Buy Here Pay Here $500 Down ?
Don’t let bad credit or a limited down payment hold you back. Explore the alternatives to buy-here, pay-here financing with 500down.co. Connect with lenders who offer fair terms and help you build your credit. Start your journey to owning a reliable Vehicle today
Transparency
Financing options come should come with clear terms and no hidden fees, ensuring you know exactly what you’re agreeing to from the start
Trustworthy Lenders
We’ve partnered with reputable lenders who specialize in auto loans for individuals with bad credit. These lenders offer fair interest rates, report to credit bureaus, and provide opportunities for APR reduction
Quality Vehicles
Our network includes dealerships that offer newer, more reliable vehicles. Unlike buy-here, pay-here lots, which often sell older, low-value cars, we ensure you have access to a selection of dependable cars
Is $500 Down Right for You?
Are you worried about your credit score but need a reliable car? At 500down, we understand the challenges that come with securing an auto loan when you have bad credit or can only afford a small down payment. While some dealerships offer “buy-here, pay-here” financing to borrowers with poor credit, these deals often come with hidden costs and risks that might not be worth it in the long run. Imagine driving away in a car with confidence, knowing you’ve made the right financial choice.
How Does Buy-Here, Pay-Here Financing Work?
When you finance a car through a traditional dealership, your information is normally passed to third-party lenders. With buy-here, pay-here financing, the dealership handles everything in-house. They sell and finance used cars straight off their lots, often advertising with phrases like “we finance” or “no credit, no problem.”
To qualify, you may need to verify your income and proof of residence, but credit checks are usually not required. You’ll also need a down payment. The dealership will then show you cars within your loan amount, and you’ll make payments directly to the dealership.
The Reality of Buy-Here, Pay-Here Financing
Buy-here, pay-here loans can seem like a quick fix, but they often come at a steep price. Here’s what you need to know:
- High Costs:
A 2018 Study by the NIADA revealed that, these loans typically come with interest rates around 20% which is way higher than an auto loan at most banks and credit unions.
- No Credit Building: Many buy-here, pay-here lenders don’t report your payment history to credit bureaus, meaning you won’t build credit even if you make timely payments.
- In-House Financing: The dealership acts as both the seller and lender, offering “no credit check” loans that can be appealing but come with high risks.
- Inconvenient Payment Schedules: Payments may be required weekly or bi-weekly, adding stress to your budget.
- Older, Low-Value Cars: The cars available through these dealerships are often older and less reliable, with an average cost of $7,004 and an average down payment of $950.
Why 500down.co is a Better Alternative
At 500down.co, we believe in offering better options for those with bad credit or limited down payment funds. We partner with lenders who specialize in auto loans for bad credit. Here’s why this might be a better choice for you:
- Fair Interest Rates: While interest rates might be slightly higher, our partners often overlook certain negative marks on your credit reports.
- APR Reduction: Lenders may gradually reduce your annual percentage rate (APR) if you maintain good payment habits.
- No Down Payment Options: Some lenders may even waive the down payment requirement altogether.
Here's what we offer
If you’re questioning whether $500down.co is the right fit for you, ask yourself:
- Can I afford higher monthly payments?
- Am I comfortable with potentially owing more than my car is worth?
- Have I explored all my financing options?
Now consider this:
Do you want to build your credit ?
Unlike buy-here, pay-here loans, our partners report your payment history to credit bureaus, helping you improve your credit score over time.
Are you looking for more reliable vehicles ?
With a loan, you can reach out to dealerships that offer newer, more reliable cars.
Do you need flexible financing options ?
Our partners offer a range of loan terms and payment plans tailored to your needs.
Exceptional customer service
Here, we prioritize your satisfaction above all else. Our dedicated team is here to support you every step of the way,
Our Customer Say
Here’s what our customers are saying about us. Our customers rave about our seamless financing process, top-notch vehicle selection, and unparalleled customer service – all contributing to our delightful car buying experience.
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Get Started Today
CONNECT WITH LENDERS WHO OFFER FAIR TERMS AND HELP YOU BUILD YOUR CREDIT START YOUR JOURNEY TO OWING YOUR VEHICLE NOW
500Down may be compensated from companies referred , but that doesn’t affect our selection on whom we work with. Companies we work with are carefully reviewed before being approved by our team to provide you the best service.