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Buy Here Pay Here Lots in California

Updated on July 15, 2010

CA Buy Here Pay Here Financing - What to Expect

Very popular these days in California are the Buy Here Pay Here car lots that we see everywhere. Buy Here Pay Here car lots mean exactly that:  you buy the vehicle you want from the car lot by putting your down payment down, then go back to the lot once a month (sometimes weekly) to make your payment. Basically the car lot will be financing you, instead of you going through a third party finance company.

The Financing Conversation Comes First


When you walk in to one of these Buy Now Pay Here car lots in California, they will talk to you and ask you questions about your income, they will surely want to see proof of income such as pay stubs. They will also want references, and personal information such as your address and other personal information. They will determine what you can afford, then walk you out to look at the different vehicles on their car lot that you can purchase.

Interest Rates vs Credit Acceptance


Interest rates on a Buy Now Pay Here loan will be much higher than the interest rate from a traditional loan company. Why would anyone want to use a buy now pay here loan then? Usually it is not by choice, most people who use Buy Now Pay Here loans are those who have had some credit issues in their past. Their credit score may not be in good shape and their only option to purchase a vehicle is through these type of loans. The average credit score in California is 690, but 25% of people in California have a credit score that is 620 or below. That's one out of four people who would have a tough time getting a traditional loan from a finance company!

One thing that's great though is that as payments are made on the Buy Now Pay Here loan, a person's credit score will only improve. This is great for future car purchases when they will be able to get a traditional loan at a better interest rate. Be sure that the Buy Now Pay Here car lot does report your payments to the credit bureau though, there are some car lots that do not report anything. Another good thing about Buy Now Pay Here loans is that there is less worry about getting a lemon. Why? Because there is more at risk here for the car dealership since they are the ones that loaned you the money for the vehicle straight out of their budget. They want to make sure that you purchase a good running vehicle because their money is on the line.

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