Buy Here Pay Here Credit
- One year at the same employer if no credit rating.
- Two years employment history with some credit history.
- Minimum monthly gross income of $1500.00.
- Money down may be required, but not in every case.
- No repossession in last 12 months unless in bankruptcy.
- No motorcycle or private party purchases.
- Must reside in the United States or Canada.
Buy Here Pay Here Auto Credit
Buy here pay here auto dealers rarely report your positive payment history to the three major credit bureaus (Equifax, Experian and TransUnion), so a history of on-time payments will not help you the next time you want to finance a car. In the future, banks won't see your car credit history on your credit report. This means that if they turned you down before, chances are they will turn you down again.
Another type of auto credit is done by applying for credit, indirectly through a car dealer, to one of the major national subprime lenders. Getting a loan approval from one of these lenders is more difficult than getting a loan through a buy here pay here car dealership, but the type of vehicle that qualifies for this kind of loan is generally much newer with far fewer miles on the odometer. In addition to being able to finance a newer car, the interest rates from these lenders are usually lower and, most importantly, the lender will report your payment history to the credit bureaus. This means that by making your payments on time, you can actually improve your credit score while driving a new or nearly-new car or truck.
