1)      How can Used Car World of West Liberty Avenue help me get a car loan if I have bad credit?  Used Car World of West Liberty Avenue offers both subprime bank financing and Buy Here Pay Here Guaranteed Financing with no credit check to help people with bad credit or no credit get a vehicle loan for a pre-owned car, truck or SUV.

 2)      What is subprime bank financing?  Subprime bank financing is financing offered by banks that specialize in providing auto loans to people with less than perfect credit.  Your past mistakes shouldn’t continue to prevent you from getting a chance to rebuild your credit and get an auto loan, but many banks and credit unions won’t give loans to people who have even minor blemishes on their credit history.  Our subprime lenders say, “Yes” when others say, “No”.  We work with a variety of subprime lenders who offer different financing programs for any type of credit, no matter how low a person’s credit score.  These lenders look at your individual credit profile, and take into consideration factors besides your credit score like measures of stability, such as length of time you have worked at your job and lived at your residence.  Based on your credit profile these banks will tell you how much you need to put down to get an auto loan.

3)      What is Buy Here Pay Here Guaranteed Financing with No Credit Check?  Buy Here Pay Here Financing is an in-house financing program where the owner of the dealership extends you credit directly.  It is exactly what it sounds like, you buy your car here and you make your payments here.  Unlike some dealerships who advertise that they are a Buy Here Pay Here lot but sell the financing to outside lenders, we offer true Buy Here Pay Here in-house financing, and never sell the car loans to someone else.   Because our dealership finances people directly, the program guarantees approval with no credit check to anyone who puts half down of the retail price of any vehicle plus tax and tags.

 4)      What are the advantages and disadvantages of subprime bank financing?   Subprime bank financing has two major advantages.  First, these lenders typically require far less of a down payment than the 50% down required for approval with Buy Here Pay Here financing.  Second, subprime banks report to credit bureaus and making timely payments on your auto loan will significantly improve your credit score.   However, subprime bank financing has some disadvantages.  First, they require you to provide proof of income and proof of residence before they give you a loan.  This means that you will have to provide them with pay stubs or a job letter if you work for someone else, an award letter if you get SSI or disability, or bank statements if you work for yourself.  They also require you to verify your residence by providing a phone, utility bill, or bank statement mailed to your residence every month.

5)      What are the advantages and disadvantages of Buy Here Pay Here Guaranteed Financing?  Buy Here Pay Here Financing has several advantages.  First, it allows us to finance someone who cannot meet the requirements of bank financing.  Second, it allows people who have a significant cash down payment to afford to buy a car that would otherwise be beyond their budget by making some payments directly to our dealership.  The disadvantages of Buy Here Pay Here Financing is that it typically requires significantly more down than bank financing, and that it does not help you re-establish your overall credit history.