Buy Here Pay Here
You may have seen Buy Here Pay Here financing before, but may not know what it means, or how it can help you get a loan when you have 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.
What does Buy Here Pay Here mean?
Buy Here Pay Here simply means that instead of making monthly payments to a traditional lender like a bank or credit union, you make payments at the dealership. For people with good credit, they can be guaranteed an auto loan through a traditional lender on the strength of their credit score alone. For those with bad credit, a car loan is granted or denied within the limits of your credit score, whatever that score may be. Unfortunately, with bad credit, you may not get a loan at all.
Will I be approved?
The great thing about buying from Koehne is you’re already approved! You’ll be approved based in part, on your ability to make a car payment. We’ll help you choose from available cars and trucks on the lot for a vehicle that fits your budget. Other dealers will simply deny you outright if your credit score isn't high enough. At Koehne, they work within your bad credit for a car loan you can afford.
Can Koehne help me improve my credit score?
Yes. One of the best ways to improve your bad credit is with an auto loan. Koehne reports to Trans Union, the major credit bureau in the Midwest. If you make timely payments on your car loan, Koehne reports that good credit activity to Trans Union. Future credit may be granted on your ability to make a set payment in a timely manner over an extended period of time. An auto loan can improve your credit score quickly.
