Understand how buy here, pay here financing works today

By Product Expert | Posted in FAQs, Tips and Tricks on Friday, March 12th, 2021 at 7:56 pm
A stock photo of people finishing the paperwork to buy a car.

How does buy here, pay here financing work? 

It is almost impossible to comfortably live one’s life without access to some kind of automobile. Combine that idea with the fact that buying a car, truck or SUV is likely to be of the one most expensive and consequential purchases of a person’s life. It’s very important that everything goes as smoothly as possible. However, paying for a safe and reliable car can be a very steep hill to climb, doubly so if the buyer has less-than-ideal credit. That’s where Third Coast Auto Group is ready to help. Our dealership specializes in helping people in a not great credit situation get a car that will get them where they need to go without being harmfully expensive. So, how does buy here, pay here financing work? Let’s take a look. 

READ MORE: Does buy here, pay here financing hurt my credit? 

What does buy here, pay here mean? 

When a person goes to buy a car through traditional financing means, they have to apply for a loan and go through a time-consuming and invasive approval process. Third Coast Auto Group and its buy here, pay here model bypasses a lot of that and keeps almost the entire transaction in-house. Basically, a customer will only be working with Third Coast Auto Group and will be making their monthly payment directly to the dealership. 

In fact, customers will be able to make their payments directly through our safe and secure website or through our automated phone system. Either way, your payment will be processed quickly and safely. 

Do I still need a down payment with buy here, pay here financing? 

Everyone’s credit situation is very different. Some buyers may need a down payment while others will not. However, having some cash on hand to make a sizeable down payment is going to make purchasing a vehicle all the easier. There is no method of vehicle financing that isn’t benefitted by a buyer having a down payment ready to go. 

If you have more questions about how buy here, pay here financing can work for you, make an appointment with a Third Coast Auto Group representative today.