Best Buy Here Pay Here Near Me
What is buy here pay here (BHPH) mean?
“Buy Here Pay Here” (or BHPH for short), is a term used to describe the financing model of some automobile dealers. A customer with low credit or no credit can come into a BHPH dealership and drive away in a car, even if their bad financial history means they haven’t got much chance of getting finance through traditional channels. This approach has the attraction that it gets cars onto the streets more quickly than standard sub-prime lending can. However, interest rates on these deals are often high, putting many consumers right back where they started – struggling to make payments on unreliable transportation.
In a Nutshell:
Buy-here, pay-here financing can be a great way to get your hands on an auto loan if you have poor credit. They’re offered by dealerships that provide in house financing – meaning they sell as well as finance the vehicle at their dealership. However this option has its drawbacks too; Buy Here Pay Her loans may not help build up any type or amount of good standing with lenders and could come at inflated prices due to costs associated only being able access these types financial deals.
Don’t overlook the option of purchasing a car from a BHPH car lot if you don’t have much money or get denied for a car loan. By setting up an in-house financing plan, a BHPH dealer can get the problem solved completely and quickly. It is what you can expect from a buy here pay here car lot. Dealing with a traditional dealership may be harder than working with a BHPH dealer. The dealership is considered as a one-stop shop for car purchasers that need financing.