Bad credit is a growing issue in Tennessee and across the US. Buy here pay here dealerships have become quite popular in Tennessee, because they will approve virtually anyone, even if they have serious credit problems. They make all credit decisions directly, so they can work with a wider range of customers. You will make your payments directly to the dealer, either in person, by mail, or by going online. Hence the name: buy here pay here.”” These dealerships often market their services with certain slogans: we tote the note, we finance, your job is your credit, or rent to own.
Getting Approved for In-House Financing
Who wants to drive all over town, searching for a dealer willing to approve your credit? We can find you a dealership that fits your credit profile, income, and down payment. We work with many dealerships in Tennessee offer financing for consumers with problems like bankruptcy or repossession. The service is fast, free, and there are no obligations.
Don’t worry about your FICO score. It’s seldom an issue. That being said, most dealers do have a minimum monthly income requirement: $1500. That’s gross income, before taxes, not what you actually bring home. If you don’t earn enough, but you have a spouse or parent who earns $1500 monthly and is willing to cosign, make sure to indicate this on your application.
As you can see, these dealers care more about your income than your credit, which is why they’re often known as your job is your credit dealerships.
Do These Dealers Require a Down Payment?
Because buy here pay here dealers finance people with all kinds of credit problems, they ordinarily require a down payment of some type. Down payment amounts vary. It may be a set sum, for example $500, or it may be a percentage of the vehicle’s asking price. Quite often, the down payment is equal to what the dealer spent for the vehicle, so you might choose to negotiate for the s down payment possible.
The Fine Print
It’s common for 25 percent of BHPH vehicles to be repossessed. Don’t be tempted by vehicles with payments that stretch your budget. Always make your payments by the due date, and know your dealer’s policy as far as missed payments and repossession. For approval, you may have to accept the installation of a GPS tracking unit.