These days, maintaining good credit is perhaps as important as maintaining a clean criminal record. It does have real impacts on your daily life since purchasing goods is a part of our needs. But then again, not all of us have the resource to always maintain our financial credibility. And the good news is, there are opportunities where people can have the same access to goods. One of the ways for people to purchase a car is through buy here pay here dealers. If you’re looking for buy here pay here Owensboro KY has to offer, here’s our guide. First, let’s see the pros and cons first.
Accept customers with bad credit
Like you can see on our Buy Now Pay later Catalog, many buy here pay here providers accept customers with bad or no history of credit. This allows a wide range of customers has access to purchasing a car. Usually, shops also provide a variety of financing plans that are suitable for customers.
No to little down payment
This kind of flexibility is what allows people to choose this financing plan. Offering potential buyers with no money down or a small down payment (usually under $500) is a common practice in buy here pay here.
Quick and easy process
Everything is done where the car is purchased; from window shopping to getting financing. This one-stop shopping service is simple and efficient. Not only the shop acts as the dealer, but it also acts as the financing company. Rarely does this practice fails the customer, especially if you already have a stable income and a house address.
Loans may not help you build good credit
If you pay your loan in time with an auto loan, it does improve your credit score. There’s a possibility that a buy here pay here dealership doesn’t report your payments to the major credit bureaus like Equifax, Experian, or TransUnion. If you do have the resource, it’s best to aim for traditional lenders such as banks, credit unions, and finance companies as your first choice.
Higher interest rates
You may now know that the practice is a high-risk one. The convenient financing procedure and options do come with a price. One of them is higher interest rates. A much higher interest rate than bank and other lenders is likely if you wish to purchase a car with buy here pay here. You can also expect a double-digit interest rate.
Higher risk in borrowing than the car’s worth
Conventional lenders usually set a limit on the amount of money they’ll lend you. And it usually doesn’t come in much difference with the actual price. With buy here pay here, the dealerships don’t do that. And according to the Consumer Financial Protection Bureau, you might end up paying thousands of dollars more than its value.
Buy Here Pay Here Owensboro KY Has to Offer You
Here is a list of 5 buy here pay here providers in Owensboro KY. We included several well-known dealerships and their financing options. Making things easier for you to choose your next dealerships!
1. Car-Mart Owensboro
512 Triplett St Owensboro, KY 42303
With 140 outlets across the country, Car-Mart has been one of the most prominent players in the industry. Buy here pay here in Car-Mart Owensboro has said to be quick and convenient according to purchasers. The dealership provides several payment options including online and by phone. Payment is available weekly, bi-weekly, or monthly depending on your circumstances. A lay-a-way plan is also provided for buyers who are eligible for purchasing a vehicle but still have issues with a low down payment.
Car-Mart Owensboro offers a Buyer’s Protection Plan. This covers all mechanical failures during the first 12 months or 12,000 miles of ownership. While their Payment Protection Plan allows customers to cancel the remaining debt in case the vehicle is stolen or considered a total loss due to accidents.
2. Vantacar LLC
1719 Breckenridge Street Owensboro, KY 42303
When it comes to buy here pay here system, one of the most important things that really attract customers is how hassle-free the process is. Vantacar LLC is one of the best places to get that. This local buy here pay here Owensboro KY accepts customers with bad credit, no credit, bankruptcy, and even collectors.
Their listings percentage has proven to be above average. Meaning, you can find clear basic information about the vehicle you’re interested in buying. Such information includes valid prices, photos, and mileage. It’s accessible through their website as well. But for a more convincing experience, you can just stop by their shop from Monday to Friday around 10 AM – 6 PM. The shop closes on Sunday and opens until 4 PM every Saturday.
3. Byrider – Owensboro
250 E. 18th Street Owensboro, KY 42303
Some car dealerships offer as many payment options as possible to make it easier for customers. Dealers like Byrider also offer payment through a commonly used financial service like Western Union and MoneyGram. It’s also very convenient how customers can customize the payment schedule around their paydays.
For those who want to establish their credit credentials, Byrider customers’ payment credit will also be reported to the three major credit bureaus. This practice is beneficial for customers who have yet any credit history or those who want to rebuild it. If you’re a qualified buyer, there’s even a possibility of the down payment as little as $0 here.
4. Skillsman’s Auto Sales
2820 New Hartford Rd, Owensboro, KY 42303
Another local buy here pay here Owensboro KY dealership that has been around since 1990. At Skillman’s Auto Sales, potential buyers can apply for credit by filling the available form on their website. Although, regrettably, you might not be able to see the car you’re looking for here. Even if you do, we doubt that it comes with the pictures to see its condition. It’s best to visit the shop directly if you’re really down for a new ride.
Apart from the website issues, buyers gave the shop good reviews for the staff’s friendliness and hassle-free business. Some even have become their regular buyers. We suggest you visit the shop to check on yourself.
5. Championship 54 Auto Sales
3349 Villa Point, Owensboro, KY 42303
At Championship 54 Auto Sales, buyers with or without credit experience are welcomed. In fact, they’ll offer a specific financing plan for different buyers. What we really think is pretty great is how you can plan it all online. Potential buyers are asked to fill (free) credit application before proceeding with the loan. You can also calculate your payment through their website for a more efficient process.
Championship 54 Auto Sales sells both new and pre-owned cars for their customers. You can check their complete and neat inventories through the website. It’s safe to say that the website is one of the most user-friendly. Not to mention how you can easily browse through your preferred vehicle with complete information on it.
Just like other life choices you make, buy here pay here financing system has its own downsides. Before choosing among some of the buy here pay here Owensboro KY dealers, perhaps you want to take a look at the pros and cons again. Do your own research and follow the terms and conditions provided by the dealership!