Do you need a job to purchase a car from Buy Here, Pay Here car dealers?

Question

I just moved back to NC two weeks ago and let the repo people take my car. My car was 13 yrs. old plus I was scared my car would start giving me major mechanical problems. I have money to put a big down payment on another one, but heard that I could only go to those Buy Here, Pay Here sellers. I don't want a brand new car, but then my credit sucks. A company wants to hire me but I can't work till I get a car. Can I get a used car from these sellers without a job even though I have been working the whole time I lived in the other state? Any advice?

Answer 1

Most of these dealers don't ask a lot of questions. They take risks and charge high interest rates to compensate. They're quick to repossess, so make your payments on time or they 'll sent out the " hook " .

Answer 2

To answer your question as it is, "yes", they usually require proof of employment. However, they may work with you if you have a job offer.

Leaving that aside, you're about to enter into a horrible financial decision. If you already have a large down payment saved up, then go buy a car for cash. Even if it is just to get you through this rough credit period.

The "buy here pay here" lots have marginal vehicles, usually high-mileage domestic cars they bought on-the-cheap at auction. Interest rates are horrible, and if you miss one payment the tow trucks are on the way. Either that, or they have a device which forces you to enter a code monthly to get the car to start (once payment is made, you get a new code).

Let's say you have $2500 saved up. You go to the BHPH lot, and find you a '03 Cavalier. I can guarantee you that the BHPH lot paid maybe just a little more than $2500 for that car at auction, but will turn around and charge you $8995 for it, plus you're paying $300/month for years. So, after you've forked over your down payment, they've pretty much already made back their investment in the car. AND, they've got you on the hook for years 'til it's paid off.

You are in the situation they love... you've had something recent where your credit is shot, you are desparate for a car, and you have a good downpayment. They are salivating, waiting on you.

Advice? Put aside your want for a flashy car, go buy something cash, and skip these clowns.  

Answer 3

First advice is to stop s******g people you buy cars from, and stop s******g your own credit.  You made a contract and just decided not to honor it?  well no wonder your credit is terrible.

Yes, you can only go to a BHPH lot.  And since you JUST let a car go back, many of them may not even touch you for financing.  With enough cash down, they will usually finance just about anyone.  But they do want to know they will get paid back, so yes, you need a job.

Of course you can get a job without a car.  There are busses to get people from place to place.  Failing that, there are also bicycles.  Get the job, take the bus, pedal back and forth, get there however you can.  After you have been working for a while, then get the car.

And for crying out loud, honor your obligations.

Answer 4

first off as far as advice goes, dont strech yourself so thin that you cant afford to honor your obligations and you have to get your car repo'd.

secondly dont go to a buy here pay here, they are trememdous chop shops that dramtically over charge you for pieces of junk, and on top of that many of them are not the kind of guys you want after you for defualting on your loan.

You say you have money to put a big down payment, why dont you just use that to buy a car outright. You didnt mention how much money you have for a down payment but even if its only $1,000 you can find a car that will run and last a while for that. That way you wont be in over your head on some car payments on some piece of junk thats just as likely to break down as any car that you can buy with the cash you already have.

Use your down payment to pay cash for a car, use the car to go to this job of yours that you dont think you can have unless you have a car and make some money.  

Answer 5

How much of a down payment are we talking? If it is $1000 or more, you can go on craigslist or Ebay, find a decent used Toyota Corolla or Honda Accord for that amount of money and the car would be yours free and clear and you would not have to make payments to anyone.  

I tried the Buy Here, Pay Here sellers and learned that they are a waste of time and money, say something happens, you get very sick so you can't work, lose your job, or whatever and found that the money you are paying per week equals sometime $250 a month.  That money can be better used elsewhere.

Such companies are also know for being quite inflexible if things happen where you can't pay on time even if said factors are beyond your control.

Short version of what happened in my case, employer screwed my pay twice in two months in a row, didn't have the money, BHPH dealer tries to repossess, sheriff's office was called, deputy came, repo guy was told to leave my property and given a criminal trespass notice stating he would be arrested if he came back. I resolved the pay issue the following pay period with all the money back owed me, I make the payment and they take the car. I paid extra to get the car back.  When I got my tax return back,a few months later,  I had the money to pay it off and I did.  I then vowed never to use such businesses again.

It's your choice, but if I were you, I'd avoid such companies due to the costs and hassles involved.  If you have a good sized down payment for one of their cars, at least $1000, you can go on Ebay or Craigslist and get a decent car to get you to and from work and anywhere else for that and in the long run cheaper than Buy Here Pay Here lots.