UNDERSTANDING THE BUY HERE PAY HERE PROCESS

When you are in the market for a buy here pay here car or on the lot financing, a few simple steps will make your experience the best. Understanding buy here pay here financing isn’t that complicated. Most people cringe and are afraid of being told turned down, but At Approved Auto we have a very streamlined process for on the lot financing.

1. Be Prepared – When you come in with your driver’s license, paycheck stubs, and proof of Address you are already helping yourself get approved! When dealing with a buy here pay here dealership that finances the cars they have, it doesn’t have to be frightening. We want to say yes and approve you!

2. Be Educated – Ask the dealership, “What can you do for me?” “Do you offer warranties?” We recommend everyone gets a warranty. When you buy a brand new car it comes with a warranty. Even though it’s brand new things can go wrong. The same thing happens to used cars. Get a warranty! It’s the educated thing to do. Additionally, when you need a subprime or buy here pay here loan, ask the dealership if they report your credit. When choosing a buy here pay here dealer, pick one that reports to Transunion. It makes sense while you drive your car to establish or rebuild your credit. Most buy here pay here, on the lot financing, subprime auto dealers all have their own finance company. Understand that the name of the dealership may be different than what you see on your credit report.

3. Understand the Process – By starting online, you can search, browse, look at inventory and even apply for credit. Over 75% of our customers start online. Beginning the process there is a good idea. When you come to visit Approved Auto, the first thing we will do is gather some additional information. We will review your budget and make sure to match you with a vehicle that you can afford. Some dealerships will set you up to fail. Be careful of car lots that just want to take your money. At Approved Auto, we do our very best to set every single customer up for success. After we gather information, we will show you cars, trucks, SUV’s and vans in the monthly payment range your budget affords. Affordable cars, trucks, SUV’s and vans in Louisville are what we specialize in. We understand sometimes we all want more than we can afford, but that’s when explaining the budget makes sense. After a few test drives and choosing a vehicle, we go over the payments, offer warranties, and assist in insurance. At our Dixie Highway and New Albany IN locations, you can expect the utmost professionalism and pain free process

4. After the Sale – Make your payments. Payments and contracts are not suggestions. Understand you entered into a legally binding contract with the finance company. Communication is the key. When working with a buy here pay here or on the lot financing dealership, remember that they are here to help. This is why they financed a subprime loan in the first place. If you have an issue, talk to your account manager at the finance company. In most cases they will help you to resolve whatever is happening. If you have a mechanical problem, use common sense. It is not the dealership or the finance companies fault. When you buy a house, if your roof leaks, it’s not the realtors fault. The same ideology applies here. The buy here pay here dealership wants you to be happy, but simply cannot fix every issue. Keeping maintenance up and conducting regular oil changes is a big step towards keeping your investment running well.

5. Building Credit and Succeeding – As you drive your vehicle you are building your credit. Pay on time and your credit score goes up every month. I have seen firsthand customers going from one good paid car loan to purchasing homes and brand new cars. And it all started from their buy here pay here car loan at Approved Auto in Louisville, KY.
In closing, we have outlined the buy here pay here or on the lot financing process at Approved Auto. Being prepared, educated, and open to the process will have you succeeding with your new vehicle. You will become credit worthy to banks, mortgage companies, and anyone else you can imagine!

Scott Stillings
VP of Operations
Approved Auto of America
Dixie Finance Co.