What is a Buy Here, Pay Here Lot?
Desperate to buy a car for yourself but have a bad credit score? Unable to find a way out? What if we told you that there is a solution to your problem? You can purchase a car, even if you have less-than-stellar credit. With a low credit score, the chances of you getting a car loan are close to nil. A perfect solution for you is a car dealership that offers buy-here, pay-here – BHPH financing!
Buy-Here, Pay-Here Financing – What You Need to Know?
A dealership that offers the buy-here, pay-here financing option, acts as both the seller as well as the lender! It is the ultimate solution for car buyers who get rejected by banks due to bad credit. It is not only used by bad-credit holders, but people with a good credit score choose this method. Where in a traditional car dealership, the seller requests financing from third-party lenders, in a BHPH dealership, the seller acts as the bank as well.
It becomes difficult for people with a bad credit history to get car loans. Even if their loan applications are approved, they are subjected to high interest rates. Therefore, if you want to save yourself from the bank hassle, BHPH financing is what you need!
The Benefits of Buy-Here, Pay-Here Financing
There are numerous benefits of choosing a Buy-here, pay-here lot! It helps in making the car dreams come true for people who fail to get car loans from the banks.
Credit History Doesn’t Matter
At BHPH dealerships, a seller will verify your income and ask for a proof of residence but does not check the credit history. Therefore, you can get a certified used car of your choice without worrying about high-interest rates and bad credit score.
Small Down Payments
Many BHPH dealerships offer car deals with little or no down payments. The down payments can be $1,200 or lower in many cases.
A Simple Process
Buying a car and getting it financed was never this simple as it is now with the buy-here, pay-here financing. You will have to make your payment to the dealership from you purchased your car.
When you buy a car from a private seller, there are no chances of returning the vehicle if you are not satisfied. With Buy-here, pay-here lots, you get a return period. If you are not satisfied with the purchased vehicle within the return period, the dealership will take back their car.
The Downside to Buy-Here, Pay-Here Financing
The most dominating downside to Buy-here, pay-here is that these dealerships do not report your payments to credit bureaus. Therefore, if you are making timely payments, it will not affect your credit score. Another drawback of BHPH financing is that you might end up borrowing more than the worth of the vehicle you purchase.
The Best Choice for BHPH Dealership – 500BelowCars
If you are looking for a reliable Buy-here, pay-here lot in town, 500BelowCars is the perfect option! We offer full transparency in our pricing. You can pick the monthly payment, that perfectly suits your budget. The monthly payments vary from $300 to more than $500; therefore, let your budget decide your monthly payments. Our excellent service receives overwhelmingly positive feedback, and a rating of 4.8 on Google is proof of it.
Choose the top-ranked Buy-Here, Pay-Here car dealership in town, 500BelowCars, and purchase the perfect vehicle for yourself without worrying about bad credit!