Benefits Of buy Here Pay Here Financing
Buy here pay here is a financing scheme where you arrange a loan at the dealership and make payments there only
. This is like an in-house financing scheme against the financing through third party like bank. Also called BHPH, you will make weekly or bi-weekly payments to a dealership instead of monthly payments to traditional lender. Moreover, some BHPH dealership may allow you to pay through phone or online, while others want you to come physically to the dealership to bring cash or cheque to their office or store. In that sense, you buy the car at dealership and pay here at the dealership.How BHPH differs from traditional dealership
Although difference between these two is very little, it is a better option if you want no credit check. Moreover, many traditional car dealerships are offering BHPH financing option. Though no car dealership advertise like buy here pay here, they promote like we finance.
The key difference between a traditional dealership and the one that deals in BHPH lies in the shopping experience. While at a traditional; dealership, talking about financing options is the last part of conversation, in a BHPH dealership the process if often in the reverse order. In the traditional dealership, you will be told about various car models, given a test drive and told about different finance options.
At the BHPH dealership, dealer will ask you a series of question, may run a credit report and understand credit experience before they show you car models. Based on the information collected and checked they will show you cars that would be available in the range for which you can pay down payment and monthly payment. The good thing with BHPH is you will never cross your financial limits.
Should you opt for BHPH dealership?
This financing option is meant for those shoppers who may have experienced many serious financial problems. Moreover, this is right option if your credit score is at the lower side or you are having trouble getting an auto loan. This is the best option for you if you want
Buy Here Pay Here.
Benefits if BHPH
There are many benefits if availing BHPH scheme. BHPH option provides credit challenged people to have a car of their own which they deserve for their transportation needs.
Way to increase your credit
Availing BHPH scheme would offer you an opportunity to improve your credit record. If you make regular payments to the dealership, many dealers make positive recommendations about you at the credit reporting agencies and you have a chance to improve your credit report over the period. Moreover, there is No Credit Check.
Trade-in flexibility
One benefit of approaching BHPH dealership is they allow trades-in on older model cars. However, traditional dealerships do not accept this.
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