Buying a car with a bad credit score can be difficult. If you haven’t been approved for an auto loan, you may need to look at buy here pay here dealerships. These dealerships specialize in helping people with bad credit get a vehicle. While these dealerships can be helpful, they may not be the best option for you.
What credit score do you need to not put a down payment?
buy here pay here dealers near me often have high interest rates. This is because they make a profit on the loans they issue. They also make money by selling cars. These dealerships have a lot of competition. This means that they are able to sell cars for less than their true value.
You may need to provide a large down payment to get approved for a loan. You may also need to provide proof of income, residence, and credit. Some buy here pay here dealers will also want to add a GAP insurance policy to your loan.
These dealerships may require you to make weekly or bi-weekly payments. They may not report these payments to the major credit bureaus. They may also have tracking devices on the vehicle to repossess it if you fail to make payments.
When you make your payments on time, you will start to rebuild your credit. This will also help you qualify for other loans in the future. If you fall behind, you may need to apply for a personal loan from a friend or family member. You may be able to get a personal loan from a bank.