Buy Here Pay Here Report to Credit Text

Jonathan Friesen - Writing Coach

Auto loans, credit reports and scores if you make timely payments, an auto loan will help you build your credit if the lender reports your payments to one or more of the three major credit bureaus experian, equifax, and transunion. Ldquo buy here pay here rdquo dealerships typically finance auto loans ldquo in house rdquo to borrowers with no credit or poor credit. You may see signs like ldquo no credit ndash no problem rdquo or ldquo military e 1 and up. Keep all the documents, voicemails, and records of your interactions with the dealer or lender.

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If your problem is with a lender or a buy here pay here dealer, you may file a complaint with the cfpb and your state. Used cars expert keith griffin has been an automotive journalist and new car reviewer for more than 13 years. If you 39 re interested in getting a loan from a buy here, pay here dealer for your next used car, let me explain what you can expect.

The loan comes directly from the dealer, typically underwritten by a financing company. Bhph dealers typically specialize in older used cars probably at least 10 years old with high mileage for clients with bad credit. You will have to return there to pay your loan, sometimes as frequently as every week. They want cash or money orders because people with bad credit usually can 39 t be trusted to pay by check and those folks are fond of saying the check is in the mail.

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Before using a buy here pay here dealer, apply for your own auto financing either through a bank, local credit union or online financing institution like capital one. Don 39 t assume automatically because of some past credit blips that you are not going to be able to get financing. The subprime lending market has seen some signs of life in the first half of 2012. Not all are going to do this because, frankly, they 39 re not in the business of improving credit scores. Granted, if you are using a bhph dealer you don 39 t have lots of money lying around, but make sure you get the used car inspected before signing on the dotted line. The dealer wants to know what you 39 re good for before letting you know what cars you can buy. You don 39 t pick out a car and then discuss financing as you would at a regular used car dealership.

The california legislature is currently considering a bill that would cap loans at 17.25%. That cap suggests people are paying much higher than that for their buy here, pay here used car financing. Your dealer will always know where you are because the used car you are buying from a buy here, pay here dealer is going to have some form of electronic tracking device. Those are installed so the repo folks know where to go when it is time to repossess your used car for non payment of loans. As the old saying goes, you can run but you can 39 t hide from a buy here, pay here dealer.

Some bhph dealers even go so far as to install ignition shutdown technology in the vehicle. California would like to see the devices to provide advance warnings to the driver to help avoid stranding them. Less reputable dealerships are just interested in taking your money especially at interest rates above 21%. Are all buy here, pay here dealers bad people? not all but they are business owners.

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