Is Buy Here Pay Here a Good Idea?

Cropped view of happy car dealer giving car key to man

We’ve helped a lot of Phoenix customers get behind the wheel of the quality pre-owned cars they’ve wanted by directly financing them. This is commonly known as “buy here pay here.” But, is buy here pay here a good idea for everyone? Are buy here pay here car lots good? Are buy here pay here car lots bad? We think it’s a great way to finance for many car shoppers, but you should ultimately judge for yourself. Learn more details about buy here pay here, below.

Are Buy Here Pay Here Lots Good?

We offer auto loans without having to do a credit check, which has helped numerous customers who may have had difficulty getting financing otherwise. But is buy here pay here a good idea for everyone? For example, are buy here pay here lots good for customers who have excellent credit and can get a loan anywhere? Yes! Here’s why:

  • Get your loan faster – Anyone who has waited at a typical Glendale dealership for financing to be finalized knows it can take a long time. That’s not the case with a buy here pay here dealership.
  • More flexibility – You often have more control over the terms of your loan when financing directly from the dealership.
  • Competitive interest rates – Buy here pay here dealerships often offer competitive rates compared to conventional financing. 
  • You may not need a down payment – Many buy here pay here dealerships don’t expect a down payment.

Are Buy Here Pay Here Lots Bad?

You might be thinking that there must be some downside for this kind of financing. Are buy here pay here car lots bad for anyone? No, but there are some things you should keep in mind:

  • Not all dealerships report to the credit bureaus – If you’re looking to improve your credit score by building history with an auto loan, this may not be an option for you. Ask the dealer if they report loans to the credit bureaus.
  • Vehicle Tracking – Some dealerships install a tracker on a vehicle until it is paid off.

Talk to the Finance Department at Rocky's Auto Credit of Mesa

Is buy here pay here a good idea for you? We think there are plenty of reasons for you to look into it. We make it easy for you to get behind the wheel of your next vehicle at Rocky's Auto Credit. You can even apply for financing online. We’re just a short drive away from Tempe, so drop by or contact us today!

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