Are you looking for a car but having a hard time getting approved for financing? If yes, then buy here pay here dealerships in Statesville, NC may be able to help you. These dealerships offer in-house financing, meaning you can buy a car and finance it directly from the dealership. In this article, we’ll discuss everything you need to know about buy here pay here dealerships in Statesville, NC.
What is Buy Here Pay Here Financing?
Buy here pay here financing is a type of in-house financing offered by car dealerships. In this type of financing, the dealership acts as the lender and finances the car purchase directly. This means that you don’t need to go through a third-party lender to get financing. Instead, you make your payments directly to the dealership.
How Does Buy Here Pay Here Financing Work?
The buy here pay here financing process is straightforward. First, you’ll need to select a car from the dealership’s inventory. Once you’ve selected a car, the dealership will run a credit check and assess your financial situation to determine if you’re eligible for financing. If you’re approved for financing, you’ll need to sign a contract that outlines the terms of the loan.
Advantages of Buy Here Pay Here Financing
There are several advantages of buy here pay here financing:
- Easy approval process: Buy here pay here dealerships are known for their easy approval process. Since the dealership is the lender, they’re more willing to work with people who have bad credit or no credit history.
- Flexible payment options: Buy here pay here dealerships offer flexible payment options, which means you can choose a payment plan that fits your budget.
- No third-party lender involved: Since there’s no third-party lender involved, you don’t need to worry about getting approved for a loan from a bank or credit union.
Disadvantages of Buy Here Pay Here Financing
While buy here pay here financing has its advantages, it also has some disadvantages:
- Higher interest rates: Since buy here pay here dealerships take on more risk by lending to people with bad credit or no credit history, they often charge higher interest rates than traditional lenders.
- Higher down payments: Buy here pay here dealerships may require a higher down payment than traditional lenders to offset the higher risk they’re taking on.
- Less flexibility: While buy here pay here dealerships offer flexible payment options, they may be less flexible if you’re having trouble making payments. Some dealerships may repossess your car if you miss a payment.
How to Choose a Buy Here Pay Here Dealership in Statesville, NC
Choosing the right buy here pay here dealership is crucial to ensuring you get a good deal on your car purchase. Here are some factors to consider:
- Reputation: Look for a dealership with a good reputation in the community. Read online reviews and ask for referrals from friends and family.
- Inventory: Make sure the dealership has a good selection of cars that fit your needs and budget.
- Terms and conditions: Read the contract carefully and make sure you understand the terms and conditions of the loan.
- Customer service: Choose a dealership that provides excellent customer service and is willing to work with you if you have any issues with your loan or car purchase.
Conclusion
Buy here pay here dealerships in Statesville, NC can be a good option if you’re having trouble getting approved for financing. However, it’s important to understand the advantages and disadvantages of this type of financing before you make a decision. Make sure you choose a reputable dealership and read the contract carefully before signing.
