Are you shopping for a new car in Wyoming? Need to buy a car with bad credit? Then buy here pay here auto financing may be your best option. Most banks, credit unions, and automaker finance departments rarely approve financing for applicants with bad credit, no credit, or other problems like repossession, foreclosure, or bankruptcy. BHPH car dealers, on the other hand, offer in-house financing. That means they lend you the money for your car out of their own pocket rather than going through an indirect lender. You make your car payments to them at the car lot, by phone, or online.
Buy Here ‘N Pay Here can help you get approved for financing from one of the many buy here pay here car lots in Wyoming we’ve partnered with. When you submit your application, our online service will go to work matching you to the best Wyoming 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 Auto Sales in WY
Pre-owned vehicles are at the core of most BHPH car lots in Wyoming. This is usually the smartest option if you’ve had credit problems. New cars depreciate by 20-25% as soon as 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.
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. 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. A down payment is smart if you have or can get the cash. Down payments will reduce your car payments and possibly improve the terms of your auto loan. Fortunately, buy here pay here dealers are especially flexible when it comes to trading in your existing vehicle, even if it’s seen better days. Many dealers might not be as accepting of your trade-in if it doesn’t match the existing cars on the lot in terms of condition, age, and make. But with a BHPH dealer you’ll have a better chance to roll the value of your old vehicle into a down payment for your new one.
Budgeting for your New Car
Most financial experts recommend dedicating 1/5 of your monthly income to transportation costs.
Monthly car payment is not the only factor. Fuel, auto insurance coverage, maintenance, registration and title fees, as well as any other costs like public transportation or secondary vehicles all factor into this equation.
Know Your Credit
We can’t stress enough that you should always know your credit score before signing your auto financing package.
Your interest rate is based largely on credit score. If you don’t know your score, you could pay too much.
You should check your credit report for false bankruptcies, foreclosures, auto loan delinquency, and/or similar credit problems that could devastate your score and inflate your financing rates to astronomical proportions.
To check your credit score, try a 30-day free trial from CreditReport.com.