Illinois Buy Here Pay Here (IL)

Buying a car when you have less-than-perfect credit can be a real challenge. Buy here pay here dealerships offer financing to virtually anyone, no matter their credit. Instead of working with off-site finance companies and banks, these dealerships do their own lending, also known as in-house financing. The dealer functions as both the lender and the dealer. But how do you know if a dealer does this type of financing? Many will say things like like:

  • We Finance
  • We Tote The Note
  • Your Job is Your Credit
  • Rent to Own
  • In-House Financing

How to Get Approved for In-House Financing

You could go get in your car and cruise around town, searching for a buy here pay here dealership, but that would be a waste of time and money. We can help! Our network is full of dealers who want to fund your loan, despite credit problems like bankruptcy, default, and foreclosure, and they’re willing to approve you for financing – online! The approval process is fast, safe, and secure. Don’t delay. You could be driving your new vehicle today!

No, there isn’t a minimum credit score to apply. That said, most dealers do want to see that you earn at least $1500 monthly, ideally from W2 income. This is income before taxes, not what you take home. Don’t meet the minimum requirements? You can still apply, as long as you have someone to cosign. This focus on income, rather than credit, is the reason these dealers are so keen of saying “your job is your credit.”

Do These Dealers Require a Down Payment?

This is one of the downsides of this type of financing: down payments in many cases are required. This is a high risk type of financing, so a down payment protects the dealer if the vehicle has to be repossessed. In many instances, the down payment covers the dealer’s initial investment in the vehicle, so you may want to try for the s down payment you can.

Steering clear of Repossession

Repossession, especially involuntary repossession, is quite an unpleasant experience. Not only do you lose your car and down payment, you may owe a deficiency on the loan. This is not always the case with BHPH dealers, but repossession should be avoided nonetheless. The lot will be filled with vehicles that are too expensive. You need to opt for a sensible vehicle with inexpensive payments. Also, all policies will be spelled out in your contract. Be sure to go over them with your dealer. In some cases the dealer can repossess the vehicle after a single missed payment.