500 Down payment - Buy Here Pay Here Cars

Get Approved for Your Car loan before You Walk into the Car Dealership / Apply Here

Home > Bad Credit Car Loan Help

If you think it's impossible to purchase a used car because you only have $500 to make a down payment, it's not. Here in this article, we'll give you tips on how to make that $500 down payment work for you.

Across the country, from sweet home Alabama to Atlanta Georgia all the way to Arlington Texas, we'll tell you how to get behind the wheel fast. With only a $500 down payment.

First thing you need to know is where.What you're looking for is a used car dealership that offers Buy Here Pay Here financing. Buy Here Pay Here financing, otherwise known as BHPH, means that you arrange a car loan with a dealership and make payments on the loan at the dealership itself. Instead of going through a third party bank, you buy the car with in-house financing.

Typically, your payments are made on a weekly or bi-weekly basis. Some BHPH dealerships might require that you bring payment to their actual physical location. Hence, the Buy Here Pay Here namesake. How do you know that you've found a buy here pay here dealership? Sticker phrases, such as "We Finance" or "In House Financing" would clue you in.

Normally, when you arrive at a BHPH dealership, you'll be asked some questions right off of the bat in order to ascertain your credit and financial situation, which might entail running a credit report. Then, after the dealer knows your situation, he or she will show you cars that fit your particular bill. If you have bad credit or low credit and have had problems getting approved for a car loan, BHPH dealerships are good places to go.

The best news is that with $500 down, you should be able to get in a used car relatively quickly. That level of down payment will give many BHPH dealerships financial reassurance that you'll pay off the loan as per your loan agreement.

As well, one of the advantages of getting a used car at a car dealership that offers buy here pay here financing is that you'll actually be rebuilding your damaged credit with every payment that you make in a timely fashion. Make sure to make sure that the BHPH dealership reports payments that you make to all three major credit bureaus. Keep making those payments and your once low credit score will improve over time.

Another benefit of a BHPH dealership is that they tend to be more lenient in terms of accepting trade-ins on older cars. BHPH dealerships tend to understand the full value of used cars - more so than the typical car dealership, so if you have a trade in AND a $500 down payment to make, you shouldn't have any problem getting a car loan on a used car. If you have bad credit or poor credit, you owe it to yourself to explore BHPH dealerships.