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Jun 14, 2012
Welcome to the New and Improved We look forward to meeting you and showing you how easy it now is to get a loan. Sometimes good people have bad credit. We understand, and we have your solution!

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Mark's Auto Sales Inc
7800 W. Colfax Ave
Lakewood, CO 80214

Phone: 1-888-538-6709

postheadericon What is Buy Here Pay Here?

The car loan for bad credit

Buy here pay here loans are financed by the car dealer, instead of the bank.

When a bank underwrites a loan they see you on paper. Your loan is based on an algorithm determining if you will pay based on statistics of others with similar:

  • credit score
  • employment history
  • income
  • time at residence

However, when a dealer approves a buy here pay here loan, your loan is based on your ability to pay.

  • While we'll still pull your credit, it is to determine what you can afford. So you hit a rough spot - so what can you really afford?
  • Your time at residence and employment history will factor into your ability to pay. Those who frequently switch jobs and residences can affect the ability to pay as there may be higher salaries, and lower salaries, higher rents and lower rents. In order to build your credit, you must be able to afford it. Someone who is stable in their job and residence can likely take a larger loan that still fits within their income and debt ratios.
  • Best of all, at the dealership you can explain why your credit hit a rough patch and be heard why you should now be able to get an auto loan - an option that isn't available for any bank loan department where it's either 'approved' or 'denied.'