For many individuals in New Mexico, buy here pay here dealers have become the last and only option to obtain a car loan. When it comes to buy here pay here car dealerships, also called no credit check or in house financing dealerships, the auto loans are provided in house. That means they don’t “farm out” the financing side of the equation to third-party, off-site lenders, banks, credit unions, or auto finance companies. In other words, these establishments offer in house car loans to New Mexico residents who’ve got poor credit.
This might seem like the perfect option. Lamentably, there are several potential downsides. The loan rates and advance payments are higher than average, and it will be nearly impossible to improve your credit rating through such an establishment. You need to research any NM buy here pay here dealer on the web. Be sure to talk to somebody who has obtained a car from them before, and ask whether or not the establishment can be trusted.
You can have a good experience with one of these dealerships, and we have many in our network. However, easy financing has a downside, which is that you can get into a vehicle you really can’t afford. The result could be repossession, which will brutalize your credit. So be conservative when choosing a vehicle and financing arrangement. It will save you time, money, and worry in the end.