Do you want to purchase a used vehicle but have only $500 for a down payment? Although some say this sum is small, it’s enough for most companies. This article will help you.
Regardless of your location, you can get a high-quality used vehicle, even if you have a $500 down payment.
The first thing to understand is to find out where you can get such an offer. In this case, you need to find a car dealership that offers Buy Here Pay Here financing services. This offer is also called BHPH, and it means that a customer gets a car loan with a dealership and repay at the dealership. So, he doesn’t have to visit a third-party financial organization.
In most companies, you should make payments each week or twice a month. Some BHPH dealerships require clients to visit their offices to repay.
When you enter the nearest BHPH dealership, the manager can ask you some questions about your credit score and financial situation in general. Next, the company representative will demonstrate to you the vehicles which will suit you most. If your credit score is low, then BHPH dealerships will definitely become a solution.
It doesn’t take much time to buy a used car with a $500 down. Such offers are available in most companies.
One of the main benefits of getting a used vehicle at a car dealership is that this option will help you increase your credit score. Find out if the company reports your payments to the credit bureaus. Thus, you will be able to borrow more significant sums over time.
One more advantage of the BHPH dealerships is that these alternatives are more lenient. If you decide to have a trade in and to make a $500 down payment, you will surely get approval from the lender and buy a car. So, never mind if you have bad credit, this service will be provided regardless of this criterion.