Looking to purchase a vehicle in Anniston, Alabama but struggling with bad credit or no credit history? Don’t worry, you are not alone. Many people face this problem and struggle to get approved for a loan. But, there is a solution to your problem. Buy here pay here (BHPH) dealerships in Anniston, AL can help you get a car loan regardless of your credit score.
What is a Buy Here Pay Here Dealership?
Buy here pay here dealerships are car dealerships that offer in-house financing to customers. This means that the dealership acts as the lender and provides the customer with the loan to purchase the car. Unlike traditional car dealerships, BHPH dealerships don’t rely on third-party lenders, banks or credit unions to finance the car. Instead, they provide the loan themselves, making it easier for people with bad credit or no credit history to get approved for a car loan.
How Does Buy Here Pay Here Dealership Work?
When you visit a BHPH dealership, the process is quite simple. You will need to provide some basic information such as your name, address, and employment details. The dealership will then run a credit check to determine your creditworthiness. This will be based on your credit score, employment history, and other factors. If you are approved for the loan, the dealership will provide you with the loan amount and you can choose a car from their inventory.
Advantages of Buy Here Pay Here Dealership
There are several advantages of buying a car from a BHPH dealership in Anniston, AL:
- Easy Approval: BHPH dealerships don’t rely on third-party lenders, banks or credit unions to finance the car. This makes it easier for people with bad credit or no credit history to get approved for a car loan.
- Flexible Payment Options: BHPH dealerships offer flexible payment options such as weekly or bi-weekly payments, making it easier for customers to manage their payments.
- Quality Vehicles: BHPH dealerships have a reputation for selling quality vehicles that are thoroughly inspected and serviced before being sold to customers.
- Rebuild Credit Score: Making timely payments on your car loan can help rebuild your credit score over time.
Disadvantages of Buy Here Pay Here Dealership
While there are several advantages of buying a car from a BHPH dealership, there are also some disadvantages:
- Higher Interest Rates: BHPH dealerships charge higher interest rates compared to traditional lenders due to the higher risk associated with lending to customers with bad credit or no credit history.
- Expensive Cars: BHPH dealerships often sell cars at a higher price compared to traditional dealerships due to the higher interest rates charged.
- Less Inventory: BHPH dealerships often have a limited inventory compared to traditional dealerships which can make it difficult to find the car you want.
- Repossession: BHPH dealerships have the right to repossess the car if you fail to make timely payments on your loan.
Choosing the Right Buy Here Pay Here Dealership in Anniston, AL
When choosing a BHPH dealership in Anniston, AL, it is important to do your research and choose a reputable dealership that has a good track record. Here are some tips to help you choose the right dealership:
- Read Reviews: Read reviews online to see what other customers have to say about the dealership.
- Check BBB Rating: Check the dealership’s rating on the Better Business Bureau website.
- Inspect the Car: Inspect the car thoroughly before purchasing to ensure that it is in good condition.
- Ask About Warranty: Ask about the dealership’s warranty policy and what it covers.
- Ask About Maintenance: Ask about the dealership’s maintenance policy and what services they offer.
Conclusion
Buy here pay here dealerships in Anniston, AL are a great option for people with bad credit or no credit history who are looking to purchase a vehicle. While there are some disadvantages, the advantages outweigh the disadvantages. Just be sure to do your research and choose a reputable dealership that has a good track record.
