The Benefits of Purchasing a Buy Here Pay Here Car For Indiana College Students
Roll the windows down, turn on your favorite jams, and let the freedom wash over you: you’re headed to college!
Now that you’re on your own, you need a reliable vehicle to get you to and from class, to social activities, and, of course, back home to do your laundry.
A buy here pay here car can get you wherever you need to go and affording one can be easier than other car-buying options. Whether you’re headed to Ball State, Goshen, Purdue, Bloomington, or South Bend, your new-to-you car will get you there, and Quick Auto, with seven buy here pay here car lots in Indiana, can help you achieve it.
What Is a Buy Here Pay Here Car Dealership?
A buy here pay here dealership sells used cars and provides financing all under one roof. Although they check credit scores, they don’t use that information to determine whether you can get a car loan. Instead, they look at your monthly income to calculate the car payment you can afford.
At one of these car lots, you can get approved for financing, choose a used car, and make your payments, all at the same address. So why is a buy here pay here car dealership a good choice for many college students? Keep reading to find out.
You Don’t Need Established Credit to Purchase a Buy Here Pay Here Car
To qualify for a traditional used car loan, you’ll need about a 675 credit score. Some lenders accept slightly lower scores.
However, if you’re just starting out in your adult life, you likely haven’t built credit in your name yet. To build credit, you basically need to take out debt and pay it back on time.
If you have no credit, your credit score likely isn’t high enough to qualify for a loan from a bank or credit union without the help of a cosigner, someone who says they are willing to take on the responsibility of the loan. Usually a cosigner is a parent or grandparent, but not everyone has the luxury of having a willing cosigner.
Buy here pay here car dealerships check your credit score, but they don’t use it to determine whether they’ll give you a used car loan. So if you don’t have credit, it’s no problem here.
You Make Small Weekly Payments Rather Than One Larger Payment
If you were to get financing for a used car from a traditional lender, you are required to make a lump-sum monthly payment. For a college kid working and juggling class, you know the amount of money you have in your bank account can vary, depending on the other bills you have to pay or supplies you need to buy.
A buy here pay here car dealership breaks your one monthly payment into smaller weekly payments, so you don’t take a big chunk out of your money all at once. This can help you budget the rest of your expenses.
Let’s look at an example. Let’s say you get paid $1,000 on the first and 15th day of the month. But also on the first, your rent is due. Your electric bill is due on the 15th, and your car insurance is due on the 20th. Finally, your car payment with a traditional loan is due on the 10th. In this scenario, you’ll pay your two biggest bills using your first paycheck of every month, and smaller ones with the second. This could empty your wallet in one week.
But if you choose a buy here pay here used car instead, you’ll pay a much smaller car payment each week. This spreads that expense over the month, so you have money left from each paycheck for everything else you need.
It Only Takes About an Hour to Purchase a Buy Here Pay Here Used Car
College students are some of the busiest people on earth! You go to class, you work, you socialize, you do your homework, you keep in touch with your family, and you take care of your living space.
If you choose to buy a car the traditional way with a loan from a bank or credit union, you can expect to be at the car dealership for hours - sometimes even making a second trip later in the week to complete your purchase.
At a buy here pay here car dealership, the entire process can be completed in as little as an hour. Yes, you’ll have time to attend your morning class, grab lunch, buy a car, and get to your afternoon lab!
You Already Have The Documents You Need to Apply For Financing
To apply for a loan through a bank or a credit union, you have to prove every little thing about your life. You need a bunch of documents that you don’t always have access to. The application also takes a long time to fill out.
In-housing financing paperwork is fast - only a handful of questions to answer. Take a look at a loan application for our buy here pay here car dealership so you can see what we mean.
The only documents you need to bring to apply are those you probably already have handy on your desk or in your wallet:
? A government-issued photo ID
? Proof of how much money you make at work, such as recent paystubs
? A utility bill or lease agreement in your name, that lists the address where you live
Head to College In a Ride You’re Proud to Call Your Own
You don’t need to hope your parents give you a car or bum rides from classmates any longer. Instead, you can shop at one of our seven buy here pay here car lots in Indiana and get behind the wheel of your very own reliable used car.
Find us in:
? Hammond, home of Purdue University Northwest
? Elkhart, home of Bethel College - Elkhart Campus
? Portage, near Valparaiso University
? South Bend, home of Indiana University South Bend and University of Notre Dame
? La Porte, located near Ivy Tech Community College
? Highland, near Indiana University Northwest and Chicago State University
? Mishawaka, home of Bethel University
Contact the Quick Auto location nearest you today to buy a used car you can afford.
