Do you need to finance a car with bad credit? Then a local NM Buy Here Pay Here car dealer in our network might be your best option. BHPH dealers offer in-house financing, meaning they decide whether your credit gets approved, not a third-party lender. That means financing is at the forefront of the equation — an important emphasis when you have less-than-perfect credit. With the vehicle acting as collateral that can be taken back in the event that you don’t make your payments, Buy Here Pay Here car lots are more accepting of common credit problems.
- Poor Credit OK
- No Credit OK
- Bankruptcies OK
- Repossessions OK
- Foreclosures OK
BuyHereNPayHere.com can help you get approved for financing from a New Mexico Buy Here Pay Here auto dealer near you. Our network of automobile dealers is one of the very largest nationwide, and when you apply online, our advanced matching engine goes to work finding you a dealer who wants your business. No more month-long searches for credit approval, no more hand-written applications. With your credit pre-approved for financing online, you’ll enjoy the following benefits:
- Increased Focus on Vehicle Price, Not Financing Terms
- Increased Negotiating Confidence and Leverage
- Decreased Fear of Credit Rejection
- Decreased Time Before You’re in the Drivers Seat
Buy Here Pay Here Cars Across New Mexico
Most buy here pay here cars in NM are pre-owned. This is usually the smarter choice if you have credit issues. After all, new cars lose 20-25% of their value as soon as they leave the showroom floor. That can put you in a real bind if you want to sell the vehicle.
Used cars hold steadier value, cost less both to finance and insure, and can often be found in nearly new condition. There are 1000’s of pre-owned cars waiting on NM dealer lots. Find yours today!
How Much to Spend
Most financial experts recommend dedicating no more than 18-20% of your monthly budget to vehicle payments and costs. Monthly car payment is not the only factor. Gas, auto insurance coverage, maintenance, registration and title fees, as well as other costs like municipal transportation or secondary vehicles all factor into this equation. So if you make $2500 monthly, you should spend around $500 on combined vehicle costs.
Down payments are recommended but not mandatory. Putting down 10-20% can slice your car payments by a significant amount, and help to avoid the trap of an “upside down” car loan — meaning you owe more on the car than it’s worth. That said, there are many Buy Here Pay Here cars with no money down available.