How Does Buy Here Pay Here Work?

2023 Jaguar I-PACE

Ready for a quality used vehicle from your local Jaguar dealership? We have several top models on our lot, including certified pre-owned Jaguars that can give you plenty of great years on Minneapolis roads.

When looking for an auto loan to put a new-to-you vehicle in your St. Paul garage, you have probably come across the term “buy here, pay here.” What does this mean? We’ll get into the details of how buy here pay here car lots work with our guide from Jaguar Richfield Certified Pre-Owned & Service.

How Do Buy Here Pay Here Car Lots Work Exactly?

First, we’ll get into what buy here pay here means because this form of auto financing is not as popular as others. Buy here pay here allows the car dealership to act as the auto lender and the seller of the vehicle. This is ideal for many Edina drivers with less-than-ideal credit situations because an auto dealer might have different lending options compared to other financial institutions.

How Does Buy Here Pay Here Financing Work?

Now you’re probably wondering, “How does buy here pay here financing work?” or more details about, “How do buy here pay here car lots work?” The answers may surprise you because the traditional car-buying process is flipped upside down.

Here’s a quick explanation of how buy here pay here financing works:

  • First, the auto dealership will approve how much money it can loan you to make a purchase.
  • Then, the dealer will show you the vehicle options available to you within the amount you were approved for.
  • You might find you could get better auto loan terms with this process because there are fewer fees or paperwork involved compared to a traditional bank. Plus, if you’re ready to buy another vehicle from the same dealership, they already know your payment history from the previous car, truck, or SUV you bought.

Discover Auto Finance Options at Jaguar Richfield Certified Pre-Owned & Service!

If you’re ready to buy a car, you’ll need to know your financing options to make an informed decision. Contact us or call (952) 209-3000 to ask us any questions about the auto financing process. You can get a good head start on the car-buying process when you apply for financing and use our payment calculator to see what kind of auto fits into your lifestyle.

ts into your lifestyle.

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