Have you been turned down for an auto loan before? Don’t worry — more than 1 in 4 Virginians are credit-challenged. Many banks, credit unions, and other traditional car lenders rarely approve auto loans with common financial hardships:
- Poor Credit
- No Credit
But buy here pay here car lots grant auto loans to their customers directly. In Virginia alone, their are 1000’s of cars available, and $1000’s of credit.
In as little as 3 minutes, Buy Here ‘N Pay Here can help you get approved for financing from a Virginia buy here pay here car dealer near you. There is no obligation for our service, and no charge.
Advantages of Pre-Approved Finance
- Maximized Negotiating Leverage
- More Confidence
- No Fear of Credit Rejection
- Increased Focus on the Getting the Best Deal
BHPH Financing Tips
Most buy here pay here car sales are for pre-owned cars. This is usually the smartest option if you have credit problems. New cars lose up to 25% off their sales price once you buy them. You pay a retail price, but as soon as the car is sold, dealers and private buyers will only pay wholesale to get it back. So, for instance, you’ll suddenly owe $10,000 for a new car that’s worth only $7,500. If you want to sell the vehicle, you’ll have a significant sum of debt to repay which the sale won’t cover, the car not being worth the amount of the loan.
Budgeting Appropriately for a Car Loan
Personal finance advisers regularly recommend allocating no more than 17-20% of your budget toward transportation costs. Keep this in mind when negotiating your car payments with your lender, and don’t forget about expenses like insurance, gas, DMV fees, and unscheduled repairs.
Refinancing for Lower Rates
Speak to your dealer if you’re thinking about refinancing for lower rates in the future. Most BHPH dealers in our network also work with 3rd party lenders, and many of them will allow you to refinance through a traditional lender once you’ve gotten several months of good payments underneath your belt, making your credit report more appealing to lenders.