Nebraska resident? Need to finance a car with bad credit? Then Buy Here Bay Here financing may be your best bet. Most banks, credit unions, and automaker finance departments don’t approve auto loans for people with bad credit, no credit, or other problems like repossession, foreclosure, or bankruptcy. BHPH car dealers, on the other hand, offer in-house financing. That means they lend you the money for your car out of their own pocket rather than going through an indirect lender. You make your car payments to them at the car lot, by phone, or online.
We can help you get approved for an auto loan from a Here Pay Here car dealers in NE near you. When you submit your application, our online service will go to work matching you to the best Nebraska 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:
- Increased Negotiating Leverage
- Decreased Anxiety
- Zero Fear of Credit Rejection
- Increased Focus on the Car You Want
Buy Here Pay Here Buying Tips
Most buy here pay here car sales are for used cars. This is usually the smartest option if you’ve had credit problems. New cars depreciate to only 75% of their original value the moment the tires hit the street. That’s because you 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.
Most financial experts recommend dedicating 20% of your monthly income to transportation costs.
Monthly car payment is not the only factor. Gas, insurance coverage, repairs, registration and title fees, and any other expenses like public transit or other cars all factor into this equation.
Boosting Your Credit
- Installment Loans
- Secured Credit Cards
These 2 methods are often used to rebuild bad credit.
Secured credit cards: designed to help those with damaged credit begin rebuilding their score. It is “secured” by a savings account that holds sufficient funds to pay off the card balance.
Big installment loans: include auto and home loans. Although most mortgage lenders are picky about problematic credit, 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 car or truck can be a powerful credit-boosting machine.