Are you in need of a car but can’t afford to pay the full amount upfront? Buy here pay here dealerships in Brevard, Florida may be the solution for you. These dealerships offer in-house financing options for people with bad credit or no credit history.
What is Buy Here Pay Here?
Buy here pay here, or BHPH, is a type of dealership that provides financing options for customers who have trouble getting approved for traditional auto loans. These dealerships are also known as tote the note, on the lot, or in-house financing dealerships.
Unlike traditional dealerships that work with third-party lenders, BHPH dealerships finance the cars themselves. This means they have more lenient approval standards, making it easier for people with bad credit or no credit to get approved for a car loan.
How Does Buy Here Pay Here Work?
When you visit a BHPH dealership, you’ll select a car and complete a credit application. The dealership will then review your application and determine how much they can lend you for the car.
Once you agree on the loan amount and terms, you’ll make your payments directly to the dealership on a weekly, bi-weekly, or monthly basis. BHPH dealerships typically require a down payment and charge higher interest rates than traditional lenders to offset their risk.
Benefits of Buy Here Pay Here Dealerships
BHPH dealerships offer several benefits for people with bad credit or no credit history:
- Easy approval process: BHPH dealerships have more lenient approval standards, making it easier for people with bad credit or no credit to get approved for a car loan.
- No third-party lenders: BHPH dealerships finance the cars themselves, so you don’t have to deal with a third-party lender.
- Flexible payment options: BHPH dealerships offer weekly, bi-weekly, or monthly payment options to fit your budget.
- Improved credit score: Making on-time payments on your BHPH loan can help improve your credit score over time.
Drawbacks of Buy Here Pay Here Dealerships
While BHPH dealerships offer benefits, there are also some drawbacks to consider:
- Higher interest rates: BHPH dealerships charge higher interest rates than traditional lenders to offset their risk.
- Less selection: BHPH dealerships typically have a smaller inventory than traditional dealerships.
- Lower quality cars: BHPH dealerships may sell older or higher mileage cars that may have more issues than newer cars.
- Repossession risk: If you miss a payment, the dealership may repossess your car without warning.
How to Choose a Buy Here Pay Here Dealership in Brevard
If you’ve decided that a BHPH dealership is right for you, it’s important to choose the right one. Here are some factors to consider:
- Reputation: Look for a dealership with a good reputation in the community.
- Inventory: Make sure the dealership has a good selection of cars that fit your needs and budget.
- Interest rates: Compare interest rates from different dealerships to find the best deal.
- Terms: Read the loan terms carefully to make sure they work for you.
- Customer service: Choose a dealership with friendly and helpful staff who can answer your questions and address your concerns.
Conclusion
Buy here pay here dealerships in Brevard offer financing options for people with bad credit or no credit history. While these dealerships offer benefits, they also have drawbacks to consider. If you decide to go with a BHPH dealership, make sure to choose one with a good reputation, a good selection of cars, and fair loan terms.
