A buy here, pay here car dealer is likely to be found in every major city. These dealerships offer customers with bad credit the opportunity to purchase a car at their home and pay the monthly/weekly payments directly to them. This type of service does not require a credit check, more bonuses?
You can use this service for both good reasons and some negative reasons. These are the best:
* With little to no down payment and poor credit, you can get a car when your financial situation is dire.
* If you're working to improve your credit score, there won't be any credit inquiries.
* Although there is no interest, you will still pay more for the car than you would if you bought it from a regular dealer. This can be both good as well as bad.
* A loan can be obtained for students who have a part-time job. This is not possible in traditional dealerships.
Here are some reasons why you shouldn't use this service.
* This way, you will pay more for your car.
* They don’t report to credit agencies so even if your payments are made on time, it won't build up your credit.
* Dealers require a lot of information because they aren't checking your credit. They will need to know your closest relatives and your closest friends, as well as two to three numbers that can be reached at you, proof of employment, and other information.
This service can be helpful if your situation is dire and you need a car quickly. If you have the patience to save some money on a down payment, you will also save money by using a traditional dealership.