The Purchasing Basics : The Buy here Pay Here Lot

If you don’t have the credit to buy a car on a lot, a lot that “buys here pays here” can be a great option – get the facts. A poor credit score, such as bankruptcy, missed payments or repossessions, can make it difficult to obtain credit terms for a car loan. You don’t have to be ignored by every dealer. You might be able to find a lot that will accept bad credit as part the package. Although you won’t be able to get the best terms at a traditional lot for your vehicle needs, it may still be possible to find a deal that works for you. These are the basics you need to know about buying a vehicle.

What to bring

It is important to bring a few items with you to facilitate a quick transaction. Each dealership will want different things, but this gives you a head start. You should have your driver’s licence, proof of your insurance, your S.S. number and some references. Proof of income is also a good idea. Although many (if not all) of these individuals will accept your poor credit, most will insist that you have work.

Making Payments

You need to be clear about how you will pay your bills before you buy a car in a buy here, pay here lot. There is often no grace period, unlike buying from a traditional lender. You’ll likely be making bi-weekly, or weekly payments. Many businesses will ask you to bring cash or a check in person. Some others will let you pay online or by phone. When buying a vehicle, ask about your options. You may be required to sign up for direct withdrawal by some of the stricter lots.

Lage

If you plan to pay your bill in person, make sure you are close enough to the buy here-pay here lot. The greater the chance that you will miss a payment, and the farther you must travel to make it, the worse. You could face repossession or a late fee if that happens. This is likely the last thing you will need depending on your financial situation. It is best to look for lots that are close to your place of work or your home. This may not seem like a major problem, but it can be if you go to the same place multiple times a month.