Bad credit is a growing issue in Georgia and across the country. An increasing number of consumers are turning to buy here pay here dealerships, which offer financing with no credit check. Normally they focus on your income and history of employment when it comes to approvals. The dealer functions as both dealer and lender. These dealerships often market their services with certain slogans:
- We Finance
- We Tote The Note
- Your Job is Your Credit
- Rent to Own
- In-House Financing
How to Get Approved for In-House Financing
Don’t waste your time trying to find a buy here pay here dealer near to where you live. We can help! We take great pride in getting you approved to finance a car in less time, with fewer hassles. The approval process is fast, safe, and secure. Don’t delay. You could be driving your new vehicle today!
Our dealers will work with customers with scores in the 500’s, so credit is not an issue. That said, most dealers do have a minimum monthly income requirement: $1500. Importantly, this is your income before taxes and other fees are withheld. If you don’t earn enough, but you have a spouse or parent who earns $1500 monthly and is willing to cosign, make sure to indicate this on your application.
This emphasis on income, rather than credit, is the reason these dealers will often tell you: “your job is your credit.”
Do These Dealers Require a Down Payment?
This is one of the disadvantages to buy here pay here financing: down payments will often be required. As you can imagine, borrowers with credit problems default at a higher rate. A down payment mitigates dealer losses if the vehicle has to be repossessed. Down payments lower your monthly payment, but you must decide whether you’d rather have that money set aside for emergencies.
The Small Print
The BHPH industry is rife with repossessions. It’s crucial to select a vehicle that has payments you can easily afford. Also, all policies will be enumerated in your agreement, so be sure to go over them with the lender. Quite often the dealer can repossess a vehicle after just one missed payment.