What are buy here pay here car lots?
Over the last few years the average credit score of many Americans have dropped. At the same time the average credit score to qualify for car loans has risen. Prior to the recession it was common for banks and credit unions to approve car loans for people with 600 credit scores, but not now. Currently, many banks and credit unions are declining car loan applications for people with less than a 650 credit score, and approvals now are for lowering loan to value amounts and shorter repayment terms.
You can see that besides the buy here pay here car lots every car financing source made a shift to people with a higher credit rating since the recessions started. What effect has this had on used car sales for bad credit? It is a fact that during the recession used car sales for bad credit have increased though. People with really bad credit can still get a car loan without a cosigner, but the rules have changed. In 2007, if you had a bad credit score in the 450 range, chances were you could buy a car and get approved for a car loan from an indirect sub-prime lender with little or no money down with extended term financing as long as 72 months.
Today, if you have a 450 credit score chances are that you will probably only qualify for buy here pay here financing. There are several buy here pay here car lots programs available for consumers who need them. These car lots provide a great service to people with bad credit and who have realistic expectations. In fact, We Finance Car Lots do a lot more to help people with bad credit get on the road to rebuilding their credit. More than car finance companies and sub prime lenders do.
Car dealers that offer buy here pay here and people who buy used cars from them are very practical. Unlike car loan lenders who only view the credit application and the credit report, car lots that finance people with bad credit actually meet their customers before they decide to approve their car loan, and most don't care about your credit score or the items listed on your credit report.
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