Buy here pay here car lots des moines

Have you been through bankruptcy, repossession, or foreclosure? Buy here pay here car lots can offer financing to virtually anyone, regardless of credit. They make all credit decisions directly, so they can accommodate a wider range of customers. You will make your payments directly at the dealership, often weekly. Hence the name: “buy here pay here.”

These dealers usually advertise themselves with phrases like: we tote the note, we finance, your job is your credit, or rent to own.

Getting Approved for BHPH Financing

Who wants to cruise around town, trying to find a dealer willing to approve your credit? We’ll find you a dealership that suits your budget and needs. We work with countless dealers in Iowa offer financing for people with problems like bankruptcy or repossession. We provide our expertise completely free, and there are no commitments.

Unlike a bank or credit union, these dealerships seldom have minimum credit requirements. That being said, many dealers do have a minimum monthly income rule: $1500. Keep in mind, this is before-tax income, not what you ultimately bring home on a monthly basis.

This focus on income, as opposed to credit, is why these dealers will often tell you: “your job is your credit.”

Money Down: Necessary?

This is one of the downsides of this type of financing: down payments are usually a requirement. It’s just a fact: people with low credit scores default at a higher rate, so dealers would rather secure a reasonable percentage of the funds upfront. Many consumers negotiate for the lowest down payment possible. The down payment should help mitigate the risk of negative equity, but it’s also money you could set aside in an emergency fund.

The Small Print

Needless to say, you don’t want to plunk down some well-deserved cash for your new vehicle, only to have it repossessed. The dealer will be filled with vehicles that cost too much. You need to go with a sensible car or truck with inexpensive payments. You’ll want to read the fine print in your agreement. Knowledge is power, when it comes to this type of financing. In order to get approved, you may be asked to accept the installation of an ignitiion kill-switch.

Des Moines Buy Here Pay Here Car Lots