Buy Here Pay Here Car Lots in Illinois (IL)

Buy Here Pay Here

Shopping for a new car, truck, or SUV in Illinois? Need to finance a car with bad credit? Then a buy here pay here auto loan may be your best option. Most banks, credit unions, and automaker finance departments don’t approve auto loans for applicants with problems such as:

  • Car Loans with Chapter 7 Bankruptcy
  • Car Loans with Chapter 13 Bankruptcy
  • Car Loans after Repossession
  • Car Loans after Foreclosure
  • Car Loans with Very Bad Credit
  • Car Loans with No Credit History
  • Car Loans without a Cosigner

In just 3 minutes, we can help you get approved for financing from one of the many buy here pay here car lots in our Illinois dealer network. When you submit your application, our online service will go to work matching you to the best Illinois 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’ll enjoy the following benefits:

  1. Increased Negotiating Leverage
  2. Decreased Anxiety
  3. No Fear of Credit Rejection
  4. Increased Focus on the Car, Truck, or SUV You Want

Buy Here Pay Here Car Sales

BHPH Deals

Most buy here pay here auto sales are for used cars — smartest option if you’ve had credit problems. New cars depreciate by 20-25% the moment the tires hit the street. 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.

A vehicle for which you agreed to pay $20,000 over a 60-month period may be worth only $15,000 before the first month is up. 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. A down payment is always a good idea if you have or can get the cash. Down payments will reduce your car payments considerably and possibly improve the terms of your auto finance package. Fortunately, buy here pay here dealers are especially flexible when it comes to trading in your existing vehicle, even if it’s seen better days. Many dealers might not be as accepting of your trade-in if it doesn’t match the existing cars on the lot in terms of condition, age, and make. But with a BHPH dealer you’ll have a better chance to roll the value of your old vehicle into a down payment for your new one.

Apply for Buy Here Pay Here Financing

Most financial experts recommend dedicating 1/5 of your monthly budget to vehicle payments and costs.

Remember that this includes more than just your car payment. Gas, car insurance coverage, repairs, tag and title fees, and any other expenses such as public transportation or secondary vehicles all factor into this equation.

There are 2 common methods of starting the credit repair process:

  1. Secured credit cards
  2. Auto loans

A secured credit card is used by people with poor or lacking credit to build good credit history through timely repayments. It is “secured” by a savings account that holds sufficient funds to pay off the card balance.

Loans for vehicles or homes are another way to build your credit. 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 (ensure they do), then your new vehicle can be a high-horsepower tool in rebuilding your credit.