Buy Here Pay Here lots or dealerships can make buying a car easier by offering in-house financing. They can offer loan assistance when banks and common dealerships won’t because of challenged credit. How can you get approved for a car loan when you don’t qualify for traditional financing? At Drive Now, you can get cars for a 500 down payment – keep reading to learn more!
1. Determine what you can pay.
The last thing you want to do when you get to the dealership is worry about whether you can make the monthly payment. Start with your living expenses. Make a list of all your bills, and don’t forget to add insurance and gas. Tally up your monthly costs, and remember to leave a little wiggle room for unplanned expenses.
2. Have a down payment.
The more you can put down, the lower your loan payment. Some Buy Here Pay Here dealerships will let you buy cars for a 500 down payment (contact your dealership for more information). If you can put down more, that’s great, but don’t forget you will also need money to register your vehicle, pay the first month’s insurance premium, and put gas in the vehicle.
3. Know your credit score.
The great thing about Buy Here Pay Here programs and dealers with $500 down programs is that they know you may not have the best credit. Buy Here Pay Here dealerships are an excellent solution for rebuilding credit. However, going over your credit score and correcting any errors before applying for a loan will help you get approved faster and could get you a lower interest rate. Know your score before you go.
4. Make your monthly payments.
Many dealerships offer several convenient ways to make payments. How can you avoid making late payments? Work with the dealership finance manager to ensure your payment aligns with your pay dates. Making all the payments on time will build your credit.
If you’re looking for a used car with bad credit financing options and can afford to put at least $500 down, check out our online inventory or contact us today to start the process.