Buy Here Pay Here in California

Low credit scores. They can be a real setback when trying to buy a car. A growing number of purchasers in California are turning to buy here pay here dealers, which offer financing with no credit check. They are more worried about whether you can make your payments now, not your track record of doing so. The dealer functions as both dealer and lender. But how do you know that a dealership offers this type of financing? Many will use phrases like: we tote the note, we finance, your job is your credit, or rent to own.

Getting Approved for In-House Financing

Don’t waste your time looking for a buy here pay here dealership in your neighborhood. That’s where we come in. We have relationships with dealerships who are willing to work with you, even after credit problems like bankruptcy and repossession, and they can approve your credit – online! The service is quick, free, and there aren’t any obligations.

What Credit Score Do I Need to Qualify?

Don’t worry about your credit score. It’s rarely a deal-breaker. However, you will need a minimum income of $1500 a month or $375 per week. Keep in mind, this is your income before taxes and other expenses are withheld. If you don’t earn enough, but you have a spouse or parent who earns $1500 monthly and is willing to cosign, make sure to indicate this on your application.

For the most part, these dealers are more focused on your income than your credit. That’s why they’re commonly known as your job is your credit dealers.

Down Payment: a Requirement?

Down payments are commonplace at a buy here pay here dealer. Down payment amounts vary. It may be a set amount or it may be a percentage of the vehicle’s asking price. You may want to go with the lowest down payment possible. The down payment will minimize negative equity, but those are also funds you could set aside in an emergency fund.

Better Alternatives

BHPH dealers rarely report their clients’ debt payments to major credit reporting agencies like Equifax, Experian, and Transunion. This may sound like a positive if you have bad credit, but actually it’s a negative. In effect, this debt you take on does not exist in the eyes of the credit bureaus, and that means it cannot serve to help you re-establish your credit–a prime incentive for many bad credit car buyers. Instead, you may be better off working with a subprime auto finance company that not only finances people with credit problems, but also helps them rebuild their credit. These are the types of companies we put you in touch with, either directly or through a participating dealer. Go here to .