Buying a vehicle can be a stressful and time-consuming process. Sometimes it’s hard to figure out where to go, which questions to ask, and how to determine whether you’re getting the best deal. If you’re looking for a new car, but don’t have enough cash to pay in full, it’s wise to become familiar with your options so you can navigate your way through the “Buy Here, Pay Here” dealership world. This type of dealership offers low monthly payments and provides a great alternative to people who may lack credit history or don’t have the money for a down payment.
These dealerships often provide better customer service than traditional car lots because they cater exclusively to buyers who need help with financing. So what’s it like to purchase a vehicle from this type of dealership, and how can you make sure you’re getting a fair deal? Check out these tips and find out!
1. Shop around
Just as with any car purchase, it’s important to do your research and compare prices before deciding on the right vehicle or dealership. When it comes to choosing a “Buy Here, Pay Here” dealership, not all are created equal. Some will offer better deals than others, and remember that you don’t have to buy a car from the first place you visit. Even if you find a car you like, it’s worth checking out a few different Buy Here, Pay Here lots before making your final decision.
2. Know your credit score
One of the biggest factors in determining which vehicle you can purchase and how much your monthly payments will be is your credit score. If you don’t know what your score is, there are plenty of online services available that provide your credit score free of charge. Keep in mind that many Buy Here, Pay Here dealerships are more likely to approve you for a purchase if your credit score is low. However, this doesn’t mean you should buy a car you can’t afford just because the dealer is willing to finance you.
3. Have all of your paperwork ready
When you go to buy a car, your dealership will expect to see forms of identification, proof of income, and proof of residence. It’s helpful to have all this information on-hand so that you don’t have to spend time filling out paperwork once you’re there. Also, if you visit more than one Buy Here, Pay Here lot, it’s a good idea to bring a copy of your credit report with you. This will show the dealerships how much credit you have available.
4. Know what you can afford
It’s important to be realistic about what you can afford when shopping for a car at a Buy Here, Pay Here dealership. Just because a dealer is willing to finance you, this doesn’t mean you should buy a car whose cost is beyond your budget. Remember, you’ll also need to factor in the cost of gas, insurance, and repairs, in addition to your monthly car payments.
Just like with any other car purchase, it’s important to haggle when buying from a Buy Here, Pay Here lot. This may be a bit more challenging than bargaining at a traditional dealership, but it’s still worth a try. If you see a car you like, tell the salesperson that you’re interested, but that you’re also willing to look around at other lots. See if they’re willing to lower their price or throw in some extras (like a warranty or free oil changes) to sweeten the deal.
6. Get a car history report
Before buying any car, it’s always a good idea to get a car history report. This will tell you if that particular car has been involved in any accidents, or whether it has experienced any serious mechanical issues.
7. Read the contract carefully
When you sign a contract to buy a car, you’re agreeing to the terms set by the dealership. It’s important to read your contract carefully before signing anything. If you have any questions, ask the salesperson to explain to you. Don’t let them pressure you into signing if you’re not comfortable or sure what you’re getting yourself into.
Shopping for a car at a Buy here, Pay Here dealership can be a daunting task. By following these seven tips, you’ll be able to navigate your way through the process smoothly, and find the right car to meet your needs.
The Carfect is a used car dealership that buys here and pays here, which means we finance the cars we sell. This gives us the ability to finance people who may have questionable credit histories.