(ThyBlackMan.com) Contrary to popular belief, nothing is inherently bad about dealing with “Buy Here, Pay Here” (BHPH) dealerships. If you would like to buy a car with no credit or bad credit, then this is an option worth considering. Even so, it is important to note that BHPH dealerships are not in the business of establishing long-term relationships. Their objective is to make maximum profit by financing reliable used cars.
Here are some of the 5 most important things to know about BHPH dealers.
1. In-House Financing Is Available
Some of the dealerships offer their clients in-house financing. This saves you the hassle of dealing with bankers and other lenders, which is particularly good news if you have a bad credit score. The approval requires only answers to simple questions such as: What is your monthly income?’ The dealerships also need to know whether you have a valid driving license, including other relevant information.
2. Cars within Your Budget
Once you have been approved, you are guided to vehicles that match your budget depending on the amount you qualified for. Therefore, you can browse through different car models and choose the one you like. Since your loan request is pre-approved and you know your budget, you save your time by not looking at vehicles beyond your reach.
3. A Myriad of Payment Options
The BHPH dealers are keen to see you succeed in making your car payments in a timely manner. As a result, most of the BHPH dealerships provide numerous payment options. Consequently, you can choose one that suits your lifestyle and situation best. Many dealers prefer that clients make payments in person, while others prefer online, by text, through phone, or mail. It is worth noting that some providers make automatic withdrawals from checking accounts. Since there are many payment options available for you, missing out on payment should be the least of your concerns.
4. Your Credit Score
Buying a car from a BHPH dealer is a helpful move if you want to rebuild your path to a good credit score. You must’ve probably been wondering; are buy here pay here dealerships safe? When considering the aspect of credit history? As long as you make on time payments on the agreed dates without defaulting, then nothing bad can happen. By making timely payments, you get a major boost to your credit score and this potentially improves your ability to secure conventional loans in the future.
5. Cars Are Guaranteed Safe and Reliable
All the cars in the BPHP lots have been serviced and thoroughly inspected by expert technicians. The technicians fix all issues before the vehicles make it to the lot for customers to view them. Buying from your preferred BHPH dealership is a great way to ensure you get a safe means of transportation that will serve you and your family reliably.
Now that the basics of BHPH dealers are clear, the process involved should be straightforward. While the financing is different from the experience you would typically have with a traditional dealership, they actually do share some similarities too. However, you must do your due diligence and look into various dealerships beforehand.
Staff Writer; Craig Poole