Car Selection Process and Buy Here Pay Here Dealers

Many used car buyers have poor credit scores or no credit. This can make it difficult to find a quality vehicle. Most high-end dealerships won’t give loans to buyers with poor credit. This usually means that they will only offer cash for junkers or instant financing. Find out more!

While we’ve already covered the why and how behind on-the spot financing, we didn’t cover how to choose your vehicle from an off-the-spot finance dealer.

How can you get car financing on the spot? This is not the same way it works as you are used to. You cannot just walk into a lot, pick any car you like, and then drive it home. The car selection process is basically based on how flexible or restrictive your monthly budget and your credit score. While they offer a second chance at financing, they will not allow you to buy a car that is beyond your means. That would be irresponsible. Their goal is to get your car back in the driveway with a vehicle that fits within your budget.

You might not be able to buy a 2011 Mustang if you have a low credit score or a tight budget. But it might be an older Mustang. This situation would result in lower monthly payments. Your car will be nicer and more modern if your budget is flexible and your credit score is higher. Keep in mind, however, that the better and more luxurious your car is, so will your monthly payments.

Yes, on the spot financing dealers want to help. It’s not difficult for them to approve, finance, and select a car. But they only do it that way because they want to be able to assist you the best. If they approve you for a Mustang 2011, and you can only afford $100 per monthly payments, you might get into serious trouble. This could further damage your credit and cause you to default on your loans. This is something to keep in mind when visiting an on-the spot financing dealer. Be wary of untrustworthy dealers. The good ones will know their stuff and do everything to help you.

While you might not get your “dream automobile” right away, you can improve your credit score and pay your bills on time to give yourself the best chance to purchase your dream vehicle later.

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