Interested in purchasing a car in Portland, OR with no credit check? Buy here pay here car lots might be the only choice.
You’ll find that at buy here pay here car lots, also called no credit check or your job is your credit dealerships, the car loans are approved on location. Simply put, these establishments provide in house financing automobile financing to Oregon car shoppers who have low credit scores. This is in contrast to conventional dealerships, which arrange each customer’s financing through off-site, third-party banks, credit unions, and finance companies. In this way, there is a part of the process that is out of their hands. No matter how badly they might want to sell you a car, they cannot do so if they cannot find a traditional lender willing to approve your loan. A BHPH dealer, on the other hand, has no such problem. They have the final say as to whether you are approved or not, and whether you’re able to drive off the lot in one of their cars.
For some people, getting their auto loan without a credit check sounds like a great idea. Alas, there are some significant downsides. We would be remiss to not bring up:
- Outrageous Rates Of Interest
- Deceptive Financing Tactics
- Substantial Down Payments
- Cars With Lots of Miles
Tips Before Heading to the Lot
Never head to a buy here pay here car dealer that you haven’t asked around about. When possible, track down someone who has been to them recently. Ask them if the dealership is has proven itself respectable. If possible, research the dealership with the BBB, your social networks, and a directory such as this one, which has a list of dealers in most cities across the state. It is best to bring a friend or relative with you to the dealership. Not only can they serve as a sounding-board in your decision-making process, they can act as the “bad cop” in dealer negotiations. Remember, nearly everything on the lot in negotiable. You cannot get a better deal if you don’t ask for it.