Buy Here Pay Here Detroit, MI

Before setting out to get a bad credit used car loan, make sure that your expectations are realistic. Most people with bad credit do not get approved for the “No Money Down” adds that you see on T.V.

Many people with bad credit learn that they have limited choices of vehicle when they are on the bottom tier of credit worthiness. When in this situation, you must realize that first the dealership has to find a lending institution that is willing to give you a loan. Once the dealer has found a bank that is satisfied with your stipulations, then the dealer will find a vehicle that fits the banks criteria. If the car lot cannot find a finance company to approve your loan they may decide to loan you the money them selves with a lease to own cars for buy here pay here program.

Here are a few examples of what you can expect to pay for standard high risk loan:

Monthly Payment	Term	Cash Down	Purchase Price	Interest Rate	Sales Tax	Amount Financed
360	48	1,000	11,179	23	693	11,247
328	48	2,000	11,179	23	693	10,247
342	48	1,000	11,179	20	693	11,247
311	48	2,000	11,179	20	693	10,247
292	60	1,000	11,179	19	693	11,247
265	60	2,000	11,179	19	693	10,247
317	48	2,000	11,179	21	693	10,247
348	48	1,000	11,179	21	693	11,247

*Terms, Rates, and Tax are estimates an will vary based on buy here pay here dealer locations

Knowing what to expect when visiting buy here pay here car lots is key into understanding what is going to happen and will lessen the chance that you get taken advantage of. You can see from the table above the more money that you put down, the lower the payment. The lower the payment, the more likely you are to succeed in making your payments on time every time.

Be prepared and understand the next time you go to buy a vehicle, knowing you have bad credit. You may not qualify for the best car loan rates and the terms may not be exactly what you were hoping for, but understanding that money down is crucial to having a reasonable monthly payment, which will allow you to rebuild that credit. Once you clean up your credit to 680 and above, your high interest rates will lower and you will again be in the driver’s seat the next time you go to purchase a vehicle.