“Buy Here Pay Here” is “Last Resort”
It is impossible to miss these dealerships in the city of Houston. They are located on every major freeway, along with local cross streets. Many people in need of credit repair in Houston consider these dealerships when they are purchasing a vehicle. These dealerships should be “Last Resort.”
Paying Double And Triple For A Used Car?
The cars on “buy here pay here” lots are usually over priced. The interest is usually double and triple of what you would pay financing through your local credit union.
The Vehicle You Are Going To Purchase May Have Issues You Are Not Aware Of
A big issue with these cars is typically with the warranty and maintence history. These cars typically come from dealer auctions. They are purchased through a dealer network online and shipped to the”buy here pay here” location.
Additional History On The Used Car You Are Considering Purchasing?
These cars may be sold from insurance agencies at a very low prices due to previous damage and or flood issues.
Time To Reconsider your “Last Resort”
After reading below, you may reconsider your “Last Resort” purchase.
How To Purchase Vehicle in Houston
Banks are lending again. This is geat for the auto industry. It also benefits consumers in Houston. It is important to pull your credit report to see where your credit score stands.
Credit Repair Houston Clients Should Be Upfront With The Finance Department
It is a good idea to be upfront with finance department. Explain any issues that have occurred with vehicles previously purchased.
Credit Score And Vehicle Credit History Are Important When Financing A Vehicle
Remember, the lenders are going to look at your vehicle history first. They want to make sure, if they lend you money on a new vehicle, you have the ability to pay them back. The additional accounts on your credit report are taken into consideration as well. However, they are more concerned with credit score and vehicle credit history.
TransUnion, Equifax or Experian: Which Score Is The Highest?
Most consumers have 3 credit scores. If you know your highest score is Equifax, ask the finance manager if they have a lender that uses Equifax only. This will save you thousands of dollars through out the term of the loan.
Tips To Refinancing The Vehicle You Currently Own or Recently Purchased
What Is The Payment @ 15% Interest?
Houston Credit Repair Clients need to take a good look at these figures: On a $20,000.00 car loan at 15% for 60 months payment would be $475.80.
What is The Payment On The Exact Same Vehicle @ 10% Interest?
Now let’s look at 10% payment would be $424.94.
What Does The Payment Look Like @ 5% Interest?
Payment for 5% would be $377.42.
Does Anybody Have 0% Interest Available?
Yes, in today’s market place for cars 0% financing is around. 0% would be $334.00 for 60 months.
The Difference Between 15% Interest And 0% = Huge Savings
You could save over $8500.00 in interest instead of paying 15% over the term of 60 months. Now that is a lot of money to save for your families financial future.
Where And When To Refinance Your Vehicle
Banks love to take over the financing from another lender with payment history being on time for six months.
Ask The Finance Manager, If You Have The Ability To Refinance With One Of The Dealership’s Lenders After 6 Months Of Payments
Another great option Houstonians need to consider, using the finance manager at your local dealership to refinance your vehicle after 6 months of payments. Many times, they can re-fiance your car loan for a small fee. This can eliminate the hassle of dealing with a bank directly.
Refinancing Your Vehicle At The Dealership
The finance department can pull your credit report and have you out the door in less than one hour. Remember, you do not have to purchase a vehicle from them to re-fiance your existing car.
Improve Your Credit Before Financing A New Or Used Vehicle
If you notice on your report that your vehicle credit is less than perfect, you may want to consider taking the appropriate steps to improve your credit before purchasing the new vehicle. If you have any late payments or repossessions showing, you should try to have them resolved before purchasing the new vehicle.
Consider Hiring A Credit Repair Company In Houston To Improve Your Credit
If you don’t have time to dispute these negative items that are showing up on your credit report yourself, you may consider hiring a credit repair company in Houston to assist you.
Spending The Money Now Will Save You Thousands In Interest Later
The interest you will have to pay for this new vehicle could cost you thousands over the course of the loan if these issues are not resolved prior to purchasing the vehicle. If you decide to sell the vehicle in the future, you do not want to be upside down.
Is It Time To Re-finance?
Having a low interest rate on the car loan is the key to paying off the principal of the car loan. Consumers should look at their current car and decide if it is time to re-fiance.
Do Not Spend Your Retirement, College Fund or Vacation Money On High Interest
Every dollar saved on vehicle interest is money that families may use to save for college, retirement or vacation.