Rebuilding Your Credit with Best Buy Imports

Why Do You Need to Rebuild Your Credit Score?

So, just how important is having a good credit score? Although some people are barely concerned about their credit score, it is important to know that the score will affect most of their economic decisions. In an economic slump, for instance, many people rely on loans to finance different aspects of their life. To have access to affordable loans, however, you will need to have a good credit score.

The first thing you should do is find out what your credit score is. Everyone is entitled  to a free credit report once a year from each of the three main credit reporting companies – Equifax, Experian, and TransUnion.

 

Why You Need A Good Credit Score

A good credit score is important when getting or refinancing a mortgage. Are you planning to get a new home mortgage or refinance the one you have? Either way, you need to know that your credit score will play a critical role in the process. Purchasing a home is one of the greatest investments you can make and you should be well prepared for the entire process. Taking out a mortgage can be a good experience but without proper preparations, the process might turn out to be a complex and stressful endeavor. You do not need to take a mortgage with a high-interest rate; you can take a few steps to help you negotiate for an affordable rate. You can make the entire exercise of taking out a mortgage less stressful by first rebuilding your credit rating. To build your credit score, you need to demonstrate that you can take out loans and repay them on time without defaulting. The best and easy way to build your credit and to get lower interest rates on your mortgage is through auto financing from Best Buy Imports. By making timely payments you will begin to improve your credit score, putting you in a better position to negotiate better interest rates on future loans.

A good credit score can also help you when you need future car loans. Vehicles are a common purchase and the majority of people need to buy them with car loans. Since vehicle loans are for much smaller amounts as compared to mortgages, you can get them even with low credit score. Generally, if you need to buy a car with a low credit score, you are likely to have a high-interest rate and  banks and financing companies might require a larger down payment from you. You can avoid all of that if you get a car loan from a used car dealership like Best Buy Imports. By using our affordable financing options, including our Buy Here Pay Here program, you will be able to purchase a quality used car, truck or SUV and start rebuilding your credit score at the same time.

A good credit score can also help you qualify for business loan. If you are an entrepreneur, you understand that loans are an important source of finance for expanding the operations of your business. Financial institutions, however, will be reluctant to approve your application for a business loan if they find out you have a poor credit rating, hence the need to rebuild your credit. If you are planning to start a business, you may need an initial loan and, like any other loan, this requires being approved by a lender. Lenders will always look at various factors like previous loan repayment history, your reliability, and your current financial status. You should consider purchasing a car on credit, even an inexpensive model, to help build your credit and loan repayment history before seeking a business loan from the conventional financial institutions. At Best Buy Imports, we will help you get started building your credit score by giving you access to an affordable auto loan. This will help you qualify for business loans from the conventional bank loans down the road.

A good credit score allows you to negotiate for lower interest rates. Who doesn't want to get even a slightly lower interest rate for a loan? Loans can be expensive, especially when the interest rate is high. High-interest rates often result from the lender considering a client that is somewhat risky. If you have a low credit score, lenders who might be willing to take a chance on you will surely require higher interest rates for your loans. This will make your loans more expensive, which could lead to loan default and even lowering your credit scores. But if you can rebuild your credit score you will be more attractive to conventional lenders, and this should allow you to negotiate for lower interest rates on loans. At best Buy Imports, we are determined to help our customers start rebuilding their credit scores by get an affordable car loan right now.

Good credit scores can also help you secure a job. Unlike in the past when employers did not dig deeply into their employees' financial status, many of the today’s employers conduct extensive credit checks on potential employees. For many employers, especially those in the financial sector and government agencies, conducting a credit check is important to establish a candidate's ability to manage finances. You, therefore, should not hesitate to build your credit score by taking up an auto loan with us. Not building your credit score could negatively affect your chances of securing that job you are seeking.

 

How Can You Rebuild Your Credit with Best Buy Imports?

Rebuilding your credit score is important and you need to give it the priority it deserves. Although very few people know that they can use auto loans to rebuild their credit, the strategy has been tested and proven as a reliable way of making sure your credit score is improved. A low credit score makes it difficult for any person to get a credit card or loan from regular financial institutions. At Best Buy Imports, we offer affordable auto loans that can be the cornerstone in rebuilding the credit of those with low credit score ratings.

 

We Can Help Rebuild A Client's Credit

At Best Buy Imports, we know that up to 35-percent of your credit score is based on your history of repayment, and 10-percent of the credit score is based on a diverse payment history. So even though your credit history hasn’t been good, getting a new car loan and making regular, on-time payments will go a long way toward increasing your chances of getting approvals for future loans

Auto financing from Best Buy Imports helps you to keep your spending in check. When conducting a background checks on those applying for credit services, the credit bureaus often review your spending habits. By taking an auto loan with us, you would show that you used the loan productively by purchasing an asset, and this helps you create a perception of good credit management practices. Since an auto loan is not a form of a 'revolving' credit, you would be building your credit without the need of spending your cash in a manner that does not favor your financial health.

We offer flexible auto loan repayment plans that enable our customers to choose monthly installment payments they can afford and maintain. Providing affordable payment options to our customers puts you on the road to improving your credit history and score. By repaying your auto loan on time every month will show that you can be trusted to repay additional loans in full and on time.

Auto financing is available to you on a short-term basis with lower interest rates as compared to other higher interest loans. Building your credit score quickly requires you to make transactions within the shortest time possible. When compared to higher interest loans such as mortgages and conventional bank loans, auto loans are a quicker way through which you can improve your credit score. But whatever auto financing plan you get must be affordable, including all your other monthly expenses.

At Best Buy Imports, we acknowledge that auto loans are a relatively inexpensive way of helping clients rebuild their credit score. When it comes to building a credit score, it is important for any person to look for a method that is simple and less stressful. If you currently own a car or truck and want to build your credit score, the least expensive way is by using hat vehicle as a down payment for a new auto loan and repaying it on time. At Best Buy Imports, we encourage our clients to use auto loans to rebuild their credit score because it can be done without involving the credit bureau ratings.

 

Why Choose Best Buy Imports for Your Auto Loan?

We have been helping customers with all credit ratings get a pre-owned vehicle with financing they can afford for over a decade. And by making their payments on time they have been able to improve their credit histories and scores. Best Buy Imports is a used car dealership that also provides auto financing to customers with poor credit scores through our Buy Here Pay Here program.

You won’t have to worry about the embarrassment of being turned down for a loan, or the frustration of walking away from a dealership empty handed, without knowing how you’ll secure your next vehicle. Best of all, Best Buy Imports offers the best selection of used vehicles in Philadelphia and the surrounding region, so you can select from our wide inventory of both domestic and foreign cars, trucks, and SUVs. You can come to us for your next vehicle and find the car of your dreams while working with our financial team to get financing that works for you, without your credit history haunting you. Just bring in your down payment, or your trade-in, with proof of residence and a pay stub and you can be driving home in a new car today.

You can speed up the process by submitting an on-line loan application. It will be processed within the shortest time possible, with guaranteed approval. And our vehicle inventory is available on line 24/7, or just stop in to one of our two convenient Frankford Avenue locations.

10 Important Things to Check When Buying a Used Car

Buying a new car is the ultimate dream for most people. However, the price of new vehicles continues to skyrocket every single day, and there is also the ongoing issue of depreciation; making the purchase of a used car very good sense. But keep in mind that not every car is worth your investment. Some used vehicles will ensure that your dream of owning a reliable mode of transport turns into a horror story, so you must be careful what you buy.

Here is Best Buy Imports checklist that we put together to guide you through the process. Don’t find a reason to skip any of the steps listed. You never know where problems might be, so make sure you cover them all, including those requiring information from the seller. If you don't ask, you can’t expect the information to be  volunteered. Many sellers will not tell you the car had major repair work done to it; you have to find it for yourself.

Here’s what you may need to have with you when you check out a vehicle you’re interested in: a magnet and a mechanic, or someone knowledgeable with the inner workings of  cars . When a used car seller sees you with a magnet, they most likely will volunteer any information about bodywork repairs and accident history.

1. Check for Flood Damage

Floods occur every year, destroying many vehicles. The water from floods can destroy the car's upholstery and the interior, break down metallic parts with rust, and ensure that the overall dependability of the vehicle is compromised.

Smell the inside of the vehicle. Take a sniff at every inch of the interior. Take your time and concentrate on the task at hand. Check under the hood and any other pars that may be hard to reach. Check for signs of mud or mold. Any signs of dirt might indicate poor maintenance, and mold is a pretty sure indicator that the car has been flood damaged.

2. Check for Signs of an Accident

You may want to roll up your sleeves for this one. Start with the front. Take a few steps away from the vehicle. Check for uniformity in the appearance of the car. Inspect the car closely. Run your fingers along panels and edges. Everything should be smooth. If it is not, the dealer or seller should explain. It is at this stage that the magnet comes in handy. Hold the magnet over the uneven surfaces. If the magnetic attraction is not uniform in all metallic surfaces, it usually indicates bodywork has been done. Ask the seller about it. Was it an accident? Was it major or minor? What was the insurance report about it?  Also scrutinize the frame; any signs of welding or realignment indicate that there was an accident.

3. Check the Wheels

Tires should wear evenly. If not, there could be problems elsewhere. Inspect the wheels one by one. Run your palm over them to feel for poor tire wear. Tires should generally be in good condition unless the car is being sold at a bargain price. If they are not uniform, let a mechanic inspect the suspension and overall tire alignment. Some used cars for sale specifically because they have issues. Don't inherit those problems.

4. Do A Test Drive

If possible, do your test drive without the seller, and with your mechanic. The keyword here is smooth. Listen to the engine while parked, while driving and braking, on a highway. Feel the braking systems and listen. There should not be any screeching or unusual sounds. Try emergency braking too at around 25-30 miles-per-hour. It will tell you if the brakes are in reasonably good condition. Give the steering a workout. Turn as many times as you can. Try sharp turns on both sides. It should be easy to navigate left or right with relatively the same ease.

5. Ensure There Are No Leaks and Oil Spots

Take a visual inspection of the hood, the chassis, the engine, antifreeze and virtually anywhere else on the car. Stop the car on a clean surface and leave it running for some time, then check the surface to see if there are any leaks. Green, red or black leakages spell trouble.

6. Check for Rust

 

Inspect every inch of the car for dirt and rust. Look down on every side. If you have to squat to get a better look, do so. You can also place the car in a service bay to inspect the chassis and the rest of the undercarriage. Rusts can indicate poor maintenance or flood damage.

7. Do a Vehicle Review

 

What do people say about the model? Not everybody will like the car model or brand, but you can look at the most common cons that people raise about the car model. If it is a car model you have owned before, you may skip this and go for an advanced review. Also check the used car dealer's reviews.

8. Check the Availability of Parts for the Car

Car models that have problems with replacement parts often have negative reviews. It is usually because that model is no longer manufactured. This may or may not be a problem due to the discontinuance of certain models during the recession of 2008. Just to be sure, you can call the manufacturer or local car parts sellers to find out if they stock replacement parts for that car model.

 

9. Locate the car's VIN and have it checked

 

Make sure you can find the vehicle identification number. Confirm its authenticity. Each VIN identifies the vehicle model and manufacturing date. The trick here is to decode the number. Ensure it matches with the vehicle registration records.

10. Check the Car’s History, Including Recalls

Lastly, review the car documents. Check all transfer documents to ensure that they are intact. Missing documents are a red flag. Ensure that there are documents to show maintenance schedules. If someone claims to do at-home servicing, let him prove it. Regular maintenance in a car shows that the person before you took reasonably good care of the vehicle.

Once you are done with the steps above, you can now evaluate if the selling price is reasonable. Factor in all the variables:

• Does the car require immediate repairs? If yes, how much will they cost?
• Are there structural damages to the car? If yes, can you overlook them?
• How much is the selling price, and how does it stack up against prices for comparable models?

You can find tools online that can help you calculate the fair price of a vehicle. A used car dealership can help, but don't take their word for it. Use your judgment to gauge the reasonable value of the car.

Conclusion

There is a lot of good value in the used cars market. Many dealerships sell certified used cars. These vehicles have undergone multi-point inspections and any necessary repairs and adjustments to insure they are in good operating condition. Also, many dealerships will include a warranty with the vehicle purchase.

At Best Buy Imports, all of our vehicles have been carefully inspected using an extensive multi-point inspection system and reconditioned so that they’re almost as good as new. These cars also offer an extended warranty, so you can drive off with the confidence that if you encounter any troubles down the road, your new vehicle will be covered. 

While browsing our online inventory, take advantage of the CarStory feature. CarStory is an independent service that will let you know how the make and model stacks up against similar models in terms of safety and reliability. It also compares the price and value of the exact vehicle you’re looking at compared to similar options on the market. And you can get data from CarFax about the car you’re looking at, including odometer reading, accident reports, and number of prior owners. You’ll have all the information you need at your fingertips, without even leaving our website before you come in to see us in person!

What You Need to Know about Certified Pre-Owned Cars

Certified Pre-Owned (CPO) vehicles are the closest thing you can buy to a new car. They may cost a little more than non-certified used cars, but they are worth it. Certified vehicles have many clear advantages over non-certified used vehicles. Also, most certified cars are only sold at a quality used car dealership or a new car dealership. Below are some of the top reasons to purchase a certified car. 

Only the Best Vehicles Qualify 
In general, newer vehicles with low mileage and a clean history report qualify to be a certified pre-owned vehicle. The CPO programs are offered by the specific vehicle manufacturer, or the used car dealership in conjunction with a certified warranty provider If the car fails to meet a strict criteria as determined by the warranty provider, it will not be entered into the CPO program. 

Multi-point Inspection and Reconditioning 
Typically, there are hundreds of items that are inspected during the certification process. The exact number of items will be determined by the auto brand. Every item on the CPO list has to pass the inspection. If not, it will be repaired or replaced. 

Extended Warranty 
Most certified pre-owned vehicles from a used car dealership will include a bumper to bumper and powertrain extended warranty, even if the manufacturers original warranty has already expired. Typically, vehicles that still have the manufacturer’s original warranties in force, will have the remainder of that warranty transferred to the new buyer. 

Roadside Assistance 
Many CPO programs offer around the clock roadside assistance during the coverage period, which can help stranded drivers with issues such as gas, dead batteries, or locked keys in the vehicle. This is an excellent benefit that you won't find with regular used cars. 

Term Options 
Typically, CPO vehicles from new car dealerships cost more than non-CPO used cars and the terms of the warranty are for a fixed number of months and/or miles. When buying a vehicle from a used car dealership that offers certified pre-owned warranties, you usually have variable term options available.

Leasing 
In some cases, a car dealership may allow you to lease a CPO vehicle. This could be an option for buyers who desire to drive a more expensive vehicle but can’t afford the monthly payments that they would have to pay with a purchase.

Free Maintenance 
Some CPO programs may include free maintenance for a certain amount of time or mileage. This would be determined by your specific warranty and typically cover routine maintenance such as oil changes, inspections, filters, or tire rotations. 

Satisfaction Guarantee 
In many cases, if a buyer is not happy with a CPO vehicle, they may be able to take it back for a replacement within a certain time period, usually one week or less. If offered, keep in mind that this allows the buyer to exchange the vehicle only once for a car that they like better. 

No matter which brand or model you choose, a CPO vehicle usually has clear advantages over non-certified vehicles. If a used car dealership sells certified pre-owned vehicles, you can have peace of mind that it adheres to a strict set of standards set by the warranty provider. Best Buy Imports has two convenient locations to serve you and an inventory of late-model, low mileage cars, trucks and SUV’s to meet your needs, your specific financial situation, and your warranty preferences.