Hey guys! I’m pumped to be shopping for my first financed car this summer. At 25, I’m self-employed and ready to upgrade from my trusty 2007 ride. I’m considering buy here pay here dealerships, but I’m open to other options too.
I’m looking for a reliable compact SUV or large sedan. My budget is around $500 monthly, including insurance. I know it’s a long shot, but fingers crossed!
Any recommendations for dealerships that work well with self-employed folks? Traditional loans haven’t panned out for me so far. I’m not too picky about having the newest model or fancy features. Just need something dependable that won’t break the bank.
What’s your experience been like? Any places to check out or avoid? Thanks for any tips you can share!
Hey SoaringHawk, as someone who keeps an eye on auto finance trends, I gotta say the market’s been pretty wild lately. Buy here pay here spots can work, but with interest rates climbing, you might wanna explore other avenues first. 
Have you looked into online lenders that cater to self-employed folks? Some are getting pretty innovative with how they assess creditworthiness beyond just the traditional metrics. Might be worth a shot before jumping into BHPH.
For your budget, I’d lean towards a reliable sedan over an SUV. Insurance and fuel costs add up quick on bigger vehicles. Maybe check out slightly older models of the Honda Accord or Toyota Camry? They hold their value well and tend to be cheaper to maintain.
Just keep in mind, the auto loan market’s tightening up a bit. Lenders are getting pickier, especially with first-time buyers. Whatever route you go, make sure you understand all the terms. Some of these contracts can be tricky if you’re not careful. Good luck with the search!
Buy-here-pay-here isn’t your only option. Credit unions often work with self-employed folks and offer better rates than BHPH lots. Bring 2-3 years of tax returns and bank statements to prove income stability. For $500/month including insurance, look at certified pre-owned compacts like the Mazda3 or Honda Civic. They’re reliable, fuel-efficient, and cheaper to insure than SUVs. If you go BHPH, read the fine print carefully. Many tack on hefty fees and high interest rates that’ll cost you way more in the long run. Whatever you choose, get a pre-purchase inspection from an independent mechanic. It’s worth the $100-200 to avoid costly surprises down the road.
Hey SoaringHawk, I’ve been down the first-time buyer road before. Buy here pay here can work, but man, those interest rates can be brutal. Have you thought about going for a slightly older model? I picked up a 2015 Honda Accord a couple years back, and it’s been solid. Runs great, decent on gas, and the monthly payments didn’t kill me.
For dealerships, I had decent luck with a local place that specializes in 3-5 year old cars. They were cool about me being self-employed - just needed to show them some bank statements and contracts. Might be worth checking if there’s something similar in your area.
Just a heads up though, $500 a month including insurance might be tight for a newer compact SUV. You might have better luck with a midsize sedan. Either way, definitely shop around for insurance quotes before you commit to anything. The rates can vary wildly depending on the car.
Good luck with the search! It’s a bit of a hassle, but man, it feels good when you finally drive off the lot in your new ride.