by Tiger Okeley, an Executive Board Member for Indiana Finance Company and Oak Motors. Tiger has over 40 years of expertise in the Buy Here Pay Here industry. He is dedicated to providing innovative transportation solutions and empowering underserved customers through socially and financially responsible practices.
It’s a fact that owning a car is not just a nice to have, but a necessity for most people’s daily lives. Whether for work commutes or running errands around town, driving is woven into the fabric of our society. Still, the ability to buy a vehicle can seem out-of-reach when finances won’t stretch and poor credit makes loans an impossibility. Despite those difficulties, you may be surprised to know that there are options for buying a car even if you’ve had financial setbacks such as bankruptcy — and what’s more you can rebuild your credit in the process. Here’s how:
Securing an auto loan through a bank or financial institution can be difficult at best when you have poor credit. However, you can bypass that headache by working with a Buy Here Pay Here (BHPH) dealership to purchase your vehicle. BHPH dealerships offer loan financing directly to customers instead of working through third parties. Because BHPHs often have more leeway in their loan requirements, it opens up opportunities for purchasing to people with less-than-perfect credit scores.
When you buy a car from a BHPH dealership, they do more than just sell you a vehicle — they also assist you in making informed decisions based on your financial situation and requirements. Beyond granting a car loan to customers with poor credit, these dealerships also help improve your credit score because they report your loan repayments to major credit agencies. Those records of payments demonstrate to potential lenders that you are trustworthy, which over time can gradually enhance and rebuild your credit score. Additionally, well-recognized BHPH dealerships often offer support packages like Oak Motors’ extended warranty program — a service that assists customers throughout their entire ownership journey. These types of packages ensure not only the safety of your vehicle, but also help improve your credit score by providing structured payment choices.
When applying for a car loan with a less-than-ideal credit score, you’ll need these documents, which help demonstrate your credibility as a customer:
Here are other ways to strengthen your chances of getting a loan.
Whether or not you secure a car loan right away, there are steps you can take to keep building your credit:
Acquiring a car from a BHPH dealership offers more than just obtaining a vehicle; it may signify progress toward financial security by offering dependable transportation and an opportunity to enhance your credit record. A reputable dealership will work alongside you to choose a car and payment plan that fits your situation well, and sets you on the path toward achieving a better financial standing in the future. With the right approach, buying a car can be a powerful move to rebuild credit, showing that even after bankruptcy or other financial hardships, you’re committed to a fresh financial start. Reach out to one of our locations today to learn more!
