Need to buy a car with bad credit? Then Buy Here Pay Here auto financing may be your best option. Most banks, credit unions, and automaker finance departments don’t approve auto loans for people with 600 credit scores and lower. Our network of NH Buy Here Pay Here dealers offer in-house financing, however.
With In-House Financing, You can Finance a Car with…
- …Bad Credit
- …No Credit
- …No Cosigner
- …Past or Current Bankruptcy
- …Previous Repossession
In just 3 minutes, we can help you get approved for financing from one of the many buy here pay here car lots in New Hampshire we’ve partnered with. When you submit your application, our online service will go to work matching you to the best New Hampshire 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.
Tips for Buying a Used Car
Most buy here pay here car sales are for used cars — 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 car buyers 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. 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.
A down payment is always a good idea if you can afford one. It will reduce 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. Whereas you might not get much in trade equity at a traditional dealer, you might find your existing vehicle can secure you a handsome down payment on your new one.
Rebuilding Your Credit with a BHPH Car Deal
There are two mainstay methods of rebuilding your credit score:
- Home or Car Loans
- Secured Credit Cards
Loans for vehicles or homes are a powerful way to rebuild your credit. Although most mortgage lenders are discriminating about credit problems, a BHPH car dealer from our NH network can often grant you an auto financing loan no matter your credit. 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 credit-boosting machine.