What is Buy Here Pay Here?
really quite simple; Mimi Dragone Incorporated has a banking license in
the State of Connecticut. What this means is that we can loan you money
and charge interest. Basically, we are our own bank. We do all the
paperwork on site. You purchase the car here and pay for the car here. Payments are usually weekly, and smaller than a traditional car loan with a shorter term.
What kind of car do I get using this program?
This is the most frequently asked question. My customers ask us all the time, "What kind of car do I get using BHPH?" The answer is simple: Any vehicle on our lot is available for buy here pay here financing. We offer many different types of vehicles for this program. We carry a large percentage of these vehicles in my inventory.
Each customer, and vehicle, is unique.
What kind of warranty do I get?
Besides the Connecticut State implied warranty, if applicable, all BHPH vehicles have a warranty included in the financing. This warranty will not increase the cost of your down payment and is limited in coverage to the engine and transmission.
Is the loan reported to the credit bureaus?
YES. Most of our customers that take advantage of this program - more than 200 of them - do it to re-establish their credit after they have experienced a tough financial time. It would be impossible to re-establish their credit without it being reported to the major credit bureaus. We report to the bureaus as soon as your loan is opened, then quarterly throughout the year. Because we are a small company, this is as often as we can report.
Payments are customized to your budget. We are more flexible than the traditional lending institutions when we set up your payments. We really want you to pay for the vehicle. Payments are required to come directly out of a bank account each Friday of each week. We can set up bi-weekly payments under special circumstances. This electronic draft eliminates the need for you to come to our office to make payments, and helps you make them in a timely manner.
Why would I need this program?
If your credit is very bad, this program is for you. Buy Here Pay Here is usually the last resort to financing a new vehicle. We require the same paperwork as other banks do, but we are much more lenient when it comes to the criteria. If you have been declined other places, this is pretty much a guarantee.
What do I need?
- The down payment is usually between $1000 and $1500
- Valid Connecticut Drivers License
- Utility Bill with your address
- Phone company bill with your address
- Cell phone bill
- Five references
- Valid Bank Account for payments.