Shopping for a new car, truck, or SUV in Oklahoma? Need to finance with bad credit? Then an local Oklahoma Buy Here Pay Here dealer may be your best bet. BHPH lots offer in-house financing for people with credit problems such as:
- Bad Credit
- No Credit
- No Cosigner
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
In-House Financing, Pre-Arranged
When you apply through Buy Here ‘N Pay Here, we ping your financing application to a vast network of local Buy Here Pay Here auto dealers in OK to find you ones willing to approve your credit. With your credit already approved for financing, you’ll enjoy the following benefits:
- More Bargaining Leverage
- More Confidence
- Zero Fear of Credit Rejection
- Increased Focus on the Getting the Best Price
Know Your Credit
Auto finance experts recommend that you should always check your credit report prior to signing your vehicle financing package. Your interest rates are based largely on credit score. If you don’t know your score, you could overpay for your new vehicle.
Moreover, credit report inaccuracies show up relatively often. After all, creditors report borrower behavior to credit bureaus like TransUnion, Equifax, and Experian, and mistakes do happen. You should ensure that your report doesn’t have issueslike false bankruptcies, unpaid medical bills, auto loan delinquency, or other credit problems that could inflate your financing rates to astronomical proportions.
When you apply we’ll shoot you a short email which informs you of how to check your credit score and find out what range of car financing rates you should expect.
BHPH Buying Tips
Pre-owned vehicles are at the core of most BHPH car lots in Oklahoma. 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 car buyers 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 $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. A preowned vehicle, on the other hand, has already undergone this initial drop in value.
Putting money down is smart if you have or can get the cash. It will reduce 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. 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.
Budgeting for your New Car
Most financial experts recommend dedicating 20% of your monthly budget to transportation costs.
Monthly car payment is not the only factor. Fuel, car insurance coverage, repairs, registration and title fees, and any other costs like public transit or secondary vehicles all factor into this equation. So if you take home $3500 per month, that’s $700 to spend.