Call Us At: 214-712-2227

Posts Categorized: Uncategorized

#1 Buy Here Pay Here in Dallas, TX

Get Pre-Approved from Home!

At the Auto Cave in Dallas, you will sense a feeling of warmth, honesty, and gratitude. Our team treats our customers like family, because we understand that if we don’t take the time to set you up for success, then our relationship together, may not be the best.

Get Pre-Approved from home in seconds! Your finance specialist will be glad to help you find an affordable payment plan on a quality vehicle. If you’d like to use our automated pre-approval form, fill it out below!

What’s Next?
A finance specialist will be assigned to your account. After review of your information, they will reach out to request further stips to finalize your vehicle purchase.

🙂 To check on the status of your loan approval, feel free to reach us at 972-895-9010 🙂

#1 Buy Here Pay Here in Irving, TX

Our Team Treats You Like Family

We Treat You Like Family.

At the Auto Cave in Irving, you will sense a feeling of warmth, honesty, and gratitude. Our team treats our customers like family, because we understand that if we don’t take the time to set you up for success, then our relationship together, may not be the best.

Visit our store, talk to a finance specialist today and let us help you find an affordable payment plan on a quality vehicle. If you’d like to use our automated pre-approval form, take 30 seconds to fill it out below!

What’s Next?
A finance specialist will be assigned to your account. After review of your information, they will reach out to request further stips to finalize your vehicle purchase.

🙂 To check on the status of your loan approval, feel free to reach us at 469-208-6777 🙂

You Qualify! $0 Down Upgrade Program

Has your payment history been outstanding?! To show appreciation, we offer a vehicle upgrade program with $0 Down on select vehicles. Use our automated pre-approval form to complete your upgrade!

What’s Next?
Once you’ve submitted your stips and credit application, your account will be under “Final Review”.

🙂 To check on the status of your vehicle upgrade, feel free to reach us at 214-225-2591 🙂

Last Step.. Let’s Finalize Your Online Approval!

Fill Out Our Online Credit Application In Seconds!

What’s Next?
Once you’ve submitted your stips and credit application, your account will be under “Final Review”.

🙂 To check on the status of your approval, feel free to reach us at 469-615-2020 🙂

Benefits of Financing Through a Car Dealership

Car dealerships frequently get a terrible reputation amongst people in the marketplace for a brand new or used vehicle. There’s frequently a want to haggle with the income character concerning the very last price, and an intimidating stack of office work that makes it tough to recognize if you’re getting a great deal.

One of the most common points of discussion is financing directly through the dealer. Although it has a poor reputation, all is not lost when you get a car loan through the dealership. Let’s go over a few benefits.

You Can’t Beat the Convenience of a Car Dealership

Most people looking for a new or used vehicle to buy are drawn to the ease and convenience of financing through the dealership. If you’ve found the car you want at a price that meets your budget needs through a dealer, it is simple to apply for an auto loan at the same location.

Everything is completed at the dealership, including income verification, a credit check, and any transfer of money for a down payment. Instead of jumping from bank to bank to find the best deal, you can simply select and finance your vehicle at a one-stop-shop.

Higher Loan Amounts

Some dealerships also offer the advantage of financing the full amount of the vehicle being purchased, as well as the expenses associated with transferring the title, paying taxes on the sale, and any other licensing needs. Each of these costs can be easily rolled into the new car loan and then paid down over time. While this makes the loan larger than it would be if you paid these additional expenses out of pocket, it is helpful in getting through the process without having to open your wallet.

Flexible Repayment Terms

For those who have evaluated their options and the higher financing amounts, dealership auto loans typically come with more flexibility than a loan through your bank or credit union. For instance, banks and credit unions often cap the number of months you can extend your loan based on the amount of your loan or the age of the vehicle. Dealership financing is less restrictive, providing loan terms of up to 60 months for well-qualified borrowers which makes your monthly minimum payment more manageable.

Dealer financing may well turn out to be a great option for you if you have perfect credit and know that you can afford the car payment. Regardless, you’ll be in the driver’s seat if you do your homework first and know exactly what your other direct lending options are through a bank or credit union. Even if you don’t go with one of their products, you may be able to use the information as leverage to gain a better offer with the dealer.

Our process is simple and easy

Get Pre-Qualified by Phone! Sharing your information with many dealers can be scary. We are up-front about what we can and can’t do. This is why one of our finance specialists will pre-qualify you to ensure your credit isn’t pulled for no reason and your time isn’t wasted!

If you’d like more information about financing a car with a low or no down payment, or to learn about any of our auto dealer services, speak to one of our finance specialists at the Auto Cave today

Bad Credit Car Dealerships

Shopping for a Car with Bad Credit

Its safe to say that when buying a vehicle, a majority of people need financing to buy a reliable car. If you have no credit, bad credit, or limited credit history, then many consider turning to a bad credit car dealership. Bad credit car lots are used to establish or rebuild your credit. Another term for a bad credit car dealership is “Buy Here Pay Here”. This term was given to these types of dealerships because they offer financing in-house, allowing customers to purchase a car and pay for their car all at the same lot.

Before you start the process, it’s helpful to know your credit score. You can keep track of your score, for free, by using CreditKarma.com.

Buy Here Pay Here Dealership Services

Buy Here Pay Here dealers, and bad credit car dealerships have websites that list cars, offer online loan applications, and process car payments.

  • Many buyers use online credit services to determine the loan amount and terms for which they qualify before they shop for a car. At some bad credit car lots, you can get pre-qualified over the phone.
  • Once approved, you can begin looking over available cars.
  • Many bad credit car lots and bad credit used car dealers will accept installment payments through their websites. This is a good way to make sure your payment is processed on time.
  • Buy Here Pay Here dealerships also offer affordable in-house insurance. This helps keep the customer’s vehicle coverage up to date.

What do I need to get approved at a Bad Credit Car Dealership?

A bad credit used car dealership may look at:

  • Credit History
  • How long a potential buyer has been employed
  • How long the potential buyer has lived at their current address
  • How much down payment the potential buyer is working with

Depending on results, a potential buyer should consider the effects of getting an auto loan with bad credit or no credit:

  • Paying a higher interest rate
  • Providing a larger down payment
  • Getting someone with stronger credit, such as a parent or spouse, to cosign the loan

Do you need to Get Approved for an Auto Loan with No Credit?

10 Questions to Ask Before Financing a Used Car

Financing at a bad credit car dealership can be scary, intimidating, or complicated. It’s important to choose the right dealership and understand which dealership gives you the best benefits if you’re paying a higher interest rate.

  1. What type of cars am I qualified for at a bad credit used car dealer?
  2. How high is my interest rate?
  3. Are there any potential penalties to my loan?
  4. Is there a warranty with the vehicle or am I buying it AS-IS?
  5. How many payments will I be making, and what is the exact amount of each one?
  6. Is there credit insurance, and do I need it?
  7. If I need credit insurance, do you offer it? If not, can you recommend one?
  8. Can I get a used car with a low down payment?
  9. Who is the actual lender and am I guaranteed the rate I’m being quoted?
  10. What is the actual price I’m paying for the car? Does that include interest paid?

These are important factors that can help you get the best deal. If any of the answers that they say seem vague or confusing, take some time to think about it or ask to speak to a manager to get some confirmation. It’s always best to compare your financing options at more than one bad credit car dealership.

Bad Credit Financing Options at Used Car Dealerships

Many car dealerships that offer in-house financing to borrowers with bad credit or no credit are called bad credit car dealerships or Buy Here Pay Here car lots. Bad credit car lots often have many more financing options than other lenders, making them attractive for people shopping for bad credit auto financing.

Bad credit car dealers have some similarities to other lenders. In a negotiation with a bad credit car dealership, for example, you’ll be talking about loan terms such as the length of the loan, the amount of your down payment, and the interest rate. Putting up a large down payment can help you in bargaining for a lower rate or a longer loan length, because this means the bad credit car dealer takes less of a risk in lending to you.

If you’d like more information about financing a car with a low down payment, or to learn about any of our auto dealer services, speak to one of our finance specialists at the Auto Cave today

How to Get a Car in Dallas, Irving, or Arlington With a Low Down Payment

Everyone needs a car, but when you don’t have much in savings, it’s hard to afford a good reliable used car or truck. With most vehicle purchases, a financing transaction will occur. This will involve investing a down payment that will go toward the price of the car and lower your overall amount financed. The more down payment you invest when financing, typically the lower and more affordable your payment options will be. It’s a challenge to obtain a car loan with a low down payment or even without a down payment at all. In these cases, you may need to trade your current vehicle in, as a form of down payment toward your new purchase.

If you are located in the Dallas, Irving, Arlington, the surrounding areas, you are in luck! We’re proud to provide a wide range of used cars in Dallas and other parts of the Dallas Fort Worth metroplex, as well as low down payment cars. Not to mention, we offer assistance with no credit financing, which includes a variety of bad credit history that you may have built through your time financing previous vehicles. If you share a similar past as described above, but ready to change your future, then don’t worry! We’ve helped thousands of DFW residents just like you with reliable transportation and affordable financing. Let’s talk about some of the things that might help you as you go through the financing process.

Does my Credit Score Matter?

As mentioned above, no credit or bad credit can stop a majority of customers from getting the affordable financing they need. For those who have a reasonable score, not only are you generally eligible for lower interest rates, you also are likely to have much more luck with securing a loan despite low or no funds available for the down payment.

When you really break it down, the down payment and credit score are both forms of risk management for the lender. By securing a lump sump from the borrower at the outset of the loan, the lender confirms there’s a financial interest from the buyer and also is able to see their ability to generate funds; on the flip side, a good credit score shows a lender that you have a history of creditworthiness and repaying your debts on time, which mitigates their risk when loaning to.

Now that we understand the importance of down payment and credit, we can confidently say that the easiest way to finance a used car with a low or nonexistent down payment is this: Raise your credit score as high as you can. If you can get your score up to 670 or especially over 700, you’ll have a much higher chance of convincing a lender to work with you despite limited down payment funds. If your score is between 580 and 669, meanwhile, you may be approved for no or low down payment – but in exchange, the lender will hit you with a higher interest rate for the entire loan. Meanwhile, if your score is below 580, you might be denied a car loan entirely.

As we’ve learned, it’s important to check your credit report and confirm it’s accurate. If it’s not, we recommend calling to dispute the errors with the relevant credit bureaus. If you’ve done this, it’s time to start the process to improve your score however you can before applying for a car loan, including paying bills on-time, keeping balances low, and not closing any older accounts just before applying.

In-House Financing Car Lots in Dallas Fort Worth

Financing a vehicle is not like financing a home. Car loans can vary drastically. The rates and options you find from one lender might vary significantly from another. You should spend time shopping around for multiple options to get an idea of the lay of the land, plus to evaluate the best choices available. Be prepared as you do this research: Know the general market rates and some of the basic terms you’ll need, as this will allow you to hold your own in conversations with lenders who are already experts in the field.

Should I Use a Co-Signer to Get Approved for my Auto Loan?

For those who have evaluated their options and looked to up their credit score but are still having issues, you might consider speaking to a family member or a close friend who would cosign a purchase with you. It’s vital that you pick someone you trust here, and vice versa: If something were to go wrong with repayment of the loan, your cosigner would be on the hook as well as you.

If you’re able to arrange such an agreement with someone close to you, this will often allow you enough purchasing power to avoid a down payment. However, do be aware that lenders may still require somewhat higher interest rates for these kinds of loans than for those you qualified for on your own – this is because they know that the car is likely for the person with the weaker credit score, and this will be factored in. However, this is still easily worth it for many buyers simply for the removal of the high down payment requirement.

We’re always here to help!

We’ve reviewed the different ways that may be effective for both a low down payment and no down payment at all here, but there’s one theme that applies almost universally here: Some is better than none. Vehicles are known for how quickly they depreciate, and making no down payment whatsoever may lead to a situation where, if you aren’t careful, you’re upside-down and unable to get out from under the debt burden of the car. If the outstanding balance of your loan exceeds the resale value of the car, you might even have to come out of pocket for a significant sum.

In addition, numerous lenders are much more flexible with down payments today than in previous generations. You don’t necessarily have to have 20% of the purchase price to put down – there are many situations where you can come up with far less and still obtain a good loan. If it’s possible to delay your purchase by even a few months to raise some funds for even a small down payment, we recommend this.

If you’d like more information about financing a car with a low or no down payment, or to learn about any of our auto dealer services, speak to one of our finance specialists at the Auto Cave today