People with bad credit who need a car in order to work and run their lives should consider purchasing a used car from a dealership that offers in-house financing options. Used car dealerships that also specialize in “buy here pay here” financing can not only get you in a much needed vehicle, they can also get you on track toward improving your credit situation.
Research Dealerships
A less than perfect credit situation does not mean you are restricted to buying a used car from a private party or through the first dealership you find. Take time to research reputable used car dealerships with in-house financing options catered to first time buyers and people with lower credit ratings. Many certified used car dealerships have begun offering “buy here pay here” financing as a way of making ownership possible for people in any financial situation. Know all of your options before settling on the first approved deal.
Certified Used Car
A dealership that sells certified used cars inspects each previously owned vehicle it sells and does the repairs necessary to make the cars meet manufacturer recommended specifications. This means that even with bad credit you can afford a reliable and safe used car and get approved for financing with a certified used car dealer. The certified used car you can afford is bound to be easier to finance than a brand new car, which is more expensive.
Financing to Improve Credit
Many people with bad credit believe their only option when buying a car is to pay cash or make payment arrangements through a private party. In reality, working with in-house financing options at a used car dealership can not only help you afford a better car, it can also start rebuilding your credit rating. When you make structured payments on time, those regular payments will be reported to a credit bureau and have a positive impact on your credit rating. Be aware, however, that failure to keep up with the payments will have the reverse effect on your credit, damaging instead of repairing. With this in mind, remain realistic about your monthly budget limitations.
The purchase of a used car from a dealership offering in-house financing packages will get you behind the wheel and give you a chance to start rebuilding your credit rating. Research all of the options, in terms of cars that match your budget and dealerships you can finance through, before committing to a purchase.
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