If you are reading this page you probably already know what BHPH stands for, but for those of you that don’t it is short for Buy Here Pay Here. Usually it references the car lot or dealer that sells and finances automobiles. Sometimes it is called Second Chance or Fresh Start auto financing because it is for the car buyer that can’t qualify for the traditional auto loan. The BHPH customer will buy and pay at the car lot rather than a bank or other financial institution. This arrangement allows people to buy and finance vehicles that have poor or bad credit.
The Positive Points of BHPH
Approval is Practically Guaranteed: In most cases they will pull your credit report, but you already know your credit is less than good so what is the difference. Typically they will guarantee that you are going to get your car loan approved regardless of how good or bad your credit may be so you can get a car.
Credit Check Not Required: Believe it or not there are many BHPH dealers that extend you credit and sell you a car without pulling your credit report.
Low Down Payment: There are quite a few BHPH lots that can put their customers in a vehicle for a very small amount down and some as low as $99. Anytime you finance a car the more you put down the better, but at least there are options.
Low Rate Financing: You may be surprised to find out that you can get a low interest rate at a buy here pay here in house financing lot. Remember that the dealer sets the terms and conditions rather than a third party lender so anything is possible.
Selection: Just because you don’t have great credit is no reason to have to drive a junker. Most BHPH dealers have a very good selection for a variety of terms and payments. They may have more miles on them than you prefer, but they have been checked over, detailed and serviced before they are sold. After all they are financing the car so the last thing they want to do is sell you a beater. Most of the lots also provide you with a vehicle history report so you can feel good about the car.
Credit Bureau Reporting: Many BHPH dealers will actually report to credit bureaus so that you can start to rebuild and restore your credit score. Pay you car payment in a timely fashion is important if you are hoping to raise that credit score.
Warranty: You may be surprised to learn that many BHPH cars include a warranty which is a real benefit. The last thing you need to do is pay for unexpected repairs after you buy a car, so having a warranty included with your vehicle is a real plus. Like I said earlier the dealer is financing your car so they don’t want you to have to decide between paying auto repair bills or paying them.
There really are some great benefits of BHPH that include all the most important items to the person with poor credit. You are not alone when it comes to Buy Here Pay Here services, millions of cars are sold with in-house financing every year.
…Save some time and be approved before going to the dealer..
Go to the Main Buy Here Pay Here Car Dealer Directory
