Credit problems preventing you from getting a new car? Buy here pay here dealerships have become quite popular in Wisconsin, because they will finance virtually anyone, even if they have major credit issues. Typically they are more interested in your income and employment history when it comes to approvals. You will make your payments directly to the dealer, either personally, by mail, or by going online. That’s why these dealers advertise their financing as buy here, pay here. These dealerships often market their services with phrases such as: we tote the note, we finance, your job is your credit, or rent to own.
How to Get Approved for In-House Financing
You don’t want to cruise around town, hoping to find a buy here pay here dealer, right? There’s a better way to get the car loan you need. Our network is full of dealers who want to fund your loan, in spite of credit problems like bankruptcy, repossession, and foreclosure, and they can approve your credit – online! We offer our services free of charge, and there are no obligations.
Our dealers will work with shoppers with scores as low as 500, sometimes lower, which means credit is seldom a problem. However, you will need a minimum income of $1500 per month or $375 a week. That’s gross income, before taxes, as opposed to what you actually bring home. If you don’t make $1500 per month, you can still apply with a cosigner.
The reason for this income requirement is simple: dealers simply want to verify that you can afford the payments.
Do These Dealers Require a Down Payment?
This is among the list of drawbacks of this type of financing: down payments are typically required. The actual amount varies. It may be a set sum or it may be a percentage of the vehicle’s cost. Quite often, the down payment is equal to what the dealer paid for the vehicle, so you might choose to go with the s down payment you can.
Planning Your Purchase
Steering clear of repossession starts before you ever finance a vehicle. It’s absolutely critical to choose a vehicle whose payments you can easily afford. You’ll want to read the details in your contract. Otherwise, you could be caught off guard Some dealerships utilize GPS tracking devices or kill-switches to help with the repossession process.