As recovery from the recession has taken hold in the auto industry, credit restrictions have decreased while interest rates remain low.
Employment growth has driven sales of used cars by increasing the need for transportation, but because of lowering credit restrictions, there’s an increased competition among lenders.
This means that its easier to buy a car than its been for several years, and car buyers have more options available when choosing car financing.
This is also reflected in the buy here pay here industry.. For clients who are conserving cash, many of the buy here pay here dealerships (such as the ones in the Any Credit Car Connection network) continue to offer $500 down autos. The restrictions for getting approved are now even lower.
But although financing is a now little easier, its still wise to know your credit score before you visit the lot- doing this simple thing will prevent you from discussing financing without having all of the information at your disposal about your credit situation. Your credit info can help you determine what your financing options are.
Something else to remember is that now (more than ever) the buy here pay here dealerships have looked to technology to assist in locating clients who default on payments. Dealerships regularly implant devices into their vehicles that will help track them down very quickly if a client misses their payment schedule.
So when purchasing a car or truck, make certain that you understand the payment schedule, and the dealership’s policy towards nonpayment, and the exact steps the dealership will take if you fail to comply.
It also wouldn’t hurt now to take steps towards building your credit, so you can get our score on the road to recovery. The dealerships in the Any Credit Car Connection network report your payments to the credit bureaus, so you can start repairing your credit quickly. Take other steps as well though. Often repairing your credit is easier than you think.. You just have to get started.