Buy here pay here is a phrase that you’ve seen lots of times, but do you really know what it means and how it can help you when you’re shopping for a new car? For many people looking for a great pre owned car, the buy here pay here option is the best possible choice. Find out what it means and what it can do for you when it comes to shopping for used auto sales.
The Meaning of Buy Here Pay Here
You’ll see signs advertising buy here pay here outside of lots used by used car dealers. Sometimes, the phrase is abbreviated to BHPH. No matter what it’s called, buy here pay here means that you don’t have to go through a bank or any other third-party institution in order to purchase and finance a new or used vehicle. This option is absolutely perfect for those with poor credit or no credit history.
However, buy here pay here isn’t necessarily the best option for those who do have good credit. The loans may have high interest rates because they’re geared toward those who don’t have a good credit rating. Those who do have good credit can option a better financial arrangement through a bank or another lending institution.
Having poor credit history or no credit history shouldn’t keep you from purchasing a good used vehicle. It also shouldn’t force you to deal with buying strictly from individuals through personal sales. There are many used car dealers who offer a buy here pay here option so you can obtain financing directly through the dealership. You will be asked basic financial questions. Car dealerships work to make the entire process very quick. The point of by here pay here is to help you get into a vehicle and get off the lot quickly so you can get out there and start driving around.
When you’re in the market to buy a used car, you don’t have to avoid the dealerships and you don’t have to let your bad credit keep you from getting a great pre owned vehicle. Thanks to buy here pay here, literally anyone can get a used car and get out there to start driving. Typically, the whole process takes less than an hour. Since you’ll be making a pretty major purchase, that’s not bad at all!
Finding Buy Here Pay Here Car Lots
Used cars actually account for three out of every four automotive sales in the U.S. That’s a lot of people purchasing pre owned cars. You can be one of them thanks to buy here pay here car lots that make it easy for you to finance a vehicle. You may have high payments and high interest rates, but this is a normal consequence of having poor credit or no credit. Don’t let it get you down. As you make your car payments on time, your credit rating will greatly improve. By the time you’re ready to purchase a new used car or even a brand-new car, you’ll have a much better credit history and you’ll be able to get much better terms on your car or truck loan.
Buy here pay here is a great way to build up credit for the first time or rebuild credit after you’ve had some rough financial times. You don’t have to qualify for a standard auto loan or worry about making a good impression for the bank. You can deal directly with a used car dealer after finding a used car that you like and you can get the whole process done pretty quickly and painlessly to get back off the lot with a car that’s new to you, at least. Buying a used car shouldn’t be and doesn’t have to be a stressful experience thanks to options like buy here pay here car loans.
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