Massachusetts Buy Here Pay Here (MA)

Buying a car when you have less-than-perfect credit can be a major headache. Buy here pay here car lots are becoming quite popular in Massachusetts, because they will finance virtually anyone, even those with major credit issues. If you have enough income to make the payments, getting approved shouldn’t be a problem. The dealer functions as both the lender and the dealer. But how do you know if a dealership does this sort of financing? Many will use phrases like: we tote the note, we finance, your job is your credit, or rent to own.

How to Get Approved for In-House Financing

Don’t waste your time trying to find a buy here pay here dealer near to where you live. We can help! We work with a wide selection of dealerships in Massachusetts offer financing for consumers with problems like bankruptcy or repossession. You can apply in less than three minutes, and there are no fees or obligations. You could be driving your new car or truck before you know it.

Don’t worry about your credit score. It’s seldom a deal-breaker. However, most dealers do want to see that you earn no less than $1500 per month, ideally from a full-time job. This is pre-tax income, not what you take home. Don’t meet the minimum requirements? You can still apply, as long as you have a cosigner who does.

Essentially, these dealers are more concerned with your income than your credit, which is why they’re sometimes known as your job is your credit car lots.

Do These Dealers Require a Down Payment?

This is one of the downsides to buy here pay here financing: down payments are commonly a requirement. As you’d expect, buyers with low credit scores are more likely to default on their payments, so dealers would rather get as much cash upfront as they can. Many consumers go with the lowest down payment possible. A down payment does minimize negative equity, but it’s also money you can set aside for emergencies.

The Agreement

The buy here pay here industry is rife with repossessions. The lot will have plenty of vehicles that are too expensive. You need to opt for a reasonable vehicle with inexpensive payments. Always make your payments in a timely manner, and know your dealer’s policy as far as missed payments and repossession. Every so often the dealer can repossess the vehicle after a single missed payment.

Doing Your Homework

Doing your homework on such dealers is crucial. You can find a list of dealers in your area here, then research dealers online and by word of mouth. Speak to friends who have worked with them in the past, and look up their rating with the Better Business Bureau. That way you can enter the process with confidence, knowing that you will be working with a dealer you can trust.