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About the Author

Ryan Jeffords

Being in the automotive financing industry for 20 years, Ryan has helped hundreds of people purchase their own vehicles without the burden of bad credits and downpayments.

He believes that the process of buying a car should be easy for everyone, so he continues his mission to connect people with the best dealers that can provide the most suitable terms.

Ryan has a BA in Economics and is a lover of the outdoors. He loves fishing, hiking, and going camping with his kids.

What is Buy Here Pay Here

If you have ever found yourself in a situation where you want to buy a car, but just don’t have the cash for it, it can be a confusing experience. Many people may find themselves in a situation where every single avenue of credit is closed to them due to bad credit history. This is where a Buy Here Pay Here car sales dealership can be your last, and perhaps the best resort to get cars you need. An auto loan service that many people wouldn’t have thought about or known about before.

Almost all of us buy a vehicle with money which is lent through third parties. For example, a credit union, and other vehicle associated lending organisation may loan you money so you can make your car purchase. But if you are ever turned away, for whatever reason (such as a low credit score), a BHPH used car lot may be exactly everything you need.

How does Buy Here Pay Here dealer work

Whenever you decide to purchase and then finance a car at any traditional car dealer, you will often select a vehicle that you like and the dealer will then pass your information on to a whole network of potential lenders. Should you get approved for that credit, you will pay monthly instalments to the lender who will finance those car loans. Alternatively, Buy Here Pay Here car dealerships will change the car-buying process in a few ways.

For example, this type of dealer will sell cars and finance them straight off their own lot. You might see a number of them being advertised with ‘we finance’, ‘auto loans for all’ or other lines such as “no credit, no problem”. When you decide to buy a vehicle through a buy here pay here dealerships near me service, it is likely that you will be asked to prove your income, as well as providing a residence proof and key information such as zip code, but the dealer will not check your credit. Once the dealership determines the car loan amount that you can qualify for, any used car or vehicle will be shown to you that fits within that price range.

However, you should keep in mind that the dealership is unlikely to grant you any kind of car loan simply out of kindness. They are likely to make just as much money via auto financing and the overall deal, as they do on selling you the cars. If you are deemed a “high-risk” borrower, you shouldn’t be surprised if you are faced with a double-digit interest rate or strict terms of service. You may also want to get an instant cash offer for your old car, so it is always worth speaking to your BHPH dealer about this. Many places will need some basic information about your car and zip code before they make an offer.

Another note is that you may wish to find a dealer which is relatively close to your place of home or work, ultimately any convenient zip code. The reason for this is that unlike making a monthly payment, the dealer may require you to make a weekly payment, or once every fortnight. Although various pay here dealers may accept payment by phone or by mail, others will want you to physically bring your payment into the dealership. This is something you will want to bear in mind when opting for a buy here pay here vehicle sales business.

What is Buy Here Pay Here

How does Buy Here Pay Here dealer work

So what is the difference between BHPH dealer & traditional dealers

In recent years, the gap between what is considered a traditional dealership and a BHPH one has become rather small, leaving them relatively indistinguishable nowadays. Some traditional car dealerships will include credit financing, including car loans when purchasing from them. They may not be as well-known as BHPH dealers, but any kind of signal which would indicate that they offer finance deals should prove they offer cars under the BHPH banner.

Like we mentioned above too, when you opt for a BHPH company, the way of actually purchasing a car is reversed. Rather than the traditional method of selecting a car, and then beginning to discuss credit financing, with a buy here pay here dealership, the customer will initially be qualified to determine how much the dealer is willing to lend as a car loan. Finally, the dealer will show which vehicles they can buy, which are often limited due to the auto loan amount and down payment.

Another thing that you should keep in mind with a Buy Here Pay Here dealership is the late payment policy. Make sure that the contract you agree to clearly spells out the credit details and terms of potential repossessions, and make sure that you are happy with them before agreeing. Just because you have a low credit score, doesn’t mean you should accept terms or options on vehicles that put you in difficulty.

Remember to get a vehicle history report on any vehicle you choose, no matter the dealership or finance option you decide is best. This is a long-term, important investment.

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What are the advantages of buy here pay here financing

People with poor credit scores can be approved

Whether you haven’t had the chance to build a credit history, or if your credit is simply in bad shape, you may struggle to get approval from third-party lenders such as a bank and other credit service providers. However, as we mentioned before, when you pick a BHPH dealership, the standards for credit financing are much lower, as the dealership themselves will want to profit from the interest rates as well as the car sale itself. You no longer have to suffer due to your credit or extreme down payments that no one can afford.

It’s a simple process

Whenever you purchase vehicles from a BHPH dealership, the entire procedure of buying the new or used car and financing the vehicle sales through auto loans schemes can be fully completed when you drive off the parking lot. With other dealerships and third parties, auto loan credit can take quite a while to complete, particularly if you have bad credit or poor payment history. Quite often, going for auto loans like this just isn’t viable for your situation.

Low down payment

Nowadays, many buy here pay here dealerships won’t even require a down payment, even if you have bad credit. This is beneficial for you as it simply allows you to save some of your cash now, and make up for it with later payments. It is possible you will need to make some kind of down payment or even choose the options to help with the terms of your auto loan. You can shop around to do a market down payments comparison of the various dealerships and find the right buying a car service for you. Completing a down payment comparison can save money.

You may still have a competitive interest rate

Like we mentioned above, these buy here pay here dealers may be likely to charge you a little bit extra for this kind of credit option. However, should you have to go to your bank or one of the other third party lender with a poor credit score, or no credit history whatsoever, you are likely to walk away with a much heavier interest rate. A number of buy here pay here companies may be able to offer you interest rates on auto loans which are similar to that of conventional lenders, with low down payments. People who choose these fantastic loan options can often get the loans they require, along with great service and select from a range of cars that suit their needs.

Buy Here Pay Here Summary

In conclusion, then, BHPH car dealers are dealers which finance the deal themselves, meaning you won’t have to turn to third-party lenders such as banks or credit unions who ask for a credit check, in order to get the kind of auto loans required to purchase your new or used car. This is great news for people with bad credit or bad financial history. There are several benefits to using buy here pay here sales inventory, including better interest deals for you, and the offer of a smoother way of buying cars. So, find out everything you need to know on here, search for your BHPH dealership today and think about what car you want to test drive!

Whether you live in Washington DC or New York, there are some fantastic options for car financing available to you through the Buy Here Pay Here scheme. Whatever your needs, whether you want an instant cash option or simply have bad credit, find out more today.

Buy Here Pay Here Summary

In conclusion, then, BHPH car dealers are dealers which finance the deal themselves, meaning you won’t have to turn to third-party lenders such as banks or credit unions who ask for a credit check, in order to get the kind of auto loans required to purchase your new or used car. This is great news for people with bad credit or bad financial history. There are several benefits to using buy here pay here sales inventory, including better interest deals for you, and the offer of a smoother way of buying cars. So, find out everything you need to know on here, search for your BHPH dealership today and think about what car you want to test drive!