Why Buy Here Pay Here Dealers Ask for Your Credit Report?
A buy here pay here in Greenville, SC will typically advertise no credit check auto loans. And this may imply that the dealer will not look at both your credit score and credit report to approve your loan. It is only during your visit that you get to know that the BHPH dealer is not interested in your credit score but your credit report is still necessary to calculate the amount of loan that can be approved for you. Now, before you throw up your hands and start protesting about false advertisements, keep in mind that the BHPH dealer will try its best to approve an auto loan irrespective of what your report has to say. Only the amount will vary according to the details of the report.
Credit score vs credit report
Your credit score is a number between 300 to 850 that merely quantifies your creditworthiness – how likely are you to make the monthly credit payments without defaulting. Your credit report, on the other hand, provides much more detailed information about your credit history. It contains data regarding your active loans, type of loans, remaining credit limit, account balances, payment history, and more. A buy here pay here dealership in Greenville, SC is not worried about your creditworthiness. They will approve your loan no matter what credit score you hold. But they will need the credit report before adding another loan into your account.
Why the credit report matter?
As we have already noted from the dealer’s side, they need it to determine the loan amount that they can approve for you. This angle is beneficial to you as well. With a certain amount of income, you can only pay for a few debts. The portion that goes behind credit payments yields your debt to income ratio. If the ratio is already high, you naturally have less space to add another loan. But the loan amount can be altered to fit that space and thus the necessity of credit reports.
BHPH used car dealers in South Carolina have no benefit in driving you to bankruptcy. They do not want your debt burden to go out of control. Hence, when a dealer asks for your credit report, know that the transaction you are about to make is legit.
Visit the top dealership
For even if you cannot afford a hefty loan amount, you will have ample buy here pay here used cars options to choose from and drive home a quality vehicle. Family Auto of Greenville has a large inventory. It will help when your debt to income ratio is high and your credit score is bad. This is your way of restricting your financial situation from interfering with the car buying experience and making sure that you enjoy the best of both worlds.
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