Frequently Asked Questions
Q: I have bad credit. Will you require that I have a cosigner?
A: No. A Cosigner is not always necessary. Buy Here Pay Here lots work with the understanding that the buyer is already in a compromised financial situation, and they aren’t looking to make it any more difficult for that individual.
Q: Is a down payment required for a Buy Here Pay Here Dealer?
A: Most places do require a down payment of some sort. It could be a very low number or a couple hundred. Factors that affect this are: The car you are looking to purchase, your credit and income. Because they are no always interested in your credit score, they will want to see you have some financial backing before they give you the car you desire.
Q: Am I eligible for Buy Here Pay Here financing?
A: The eligibility for bad credit financing at a Buy Here Pay Here dealership can be fairly simple. You must be an adult (18 years of age), citizen of the United States, hold a valid MN driver’s license, have a steady job/income stream that can cover your monthly credit expenses. Your credit scores do not specifically matter to us though your financial past does.
Q: Can you buy any used car you want from our lot?
A: Yes as long as the price of the used car is covered by the loan amount we approved for you, you can buy any Buy Here Pay Here used car you see in our lot. You are sure to find the used car you want in our dealership. On top of this we provide you with a 24 month/24,000 miles warranty.
Q: What is the difference between Buy Here Pay Here and Traditional Loans?
A: Buy Here Pay Here loans are financed through the dealership. Traditional auto loans are financed through third parties such as banks or credit unions. Payments are made on a weekly or biweekly schedule to the dealership.
Q: What are the advantages of Buy Here Pay Here?
A: Buy Here Pay Here car lots are more interested in your ability to make the required payments than we are on your credit score. Loans are provided with proof of income and residential address. We also are more willing to accept high-milage or older model trade-ins that other dealerships might not as part of a down payment.
Q: How do I finance a car with bad credit or no credit?
A: Your best option is through a Buy Here Pay Here dealership. We finance in-house therefore allowing us to lend to high-risk borrowers.
Q: What happens if I stop paying on a Buy Here Pay Here Car?
A: If you stop paying on your car, that is considered defaulting on your loan. Legally, once you default on a loan, the lender who financed the vehicle has the right to repossess the vehicle. The best way to maintain loan good standing is to pay on time. If you fall behind on your loan or anticipate that you may have late payments, talk to our team as soon as possible. This allows us time to work with you to figure out a workable solution.
If you can’t make your car payments and know that your financial situation is unlikely to change, your best option is to avoid repossession is to return the vehicle. This will not cancel your liability for the loan, but it removes the stress of worrying whether you will stranded upon repossession. Again, work with us as soon as possible to find a solution.