If you're in the market for a new or used car these days you are likely aware of one seemingly universal truth. Cars are not cheap. Even the cheap used cars today are not quite as cheap as they used to be for better or worse. And with the economy still slow to recover most of us can expect to need financing when we buy a car in West Virginia.
Finding Auto Loans in West Virginia
So maybe you found some cars for sale in Huntington WV (for example) that you have your eye on and need to find a loan. Your first place to look for auto loans in West Virginia is likely your local bank or credit union. These lenders lend directly to the barrower for a set percentage of the loan in return as interest. In return you can take that money to any car seller public or private and purchase a car.
That is of course if you qualify. If you're trying to buy a used car with bad credit or have other financial difficulties you may find this option closed to you. Your next choice would be to try looking for an indirect lender that offers auto loans in West Virginia. Sites like LotPro.com offer such services online by pairing up with local area dealerships and offer financing. Larger cities like Huntington WV may have multiple dealer options available.
The advantage of such an arrangement is that someone is recording your loan payments and reporting them to the major credit institutions so you can improve your credit score through consistent bill payment. This means that even if you have poor or no credit you can get a loan and start building your rating back. The down side however is you completely rule out private sellers as a source of cheap used cars.
Buy Here Pay Here - The Final Option
Traditionally, Buy Here Pay Here car lots are single dealerships that will finance you directly for cars that you can find on their lots. Buy here pay here car lots are named such because you buy your car at the dealer, and pay your finance directly to the dealer, usually weekly. Most do not report your consistent payments to the credit bureaus and as such do not help you rebuild your credit. However they do offer loans for almost any credit situation.