bhph dealership, which is short for Buy here pay here dealership, does not differ much from auto financing. When you have a bad credit report, financial institutions such as banks are unsure if they will lend you money or not.
During such times, buy here pay here car lots make sure your car loan gets approved by the car dealer itself. Therefore, this eliminates the need for a middleman or any other 3rd-party institutions which allows car buyers to save more money.
Buy here pay here dealerships give you the freedom to choose your dream car and drive it home without any unnecessary paperwork and delay. When you visit a buy here pay here car lot, all you need to bring is your proof of billing and your latest proof of income statement.
Buy here pay here dealerships offering a variety of loans which allows car buyers to freely choose a car with interest rates that suit the client’s terms and conditions.
With that being said, buy here pay here car dealers usually have an in-house financing unit. This type of financing option processes your payments and directly gets deposited to the dealer.
Provided that, the auto financing loan is directly through the buy here pay here dealership, without any involvement of any financial institutions. Through this car buyers can make weekly, bi-weekly, and even a monthly payment for this kind of car dealerships.
The bhph dealership exclusively deals with car buyers who have been turned away from traditional financial institutions such as banks, credit unions, and auto loan companies. This is due to the following issues:
Given the following pointers, the above mentioned financial institutions may also deny auto loan (or any type of loan in particular) for clients with the following factors:
The main advantage of buy here pay here dealerships is that, car buyers are able to own a vehicle of their choice without worrying about whether their car loan will be approved or not.
With that being said, listed below are the other advantages of the bhph dealership:
Car Loan Pre-approval – Before you select a car, your auto loan application will be considered and pre-approved, you can even apply online and get pre-approved as well. This is so that car buyers like you will know which car you can afford, instead of constantly wondering about how much money you need to have to pay the monthly payment on-time.
Given the following factors above, buy here pay here dealerships are a good place to go for clients with poor credit score and/or bad credit history. So what are you waiting for? Head on to the nearest bhph dealership near you! You will surely get a great deal with the auto financing options that they offer.