New Jersey resident?
Been turned down for an auto loan before?
Don’t worry — more than 25% of the US populace is credit-challenged. Many banks, credit unions, and other traditional car lenders rarely approve auto loans with common credit hardships. But Buy Here Pay Here car dealers approve in-house financing for people with…
- Bad Credit
- No Credit
No matter your credit, Buy Here ‘N Pay Here can help you finance a car through a local Buy Here Pay Here car dealer in New Jersey. Finding the right dealer is key. With credit problems, finding a dealer willing to extend credit could take weeks, if not months. But in just minutes we can help you get approved, and there’s no obligation. With your credit already approved for financing, you’ll enjoy the following benefits:
- Increased Negotiating Leverage
- Decreased Anxiety
- No Fear of Credit Rejection
- Increased Focus on the Getting the Best Price
Tips for Buying a Used Car
Pre-owned vehicles are at the core of most BHPH car lots in New Jersey — smartest option if you’ve had credit problems. New cars depreciate to only 75% of their original value the moment they leave the showroom floor. That’s because you 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.
So, for instance, you’ll suddenly owe $16,000 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.
Budgeting for your New Car
Personal finance specialists say you should allocate 18-20% of your budget to vehicle payments and costs. Monthly car payment is not the only factor. Gas, auto insurance coverage, repairs, registration and title fees, as well as any other expenses like public transportation or secondary vehicles all factor into this equation. So if you make $2500 monthly, you should spend around $500 on combined vehicle costs.
Knowing Your Credit Score
You should always know your credit score prior to agreeing to your auto loan deal. That’s because your auto APR rates are based largely on your credit history. Without knowing your score you could pay too much.
When you apply for financing via our website, we’ll send you a short email which informs you of how to check your credit report and find out what ranges of car finance interest rates you deserve.