It’s a rare individual who hasn’t experienced some measure of financial stress or setbacks in life. Most of us, at one time or another, have struggled to make ends meet. Sometimes we can’t stretch a thin budget far enough and subsequently fail to pay bills on time or wind up missing payments altogether. As a result, personal credit scores take a hit and so does one’s ability to secure a loan down the road.
If you currently find yourself in this unfortunate situation, take heart. McCluskey automotive can help you recover, courtesy of Buy Here, Pay Here financing. What is Buy Here, Pay Here financing? How does it differ from a traditional auto loan? We’ll take you through the whole process so that you’re armed with the knowledge and know-how needed to start moving in the right direction.
The Principles of Buy Here, Pay Here Financing
Buy Here, Pay Here financing was designed specifically for those consumers with bad or no credit. What you need to understand before you pursue a loan of this kind is that although dealerships like McCluskey want to help you, your low credit score makes you a risk. As such, the dealership needs to protect itself and does so by charging higher interest rates than normally expected from consumers with good credit. Knowing this before you start the process should help alleviate any shock when it comes time to sign the paperwork.
Unlike the car buying process you might be familiar with, when you shop at a BHPH dealership, the steps are reversed. In other words, rather than checking out the lot and choosing a vehicle you would like to purchase, the dealership will assess how much of a loan they are willing to risk, and then direct you to those vehicles whose prices fall within the range of the loan.
This is a good way to ensure that you won’t bite off more than you can chew, so to speak. The finance associate at the dealership will determine exactly how much of a loan the business can lend you, and a sales team member will then help you select a vehicle with the appropriate corresponding price point.
When you’re ready to sign for your new-to-you vehicle, you will need to be aware of some BHPH-specific lending terms, regarding paying off your loan. Instead of mailing or submitting a monthly payment online, you will more than likely be expected to physically arrive at the dealership every two weeks, with your payment in hand. Although this may seem punitive, try to recast the process as a potential for getting to know your dealership and proving that your loan was a risk worth taking. This way, as you rebuilt your credit, you’ll be able to approach the same team in the future about a better, more traditional loan option.
Why McCluskey Automotive?
The McCluskey team – whether sales, finance, or service – is staffed by highly-trained, customer-service experts, all of whom work tirelessly to ensure that your car buying experience meets your needs and exceeds your expectations. Come by and consider your options at McCluskey. As a customer, you’ll enjoy perks like instant credit approval – no matter what, as well as a service department run by Chevy-certified technicians, and a lounge that is more like an Internet cafe, featuring complimentary WiFi, snacks, beverages, even iPads to borrow while you wait.
Don’t let your bad credit, or need for Buy Here, Pay Here financing, stop you from pursuing the best possible purchasing experience, delivered by the motivated and customer-oriented staff at McCluskey.