are the Buy Here Pay Here Miami?
A Buy here Pay Here dealership not only sells cars but handles all aspects of financing. In other words, the dealer is the bank. Make your payments and buy your car from this dealership. These dealers are trained to assist consumers with credit difficulties that may prevent them from getting financing through traditional banks.
Many of these dealerships will almost guarantee your approval. A steady income and a decent downpayment will usually get you approved.
What to Expect when Buying a Car
Buy Here Pay Here dealers may offer loans with high risks. These loans are second chance loans and not loans that most banks will approve. You’ll find that they charge a high interest rate, finance for short term (24 months) and sell cars for more money than the car is worth.
In order to get approved by a Buy Here/Pay Here car lot they will typically ask that the customer provides:
*Proofs of Income (pay stubs, bank statements or W2)
*Proofof Residence (current utility bill).
*Proofs of full coverage insurance
*5-10 References for family and friends
*Valid Drivers Licence
*Down Payment (roughly $1800 minimum)
You will be approved if you have a small list.
Most car lots that sell Buy Here Pay Here vehicles are between 5-10 year old. They have higher mileage, typically 80,000-130,000 miles. However, this is not always the case.
Where are they located
Car lots with Buy Here Pay Here are easy to locate online, in local papers, or simply walking down the street. The advertising will include the following:
*Buy Here and Pay Here
*We Finance
*In House Financing
*Note Lot
*We Carry the Note