Shopping for a new car, truck, or SUV in Oregon? Need to buy a car with bad credit? Then buy here pay here financing may be your best option. Most banks, credit unions, and automaker finance departments don’t approve auto loans for car buyers with problems.
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 Oregon dealer network. When you submit your application, our online service will go to work matching you to the best Oregon 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.
Buy Here Pay Here Buying Tips
Most buy here pay here car sales are for used cars — smartest option if you’ve had credit problems. New cars depreciate by 20-25% the moment 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. A vehicle for which you agreed to pay $20,000 over a 60-month period may be worth only $15,000 before the first month is up. As you can imagine, that’s not a good place if you want or need to sell the vehicle. 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, so you’re less likely to fall victim to the burden of negative equity.
A down payment is always a good idea if you have or can get the cash. Down payments will cut your car payments considerably and possibly improve the terms of your financing deal. Fortunately, buy here pay here dealers are especially flexible when it comes to trading in your existing vehicle. 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.
Boosting Your Credit with BHPH Financing
There are 2 common methods of repairing your credit score:
Loans for vehicles or homes are another way to build your credit. 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 vehicle can be a high-horsepower way to rebuild your credit.