They are here to stay. They specialize on bad credit history. They are designed for people with poor credit histories and who are looking to purchase cars. If you have bad credit, there are not many car loans options. Even if there is, the process can be complicated and you will not know whether your car loan will still be approved. You can buy here and pay here car lots for those who are like them, recommended reading!
This concept is how it works. First, go to a typical car showroom and look at the cars. Next, look for financing options. You can do the exact opposite with buy here pay here car lot. Based on your credit history, and your repayment ability, you choose the payment terms. The dealer will then show the car you are able to afford. Second, no third party such as a bank is involved with this deal. You pay the installments at the dealership. The usual installments are either weekly or biweekly. You buy the car and pay the loan at a dealership.
It is possible to buy a car at the Buy Here Pay Here car lot.
It allows those with bad credit backgrounds to purchase their vehicle. Many people with bad credit are rejected by traditional lenders. The only option is to buy a car from a buy-here pay-here lot.
These dealers also look at your credit history prior to selling you a vehicle. They could report that you paid your installments on-time to the credit bureaus. It could lead to a positive credit history.
Many car lots will also sell old cars. If you bring your car to them, they will not only find a buyer but may also consider an exchange.