Many people don’t realize that credit markets have changed, and this has made it necessary to have buy-here-pay-here car dealers. People with bad credit used to be able to get auto loans if they paid a large down payment. These people cannot now qualify for an auto loan, either traditional or sub-prime. The only option is to buy a car from a Buy Here Pay Here (BHPH), which allows people to still have vehicles for their modern lives, find out more?

Car dealers that buy here and pay here vs. Traditional Car Dealers

The traditional car dealer is the one most people know. They sell the car and arrange financing through a third-party lender. To be eligible for auto financing, the buyer must have sufficient credit history and a good job. They also need to have sufficient income to pay the monthly installments. Credit applicants who do not meet these requirements will not be approved for credit and would be denied credit for the purchase of a car.

The buy here, pay here car dealer is here to help. The business works exactly as the name suggests. Customers will purchase here and pay here. This dealer is not like the traditional one. It caters to customers with bad or poor credit who are unable to get financing from a traditional dealership. The BHPH dealer provides in-house financing, which does not require that the buyer apply for an auto loan from a third party. The car dealer is basically selling the vehicle and financing it.

The BHPH Car Buying Solutions

A buy here-pay here car lot might not be the best way to finance and buy a car, but it may be the only way that you can afford to purchase a car. The BHPH dealership specializes helping people with credit problems due to job loss, divorce, or any other reason purchase and finance automobiles.

Begin by visiting a local buy-here-pay-here car dealership to discuss your auto needs. In house financing is offered by BHPH car dealers. The terms and payments of the car will be customized to suit your financial requirements, needs and budget. Payments are typically made at the dealership in person every other week or bi-weekly. It is often easier than a larger monthly payment. In house financing can be offered by most dealers who work with subprime lenders. They will try to get you a standard auto loan but if that fails, buy here pay here financing may be the best option.

One tip to remember when working with dealers that buy here-pay-here is that they can do different things, and may have different requirements and terms for financing an automobile.