Buy Here Pay Here Car Lots in Massachusetts (MA)

Buy Here Pay Here

Shopping for a new car, truck, or SUV in Massachusetts? Have you been turned down for an auto loan before? You’re not alone — about 25% of MA residents are credit-challenged, and that number is rising with the tough economic conditions we’re all facing.

These days, few banks, credit unions, or automaker lenders approve car financing with common credit problems. Our network of MA Buy Here Pay Here dealers, however, can often get you into the drivers with a monthly payment you can afford despite credit problems like…

  • Poor Credit
  • No Credit
  • Bankruptcies
  • Repossessions
  • Foreclosures

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Buying a Preowned Vehicle

BHPH Financing

Pre-owned vehicles are at the core of most Buy Here Pay Here car sales in Massachusetts — a smartest option if you’ve had or are having credit problems.

New cars depreciate by 20-25% 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. 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.

If you want to sell the vehicle, you’ll have a significant sum of debt to repay that the auto sale won’t cover, the car not being worth the amount of the loan.

Putting money down is always a good idea if you can afford it. It will cut your car payments considerably and possibly improve the terms of your auto loan. The good thing is that trade-ins of older cars are usually welcome at BHPH car lots. 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.

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How Buy Here Pay Here Car Loans Can Help Your Credit Score

There are 2 common methods of rebuilding your credit score:

  1. Auto or Home Loans
  2. Secured Credit Cards

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 (make sure they do), then your new vehicle can be a powerful way to rebuild your credit.

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