What Is a Buy Here, Pay Here Loan?

Buy Here, pay here is when the car dealership loans you the money to buy one of its cars. The dealership is also the finance company that decides whether to approve your loan. You pay the dealership back just like you would pay a bank or credit union.

If you are not sure if a dealership offers this type of loan, look for these words on their signs or website:

• We Finance
• Easy Financing
• Building Credit

How This Helps You

• Approval is almost always guaranteed
• You can buy a car even if you have bad credit.
• You can build or repair your credit score by making payments on-time and in full each month. The dealership will report your good payment history to the credit bureaus.
• The dealership may take your old car as a trade-in or as part of a down payment.

Here’s the Truth about Buy Here, Pay Here Loans

Have you heard this?

"You will have to make a large down payment, almost as much as the dealer paid for the car."
This is FALSE

TRUTH: The dealer will work with you to figure out a down payment that you can afford.

"There will be no warranty for breakdowns or repairs. If there is a warranty you will still pay a high deductible."
This is FALSE

TRUTH: Most dealers offer a warranty or service contract with a reasonable deductible. They understand that you may have very little money for repairs. They would rather help you fix the car so you can get to your goal of paying off the loan and owning a car.

"Dealers like to sell you a car and then repossess it quickly so they can sell it five more times this year."
This is FALSE

TRUTH: Very few dealers do this. Good dealers want to help you get to the end of your loan and pay it off. They make no money by trying to sell a car many times. Repossession is a last resort.

Who Can Get a Buy Here, Pay Here Loan?

Anyone who...

• Has a steady income
• Has a US-issued ID or a passport from any counter
• Has a physical address, and
• Has tried every other way to get credit and was turned down

...can apply for a Buy Here, Pay Here loan.

Come to Shabana Motors

For over 30 years, we have been helping the people of Houston buy high-quality cars and trucks with payments that match their budgets and their credit histories.

Shabana Motors offers a 2 year/24,000 mile warranty on all vehicles purchased and may be able to help you repair your credit by providing a buy here, pay here loan at reasonable rates.

Check out our cars and trucks and fill out our online loan application.