For those with a less then perfect credit histories in Texas, a good source for financing is a buy here pay here dealer. These dealers focus on “in house” financing, and, for the most part, will be happy to offer a buy here pay here purchase agreement to all customers who live in Texas.
Simply put, buy here pay here dealers focus on the value of the car or truck they are selling, and the customer’s ability to repay the loan. They may want to inspect items such as pay stubs, utility bills, or lease agreements, but they normally ignore any prior bad credit issues.
Why do they do what conventional lenders do not? Simple – they will repossess the car or truck should the purchaser get too far behind on his or her payments. So, it is a good idea to be sure that you don’t get in over your head simply because you can. Only agree to terms that you can meet.
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Buy Here Pay Here Dealers In Houston Texas
How does buy here pay here work?
No doubt, you’ve seen the billboards and heard the advertisements for “Buy Here Pay Here” used car lots in Houston. Often times, they advertise “Bad Credit or No Credit…No Problem”. How can they do it, is it real or is it a scam?
Even though it sounds too good to be true, it’s no scam. These used car dealers purchase the vehicles at local auctions. Once they are transported to their lots, they are examined by an automotive technician who will repair any mechanical problems encountered. The vehicles are then washed, detailed, priced and ready for sale.
When an interested patron is ready to make a purchase, basically all they need to show is proof of employment. Unlike the large dealerships, no credit reports are run and no banks or brokers are contacted to acquire a loan. When buying from a “Buy Here Pay Here” lot, you are doing just that, buying here and paying here. Keep in mind, the purchase of a vehicle will be “as is”, and no warranties will apply.
Another item to consider, there will be accumulated with the purchase at a “Buy Here Pay Here”. Once a final price has been determined, you will typically have 24 to 36 months to pay off your balance. The monthly payments will be broken down and you will pay a specific amount each month.
If you are trying to establish or rebuild your credit, purchasing a vehicle from 713 Car Loans a “Buy Here Pay Here” lot will offer assistance. At 713 Car Loans, your on-time payments will not reported. On the flip side, if you are unable to meet your payments, the car lot you purchased the vehicle from will repossess your vehicle and this repossession will be reported to the credit bureaus. They will simply re-inspect the vehicle, make any necessary repairs and place it back on the lot for purchase.