What Are Buy Here Pay Here Car Dealers?
If you are interested in “How buy here pay here car dealers work?”, it’s probably because they are becoming ever more popular in the market. You have seen commercials about these BHPH dealerships, seen them come up in your area, and all this while you have been curious, but never done anything about your curiosity.
Well, below is information about these BHPH dealerships that we have collected for you to read.
The main working principal behind this BHPH concept is eliminating any 3rd party financiers. This means the customer (you) and the dealer (BHPH car lot) come to terms where you get the car, and make all payments to the dealer straight.
Your seller is your lender and you have to make your weekly and bi-weekly payments to them. This method of car acquisition is more flexible for the buyer (you). Even if you have very disheartening credit ratings, or you just have no credit, you can still apply for this auto loan. Bad credit and no credit are some of the biggest reasons why many people don’t own a car, since conventional lending agencies like banks do not easily approve you if you have bad or no credit.
How Are You Approved?
Things like bankruptcy, bad credit, repossessions and no credit do not make the BHPH car dealer break out in hives and sweat. They accept you just the way you are regardless of your finances. To approve you, they will consider your obligations, income, ability to repay the auto loan, and vehicle you want. The BHPH dealer will not simply rely on your credit score only to determine if they can give you the loan.
A lot of the cars you will find inside the car lots are used vehicles but they are definitely road worthy. And since these guys are swimming in dangerous financial waters by giving bad credit guys (like you and me) loans, they have higher interest rates that they charge.
How These Dealers Work? How Is Business Handled?
When you go to the dealer that we refer you to, they sit with you and discuss which cars you qualify for. After you are approved, the terms of the agreement are settled. You work out how the instalments will be paid, weekly, bi weekly, and discuss all other business you have with the dealer.
Once the paperwork has been set aside, and you have your auto bad credit no credit loan, now you get to walk to the car lot to see what vehicles fall under what you can finance. You sign where you need to sign, you are given the keys, and off you go with your car. Simple and very efficient!
People with bad credit no credit used to have very limited options when it came to buying cars. They were constantly being turned away by many dealers. Now, with the help of the BHPH dealership you can have what your heart desires, a new car!
This service is something that can help you acquire a vehicle fast. It does not matter what financial issue you are juggling, we can help you come up with a financing option so that you have your car. Get approved in less than 60 seconds by clicking the button below!