Car Loans With Bad Credit

Car Loans For People With Bad Credit

Buying a car with bad credit seems like an almost impossible idea. However, there are ways for you to get a car that you’ve always dreamed of. Believe it or not, buy here pay here or BHPH dealers will actually help you. They’re almost the gateway to not letting your bad credit hold you back on what you need in life.

Common misconceptions about BHPH dealers

First off, let’s start with removing the common misconceptions that people have spread about BHPH dealers. The most common two being: BHPH dealers sell overpriced cars; and BHPH dealers sell overpriced cars to people who can’t afford it, so they can repossess it just to sell it again. Basically, both of these misconceptions will lead people into more debt and worse credit. Beyond that, after getting a car, soonafter, you might not even have one. Especially, after it gets repossessed. So, you’ll be up to your head in debt, and you no longer have a car. Sounds scary right? Well, we’re here to let you know that you should actually choose well-trusted BHPH dealers if you’ve got bad credit. Why? Well, we’ll give you a number of reasons how you, as a borrower, will benefit from BHPH dealers.

With the misconception of BHPH dealers, it’s not difficult to see why you’d second guess buying a car from them. Plus, the fact that BHPH dealers sell used cars, when you want a new one, is also another thing you’d second guess. However, these are actually the qualities that would get you that car. Here are some reasons why BHPH dealers are the better options instead of private sellers or even bank auto loans.

#1 Credit Checks

Knowing that you have bad credit means that you probably can’t get loans right off the bat. Especially from lenders that pull up your credit report. Plus, these your credit history will say all the things that any borrower already know, that you can’t pay. However, with BHPH dealerships, they know that you’ve got bad credit. Depending on your history though, there’s still a high possibility that you’ll be able to get a car loan. So, even if they pull up your credit history and check it, you’ll still be able to qualify for a car loan. For most BHPH dealerships, they take care of those who borrow from them especially those with bad credit. If you don’t have credit history, BHPH dealers could also help you on that. Beyond this though, here are some things you should check off your list though to make sure that your bad credit still qualifies for a car loan:

– Monthly income is at least $1500 to $1600 a month
– Full time employment and not seasonal
– Legal residency
– Reside in the United States
– Currently have, or able to obtain, car insurance

These are the most important things when trying to apply for a car loan. Especially with BHPH dealerships. They aren’t as strict as banks or private sellers with credit history, but you’ll still need a few things to make sure you walk in with worry and walk out with a car.

#2 Walk Out With A Car

While BHPH dealerships do require you to have a full time employment, it actually helps them “trust” that you’d be able to borrow the right amount of money to buy a car. What’s great about this is, when you meet their requirements, you’ll most likely walk out with a car. It doesn’t include messy and long papers to that needs to be filled up. Or, contrary to banks, you won’t even have to put up some sort of collateral. They may repossess the car, but that’s only if you miss like two or three payments. So, if you’ve read somewhere that this guy got his car from a BHPH dealership, and it got repossessed. The most likely situation was that he didn’t pay the dealership monthly or he missed consecutive monthly payments.

#3 Straightforward Process

Although in some cases people haven’t been to get an approved car loan, it shouldn’t worry you. Most BHPH dealerships like The Auto Warehouse go through a process of picking out the best options for you. These options include which car you should get, type of payment scheme and how much you can loan. They do all these processes for you and you just pick out which ones work best. You can actually call up different BHPH lots and get a quote. This will help you pick out which ones best fit your budget. While there are rumors that BHPH sell used cars at a high price, this isn’t true for all. In most BHPH lots, you’ll actually get the best deals and interest rates don’t go as high as 30%. This is definitely a myth that BHPH lots have interest rates as high as 30%. We at The Auto Warehouse can prove to you that this myth is false. In the process of showing you, we’ll actually be even to process everything you need to bring a car home today. You see how straightforward our process is? You just have to fill up one form, and you’re almost good to go.

#4 BHPH Lots Can Make Your Credit Score Better

Did you know that by taking a car loan from a BHPH lot can actually increase your credit score over time? How? Well, if you pay the weekly, bi-weekly, or monthly amount needed, BHPH dealerships can actually report your payment history. Not report you to the police, but more on them helping you to rebuild your credit. This, again, usually works if you don’t miss a payment for the car loan. So, if you’re struggling to up your bad credit score, BHPH lots will help you. If you’re actually really buying a car just to up your credit score, you should ask for the dealership to report the payments monthly. By doing this, you’ll save yourself and everyone else the trouble at the end.

At The Auto Warehouse, we know all your needs and worries. We love to help people with no credit, bad credit and perfect credit get the best deals possible. You don’t need to go to a traditional car loan process when you can rely on people that’ll take care of you. So, call us now and let us know how we can help you sit behind the wheel of your next car.