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You may have heard the term before, but you have not really known what it means. In this article, you will get an overview of what the car dealer “Buy Here Pay Here” is about. You may have noticed that the city has seen little car-free traffic, or that lately advertising for car loans with or without bad credit has taken place. These ads are usually for BHPH (Buy Here Pay Here) car dealers. In simple terms, this means that the car dealer says that you can buy the car here and pay for it here. However, there are many features that You can find for a reputable dealer, in this article.
The premise of the car dealer Buys Here Pay Here is that he sells vehicles to low-credit persons and finances them in-house. Subsequently, the customer pays the payments weekly or biweekly, depending on the customer and his income and financial situation.
Unlike the traditional car dealer who uses third-party car buyers to finance cars, the BHPH car dealer finances the purchase itself. Not only do their customers have bad credit, but they may also have very poor credit ratings, bankruptcies, redemptions, or no creditworthiness, Typically, these customers can not finance a vehicle anywhere, except for a car lot bought here. You could say it’s the last resort to buy and finance a vehicle.
Buy here and pay here Car dealerships sell second-hand cars at a higher price than you would pay if you paid cash for a car and are usually vehicles with a higher mile. The customer pays a high-interest rate and has to pay a down payment. The used cars they sell are usually in very good condition and have been inspected, serviced and all necessary repairs completed. They know that when they sell scrap cars, their customers stop paying for their cars, so they look to sell reliable vehicles.
The customer of a BHPH car dealer qualifies for his car loan by proving his income and ability to pay and providing a list of verifiable references that he and his resident are familiar with. Often the auto lot does not even draw a credit report on its customers. The car buyer is usually obliged to pay his car weekly at the dealership in person and pay cash. Some traders offer automatic electronic weekly debits from check accounts, but not all traders have this option.
Weekly payment deal
If you are late with your weekly car payment and have not made a deal, it is very likely that your car will be repossessed within a day or two. The customer will be informed of the possible consequences for late payments, which increase the importance of a timely payment. Enforcement of the delay policy at Buy Here Pay Here car dealerships is usually very successful in keeping car payments up to date.
Buy Cars from Buy Here Pay Here Dealerships is not for the person who can be funded by a regular car dealer. It is a special kind of agreement that should only be used by people who can not buy and finance a car due to their personal financial and credit standing. However, if you need a reliable vehicle and have credit problems that will not allow you to get a car loan, BHPH’s Auto lot is your best bet.