Georgia resident? Been turned down for an auto loan before?
Don’t worry — more than 25% of the US population suffer from credit problems. Many banks, credit unions, and other traditional car lenders rarely approve 600 credit score auto loans or less. But buy here pay here car lots extend credit to their customers out of their own pocket.
In just 3 minutes, we can help you get approved for financing from one of the many buy here pay here car lots in GA. When you submit your application, our online service will go to work matching you to the best Georgia buy here pay here car lot given your individual credit profile, income, down payment, and vehicular needs. With your credit already approved for financing, you can step onto the car lot with added confidence and negotiating leverage. It puts the fun back in car shopping, enabling you to focus on the car you want, not the financing you need approved.
Buy Here Pay Here Buying Tips
Pre-owned vehicles are at the core of most BHPH car lots in Georgia. This is usually the best choice if you’ve had credit problems. New cars lose up to 1/4 of their value as soon as they leave the showroom floor. That’s because car buyers pay retail, but as soon as the car is sold, dealers will only pay wholesale to get it back. That means a steep drop in value. So, for instance, you’ll suddenly owe $15,000 for a new car that’s worth only $12,000. As you can imagine, that’s not a good place if you want or need to sell the vehicle. After all, you’ll have to come up with the extra cash to pay off the loan — often several thousand dollars. A preowned vehicle, on the other hand, has already undergone this initial drop in value, so you’re less likely to fall victim to the burden of negative equity.
Budgeting for your New Car
Most financial experts recommend dedicating 1/5 of your monthly budget to transportation costs.
Remember that this includes more than just your car payment. Gas, car insurance, maintenance, registration and title fees, and any other costs such as public transit or secondary vehicles all factor into this equation. So if you make $2500 monthly, you should spend around $500 on combined vehicle costs.
Repairing your Credit with a BHPH Financing Deal
There are 2 initial methods of rebuilding your credit: secured credit cards and large installment loans. A secured credit card is used by people with poor or lacking credit to build some good credit history through timely repayments. It is “secured” by a savings account that holds sufficient funds to pay off the car balance.
Large installment loans include vehicle and home loans. Although most mortgage lenders are more discriminating about problematic credit history, a BHPH car dealer can grant you an auto financing loan. If you make your payments on a timely basis, and your dealer reports your payments to the credit bureaus , then your new vehicle can be a powerful tool in rebuilding your credit.