Used Vehicle Finance

BUY A LATE MODEL USED CAR WITH BAD CREDIT

Brand new isn’t always the best option when it comes to a new vehicle purchase. From the moment you drive off the lot, depreciation begins. By the end of the first year of ownership, your car’s value decreases by around 20 to 30 percent.

While there are definite advantages to purchasing used cars, bad credit consumers tend to think they’re stuck with an older model, out-of-warranty, high mileage vehicle. Worse yet, many people with credit challenges try their luck at “buy here pay here” auto sales lots, which is one of the biggest mistakes in making a vehicle purchase.

The CreditYES® Dealer Network has a massive inventory of late model, low mileage vehicles in stock and we are experts in bad credit used car loans.

Happy couple sitting in the back of a new SUV

THE ADVANTAGES OF BUYING USED

The biggest advantage to purchasing a used vehicle is the total cost. Between MSRP (manufacturer’s suggested retail price), dealership fees, and taxes, the price of buying a used vehicle versus new is considerably less. Many times auto lenders will require 10 percent down payment on new vehicles as well, which is not the case with a used car.

CERTIFIED PRE-OWNED PROGRAMS

Just because a vehicle isn’t new doesn’t mean it isn’t reliable. Most all auto manufacturers have certified pre-owned programs. These CPO vehicles have to be considered late model (meaning they were bought new within the past 1-3 years) and have low mileage. CPO cars undergo a complete inspection – both mechanical and cosmetic – to ensure there aren’t major issues. Certified pre-owned programs generally include a limited warranty, which further adds to peace of mind that you won’t need to spend extra cash in repair costs. Many of our CreditYES® Network Dealers feature certified preowned vehicles for bad credit.

BETTER VALUE OFF THE LOT

Depreciation begins the moment you drive a brand new vehicle off the lot. When you obtain a bad credit used car loan and make a purchase, the original owner took the hit – not you. If you buy used, the vehicle will better retain its value in correlation with your purchase price.

Happy black couple being handed car keys while sitting in their new car.

BEWARE BUY HERE, PAY HERE

People who need a bad credit used car loan sometimes decide to go to a local buy here pay here auto sales lot. These dealers (known also as BHPH dealers) don’t just sell vehicles, they also act as a lender. By handling the whole process in-house, the terms offered can be wildly variable. Expect to pay a higher price for the vehicle as well as a higher interest rate that subprime auto loans. BHPH dealers often don’t allow you to make regular monthly payments and your vehicle purchase (and loan) won’t usually show up on your credit report.

Many vehicles on BHPH lots also are older, have higher mileage, don’t usually come with a warranty, and aren’t inspected as thoroughly as certified preowned vehicles. Bad credit situations are difficult enough, and complicating your financial obstacles with unexpected vehicle repairs is something no one wants to have to endure.

LET US GET YOU INTO A LATE MODEL USED CAR TODAY

CreditYES® offers a quick pre-qualification process that won’t impact your credit score and our Dealer Network features the widest selection of late model SUVs, trucks, crossovers, and used cars. Bad credit situations happen, and we understand and want to help you today.

Our Nashville-based credit experts are available 24 hours a day to help you through the process or answer any questions you may have. Since our founding in 2004 we have helped over 1 million people with bad credit get financed.

You don’t have to be stuck in an older model, high mileage vehicle that you purchased from a high interest buy here pay here dealer. We can get you a bad credit used car loan by connecting you with a local, reputable dealership with a large inventory of late model used vehicles.

Just because you may have had some difficulties in your life doesn’t mean you can’t purchase an excellent used car. Good people can and should be able to purchase a quality used vehicle without having good credit.