Buy Here Pay Here Bellingham
Due to the massive recession there are thousands of people that have bad credit and have needed loans from Buy Here Pay Here Bellingham, Washington. They still need a car to get to and from work. Some of these people have tried to get a car loan and failed, because of their bad credit, while others don’t even bother to try because getting turned down is quite depressing. There is however, a kind of car lot called a buy here pay here car lot, and many times, even if you’ve been turned down before ,you can still get a loan at buy here pay here dealers. Let’s take a look at some of the ins and outs that you’ll need to now.
One of the first things that you’ll find when you go to our Bellingham, Washington buy here pay here dealers, is that the cars on their lot are typically a little more expensive than what you’ll find at other types of dealerships. Plus, you’ll notice that many of the cars are not in quite as good a shape as what you’ll find elsewhere because these cars are purchased wholesale from other dealers that are connected with the good credit lenders. The kind of customer that has bad credit will usually have to take a car that has a few more miles on it. It’ll get you to work so you can earn a living. So, for this reason you’ll need to spend a little more time looking under the hood, checking the mileage, and making sure there are no mechanical problems that will cause a breakdown.
The reason that the cars are little more run down at the buy here pay here car lots is because the dealer needs to get them at a lower wholesale value in order to be able to afford to sell them to people who have bad credit. Let’s face it, some of the people that by these cars aren’t going to be able to make the payments, and the dealer is going to have to repossess cars, sometimes in wrecked condition, and take a loss on the deal. These losses add up, over time, and are reflected in the sales price of the car. But if you need a car to get to your job and take your kids to school, then you’ll still be able to get one in Bellingham, no matter what your credit.
In most states, and many countries, there are limits on the amount of interest that can be charged on a used car. Fact is, many states have a maximum of 29% interest, and you should expect to pay between 20 and 29% interest on any car you get that’s being financed by the dealer. This may sound extremely high, and it is, but if you have bad credit, you basically have very little choice. The best thing you can do when dealing with high interest rates, is make every effort to save a down payment, make sure there are no prepayment penalties, then make extra payments in order to pay off the car ahead of time to pay less interest. This also help you reestablish your credit rating, so the next car you purchase can be with a standard, good credit history, interest rate.
As you can see, buying a car from a dealership that finances their own can be a great option for you if your credit is challenged. But, as the economy returns to normal, and you pay off your car in good faith, you’ll then be able to get lower interest automobile loans and a better price on the next car you buy.