These are used car lots operated within some network of dealers that are part of the buy here pay here program. Such program is aimed towards first time buyers as well as young buyers, buyers who are having some problems with the credit they have, or those who are simply without any credit.
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. Then, this is submitted and within some specified time period, the application will be distributed to participating vehicle dealers. Whenever the application gets accepted by a dealer, the applicant is informed within some specific time frame that his or her credit application has been approved. Then, the applicant visits that dealer and gets his new second hand car.
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. When the dealer reviews the credit application you submitted, they are going to establish as well the amount you can regularly afford to give. It serves really well when the car you are looking for is one of the options you want for your ‘new’ car. At the same time, it works best for each of the parties when the dealership happens to be conveniently located from your 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. If you come across the exact car from all the selections, the dealer is going to bring that to the lot so that you can buy it from there. 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. You actually bring the money order or cash or whatever payment method straight to the dealer with whom you bought the car from. A dealer has an option to prepare several payment plans. The dealer and the buyer will work out the repayment scheme according to the buyer’s allocated budget. Payment may be required every week or every couple of weeks. However, the aim is to make payments manageable for buyers. A dealer usually doesn’t like taking the car back if the buyer is unable to repay the amortization amounts on time. Such program is intended at getting potential buyers into the cars they really want.