Because many people don’t know the basics of credit markets, the reality is that buy here pay here car dealerships are necessary. In the past, people with poor credit were able to obtain an auto loan provided they made a significant down payment. The rules have changed, and these people no longer qualify for traditional or sub-prime auto loans. People still require vehicles to live in modern times, so the buy here pay here car lot offers the only alternative.
Car Dealers that Buy Here, Pay Here vs. Traditional Car Dealers
Many people are familiar with the traditional dealer who sells used cars and arranges financing through third party lenders. A buyer must have good credit and a history in order to be approved for financing. Additionally, they should have steady income or a job that will allow them to repay the installment loan. The credit applicant who is not able to meet the requirements for credit will be declined credit to purchase the vehicle.
This is where the car dealer that buys here and pays here comes in. Their business operates in a way that is very similar to the name. The customer will buy from them and they will pay them here. This type of dealer does not cater to people with poor credit or who cannot qualify for traditional auto financing. The BHPH car dealer offers financing in house that doesn’t require the buyer to apply for an automobile loan through a third party. The car dealership sells and finances the vehicle.
The BHPH Auto Buying Solution
Although buying a car from a lot that buys here pay here is not the most cost-effective way to finance or buy an automobile, it could be the only way to get one unless you’re paying cash. The BHPH dealership specializes on helping people with bad credit due to job loss, medical bills or other reasons purchase and finance automobiles.
Visit a local buy here-pay here car dealer to learn more about your auto needs. The terms and conditions of the in-house financing provided by BHPH car dealerships are flexible. They will tailor the car payments to your financial needs, requirements, and payment ability. The dealership will usually make payments weekly or biweekly. It’s often much more convenient than making one large monthly payment. Many dealers that offer in-house financing will also work with subprime lenders. If this fails to work, the buy here/pay here option is an option.
Working with car dealers who buy here pay here is a good tip. Different dealers may do different things and have different terms and conditions for financing an auto.