SUV in Desert

When you need to buy a car but aren’t in the best position financially, you need to look at financing options. Saving up to buy a car with cash or getting a bank auto loan are options that take time and aren’t easy. Consider buy here pay here financing and all the advantages it offers versus traditional auto loans.

Traditional Auto Buying Financing
Traditional dealerships work with bank financing to help their customers get car loans for their car sales. The banks require credit histories, have credit and income formulas, and down payment requirements. Not to mention finance rates tied to credit and income.

To get the car you want with traditional financing, even a used car, you’d have to meet some challenging financial requirements. The first hurdle is credit history. The next is a large down payment. Even if you have fairly good credit, to get a loan with monthly payments you can afford, you’ll have to have a large down payment or accept a long term with a higher interest rate. There may even be a requirement for a co-signer.

If you have a poor, or really bad, credit history, you may not even be able to qualify for a traditional bank auto loan. That leaves you at a disadvantage with traditional car dealerships working with bank financing,

BHPH Auto Buying Financing
Buyers in need of a car who can’t get traditional bank financing, buy-here-pay-here financing offers some distinct advantages. Working with a buy-here-pay-here dealership allows you to work directly with the people providing the financing. There’s no credit check or co-signer requirements.

Bhph financing terms include proof of income from paycheck stubs or bank statements showing payroll deposits. You’ll also need to provide information such as proof of residency, an active driver’s license, recommendations, and a low down payment. You’ll get flexible repayment terms based on your pay periods, making it easier to make payments on time.

You have much less chance of being denied the loan terms for the vehicle you choose with this type of financing. You won’t have to come up with a burdensome large down payment. And you get financing based on basic information rather than a credit score.

Buy-here-pay-here dealerships can get you into a car when you need transportation now. Learn how Auto Action in Arizona can help get you into the vehicle you need when you aren’t in a position to get traditional bank financing. Financing isn’t their only advantage – the selection is great too!