Not long ago, I decided to buy a car.
I needed it for my work. The problem is that my credit score was not that good. In fact, I had bad credit. It really was not my fault but that did not matter.
No matter what the reason is why I had poor credit, the result is that I could not get an auto loan, at least not with interest rates that are reasonable.
I started to look into my options. Then a friend told me about a buy here pay here.
The truth is that I was unaware of buy here pay here car lots near me or what they can offer to me.
It was something that was new to me. The good news is that it was quite easy to do research and find out more about it.
I did my research and here is what I found out. Buy here pay here car lots are different from the usual dealers, because they offer in-house financing.
This can be a huge benefit because it would make the whole transaction less complicated for a car buyer like me.
For people with bad credit and even no credit, a buy here pay here (BHPH) car dealership is probably the best option there is.
Even buyers with good credit find the offers of BHPH dealers for pre-owned vehicles to be inviting.
If you are wondering about the legitimacy of these establishments, you would be glad to know that for the most part they can be trusted. These establishments operate under strict regulations.
Because they also function as finance companies, they have to follow the laws that regulate those types of businesses. Any BHPH dealer that does not follow regulations will not last very long.
A good example is how a BHPH dealer will have to follow the Truth in Lending Act or the TILA.
That law requires the lender to disclose relevant information to the borrower regarding the loan.
Knowing those things, I realized that buy here pay here car dealerships near me could be the best place for me to get my car.
I decided to visit one and sure enough, I did get the car I needed through a buy here pay here financing. That convinced me that it was a really great option for people with poor credit such as me.
What are the things these establishments can offer? Here are some of the benefits of getting your vehicle through this type of car dealership:
Getting your car through a pay here dealership is a lot more convenient than the usual route for auto sales, at least for the buyer.
That’s because the buyer will only be dealing with one establishment and not several which can be confusing.
Their in-house financing means that buyers do not have to deal with other companies.
Another major reason why buyers should consider BHPH dealers is because they cater to those buyers with bad credit.
That’s what they are known for. Your interest rates will be higher than those with good credit scores but at least you will be able to get your car.
Another important factor why you should consider signing up for is that they offer great return policies. Some have a 48-hour return policy, which is something that you would not get if you buy your car from a private individual.
That should be enough time for you to decide whether you want to get the vehicle or not.
BHPH dealers provide better deals when it comes to trade-ins. It is not surprising that sometimes, even those with good credit will go for trade -in deals from a BHPH dealer.
These are what I encountered when I had to deal with a buy here pay here near me. Overall, I would recommend that those with poor credit scores to use these kinds of car dealers.
Not only is it more convenient but they can provide the deal that people are looking for.
It’s not all beneficial of course. There are some disadvantages to getting your car from a BHPH dealer but they are outweighed by the benefits.
You will be getting higher interest rates than usual but should be okay. If you are smart, you can get a deal that is not too bad.