Buy Here Pay Here Near Me
When buying a car seems out of reach due to financial circumstances or poor credit, options can seem few and far between. Luckily, many individuals with poor credit or no credit at all can get into a car and on the road by visiting a buy here pay here lot! Buy here pay here lots are surging in popularity. As the financial state of the population changes, options for payment are growing in the used car industry.
Are you interested in finding a buy here pay here lot near you? Simply browse buy here pay here near me on the map below and find a list of buy here pay here lots near your current location. Need a bit more information on buy here pay here? Read on for facts, trivia, and more!
Buy Here Pay Here Near Me – Find it on the Map
Buy Here Pay Here Near Me – Buy Here Pay Here Trivia
What is buy here pay here financing?
Buy here pay here financing might seem pretty straightforward but what exactly does this type of financing entail? Consider this as you search buy here pay here near me. BHPH financing means that you arrange a loan and make payments on that loan at the dealership where you purchased the car. In other words, the car dealer is also your finance company. Rather than going through a bank or larger financial institution, you’re financing your vehicle directly through the dealership, making it a one stop shopping process. Since all loan decisions are made directly by the BHPH dealer who wants to make a sale and earn commission, approval is almost always guaranteed at this type of dealership. So long as you have an address and a steady income, your chances for approval are near 100%. While it might seem like BHPH lenders are granting you a loan out of the kindness of their heart, they actually tend to make much more in profit by financing the car themselves rather than going a lender. As someone who is considered a “high risk borrower” you can typically expect pretty high interest rates at this type of car lot.
Why is it important to find a dealer near your home?
One thing to consider while searching buy here pay here near me is that it’s of the utmost importance to find a dealer that is located near your home and not just your current location. The reason? Though many BHPH lots will allow you to mail a monthly payment, a majority require you to make weekly or biweekly trips to the dealership in person to pay for your loan. Some dealerships do accept payment online or by mail or phone, but a vast number of BHPH lenders require you to bring your payment directly to the dealership. Since this might be a requirement you want to make sure that the lot is convenient and close by, so you won’t miss a payment due to lack of transportation or working hours. Though you might think it’s easier to just go to whatever dealership is offering the cheapest cars, you must consider the broad picture and the lifetime of your loan.
Buy Here Pay Here Near Me – Buy Here Pay Here Facts
The Buy Here Pay Here Difference
There aren’t that many differences between buy here pay here and traditional car dealerships, but there are a few. Lately, the lines separating a traditional lot and ones offering the option of BHPH are becoming more and more blurred. So what are the differences you can really expect? Consider this as you search buy here pay here near me. In recent years, many traditional new and used car dealerships have begun to offer up BHPH financing options to help bring in new customers and to expand financing options to those who cannot do a traditional loan. You might not see the words “BHPH” written in bold type across the windshield of used cars throughout the lot, but you’ll typically see the phrase “we finance.” This is typically code for BHPH. Anytime a dealership is offering in house financing without going through a third party, they’re offering BHPH options. If you’re someone who has been finding difficulty in getting traditional financing, first start with a traditional used car lot that offers easy financing options or options for rebuilding credit. If that isn’t a viable option, BHPH might be the only way to get into a car. The bad news is that many BHPH dealerships take a lot of the fun out of car shopping. Rather than getting to choose a car of your liking and then talking finance options, most BHPH dealers will first find out how much they’re willing to lend you and what kind of financing you qualify for. Then, the dealer will show you which cars on the lot are viable options to buy. Unfortunately, the options are typically a bit limited.
Who Should Visit a BHPH lot?
Now that you know what visiting a BHPH lot entails, you might be wondering if visiting a BHPH lot is right for you. As you search buy here pay here near me, consider who is best suited for visiting this type of lot. First things first, check your credit score. Your credit might be better than you think. Visit a traditional car dealership first and find out if you qualify for regular lending. Only when you’ve been denied by a traditional car lot should you visit a buy here pay here lot, since interest rates can be high. While it might seem like BHPH has a lot of downsides, there are also many benefits to visiting a BHPH lot. For starters, unlike a traditional dealership, they can definitely put credit challenged buyers in a car when a traditional lender will not. Second, by making payments on time, you can quickly repair your credit history and help to rebuild your credit for future purchases. Third, they buy older cars and may be willing to take your old beater car off of your hands in the form of a down payment. That’s a win for you and your pocket book. Keep these pros and cons in mind while visiting a BHPH and you’ll walk off the lot feeling like you made a solid decision.