Buy here pay here car lots relate to second hand car lots operated by a dealers’ network taking part in the buy here pay here vehicle program. The program was established to assist first time car buyers, buyers with credit issues or those without any credit at all, and also young buyers.
One process happens to be that the person looking to buy a used vehicle has to complete the online credit application provided through this program. After the application is submitted, it will then be sent out to car dealers who are participating in the program within a certain period of time. In case one of the dealers accepts the application, the applicant will then be notified within a certain time period that it has been acknowledged. The applicant proceeds to that car dealer afterwards for the new-used vehicle he is going to buy.
Such car program likewise works if the possible buyer proceeds to a dealership that provides this program. Essentially, the dealership can offer the vehicle the buyer is interested in. While the dealership examines your credit application along with yourself, he is also going to determine exactly how much you will be able pay back on a recurrent basis. It serves really well when the car you are looking for is one of the options you want for your ‘new’ car. It also works out great for both parties if this dealership is nearby the applicant’s home.
This is based on the “buy here” principle in which a buyer actually purchase the vehicle directly from the dealer to whom he submitted his credit application.
You probably will go ‘shopping’ with the dealer throughout the variety of inventory that you can have from other dealers. The dealer is going to take the exact vehicle you prefer from all the rest of the options for you to purchase it thereat. You also have to send in payments in the mail to the finance company from where you got the money for the purchase of the vehicle, in this case.
Another component of the program happens to be the ‘pay here’ feature, and this means that you likewise pay for your chosen car at your dealer. The cash if not money order or whatever means of payment must be taken straight to the used vehicle where you got the car. Your dealer has the choice of setting up different payment schemes. The dealer and the buyer will work out the repayment scheme according to the buyer’s allocated budget. It might require payment of a weekly or else bi-weekly basis. The object though is making the payment manageable for a buyer. The dealer actually is not keen about having to take the car back should the buyer fails to give payments as schedule. The program aims to get would-be buyers into their chosen car.