If you are one of the millions of American’s with some negative marks on your credit report, then you may be able to take advantage of one of the many bad credit car dealers that are sprouting up all over the country. These automobile dealerships, often known as a Buy Here Pay Here dealer, feel your pain and offer a solution. The country has been hit hard since the housing crash of 2008, and years later, many people are still trying to recover. This is leading to many dealerships offering buyers’ incentives to people with bad credit, making it easier for you to purchase a vehicle without your credit report being used at all. Then you can drive away in your next vehicle and be well on your way to rebuilding your credit rating.
No Credit Check
Many of these no credit car dealers, just like Frank’s, offer a wide variety of late model vehicles for immediate, same-day purchase without pulling your credit scores. Instead, they may ask for a couple of recent paycheck stubs to prove that you can afford to make the payments. And the down payments are quite competitive and affordable. In fact, these dealers sometimes offer many different types of repayment schedules, including weekly, bi-weekly and monthly plans. They are more than willing to work with you based on the manner in which you are paid from your employer.
Affordable Down Payments
Many people with bad credit assume that a much larger down payment would be required for the purchase of their next vehicle, but bad credit car dealers do not operate like your local banks offering traditional credit score-based automobile loans. If you do not make your payments, then they simply repossess your car. The car is the collateral on the loan, making the entire purchasing and financing process much easier. Of course, you will lose your initial down payment, but these dealers have much more faith in your desire to get back on track financially.
Rebuild your Credit
While your credit score will not be pulled in order to purchase your next vehicle, some no credit car dealers will actually report your regular payments to the credit bureaus every month, which instantly helps to boost your credit ratings much higher. This is an excellent way to rebuild your credit and to acquire a positive credit reference for financing of other large ticket items by other local merchants in the future.
Many of these bad credit car dealers will gladly accept trade-ins, even those older model cars that most of your high-end dealerships will not take. Bad Credit dealers have a wider range of customers, many of them in worse financial straits that you are, who would love to drive home in a “less than perfect” used car. But these dealerships are also hoping that once you get back on your feet financially, you will remember to come back and shop with them again. These no credit car dealers are investing in your future and in your future success. And they want you to keep coming back. They may even help you get into a second new car before your first car purchase is completely paid off!
Have bad credit and need a vehicle? Contact Frank’s today!
Frank’s Auto Credit