Are you looking to finance a car or truck in Oregon with no credit check? Buy here pay here dealerships may very well be the only course of action. These dealerships have a few different names: Tote the Note, Your Job is Your Credit, or in house financing car lots in Oregon. They cater to consumers in the lowest credit tiers, many of which have been plagued by credit-shattering issues such as:
- Short sale
- Repossession of any kind
- Credit card charge-offs
The Pros and Cons of BHPH
To some people, getting their Oregon car loan with no credit check sounds like the way to go. It does have its advantages. Seldom is any buyer turned away due to credit problems, and the sales process is much quicker and more convenient than a regular dealership. The salesperson does not have to contact area lenders on your behalf, trying to secure you a loan. They can simply approve you on the spot.
Regrettably, they have a few major downsides. The interest rates and advance payments are substantial. For instance, you can expect to pay in the neighborhood of 20% APR. For a $12,000 loan paid back over 48 months, that would add up to a whopping $5500+ in interest. On top of that, you won’t have much of a chance to re-establish your credit rating through this sort of an establishment. Why not? Because they rarely report their customers’ payments to the credit bureaus. If the bureaus don’t have a record of you paying off your new loan month in and month out, you won’t be re-establishing a good payment history, and your credit score can’t be expected to rise.
You need to check out any in house financing dealer on the internet. Try to find somebody who has obtained a vehicle from them in the past. Find out if the dealership is has proven itself legitimate and honest. You may want to proceed through an intermediary such as BHPHOregon.com that provides the names and locations of BHPH dealers throughout the state, and which offers more information on what to expect when financing through this type of dealer.