Yes. One of the best ways to improve your bad credit is with an auto loan. If you make timely payments on your Buy Here Pay Here car loan, dealers will report that good credit activity to your credit reporting agencies. Big payments like car loan payments can improve your credit score quickly.
When you use Buy Here Pay Here dealerships like Koehne Car Credit, they help you choose from available cars on the lot for a vehicle that fits your financing needs. Other dealers will simply deny you outright if your credit score isn’t high enough. At a BHPH dealership, they work within your bad credit for a car loan you can afford.
Buy Here Pay Here basically means that instead of making monthly payments to a traditional lender, you make payments at the dealership. For people with good credit, they can be guaranteed an auto loan through a traditional dealer on the strength of their credit score alone. For those with bad credit, a car loan is granted within the limits of your credit score, whatever that score may be. You may not get the nicest car on the lot, but you’ll get a car that fits your budget.
You may have seen Buy Here Pay Here financing before, but chances are you’re not sure what it means, or how it can help you get a loan with bad credit. The car loan process is difficult enough without gaps in your terminology, so here’s a few tips on what Buy Here Pay Here financing is and how it can lead you to a guaranteed car loan.