Nevada resident? Need to buy a car with bad credit? Then buy here pay here car financing may be your best option. Most banks, credit unions, and automaker finance departments don’t approve auto loans for applicants with problems such as:
- Auto Loans with Chapter 7 Bankruptcy
- Auto Loans with Chapter 13 Bankruptcy
- Auto Loans after Repossession
- Auto Loans after Foreclosure
- Auto Loans with Very Bad Credit
- Auto Loans Without Credit History
- Auto Loans without 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 Nevada dealer network. When you submit your application, our online service will go to work matching you to the best Nevada 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.
BHPH Financing in NV: Tips
Pre-owned vehicles are at the core of most BHPH car lots in Nevada — smartest option if you’ve had credit problems. New cars depreciate to only 75% of their original value as soon as 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.
So, for instance, you’ll suddenly owe $15,000 for a new car that’s worth only $12,000. The result is what’s known as an “upside down car loan,” and nobody who’s been caught underneath one is likely to recommend it, especially if you ever want or need to sell the vehicle before it’s fully paid off. 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. Putting money down is smart if you can afford one. It will cut your car payments and possibly improve the terms of your financing deal. 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 Nevada buy here pay here dealer you’ll have a better chance to roll the value of your old vehicle into a down payment for your new one.
Budgeting for your New Car
Most financial experts recommend dedicating 20% of your monthly budget to vehicle payments and costs.
Remember that this includes more than just your car payment. Fuel, auto insurance coverage, maintenance, registration and title fees, and any other expenses like municipal transit or secondary vehicles all factor into this budgeting allocation. So if you make $2500 monthly, you should spend around $500 on combined vehicle costs.
There are 2 common methods of boosting your credit score: secured credit cards and big installment loans. A secured credit card is 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 credit extended.
Big 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 installment payments on a timely basis, and your dealer reports your payments to the credit bureaus (make sure they do), then your new car can be a powerful tool in rebuilding your credit.