Buying a car can be a daunting task, especially if you have bad credit or no credit history. Fortunately, there is a solution for those in Kernersville, NC who need a car but can’t get financing from traditional lenders. That solution is called “Buy Here Pay Here” (BHPH) financing. In this article, we will discuss what BHPH financing is, how it works, and why it may be the right choice for you.
What is Buy Here Pay Here Financing?
Buy Here Pay Here financing is a type of financing where the dealership acts as the lender. In other words, you buy the car from the dealership and make your payments directly to them. This is different from traditional financing where you get a loan from a bank or credit union and make payments to them.
The advantage of BHPH financing is that it is often easier to get approved for than traditional financing. This is because the dealership is more interested in your ability to make payments than your credit score. However, this often comes at a higher cost in terms of interest rates and fees.
How Does Buy Here Pay Here Financing Work?
The process of getting BHPH financing is similar to traditional financing. You will need to provide the dealership with your personal and financial information, such as your income, employment history, and credit score (if you have one).
The dealership will then use this information to determine how much you can afford to borrow and what your interest rate and loan terms will be. They will also take into account the value of the car you want to buy, as well as any down payment you may be able to make.
If you are approved for financing, you will then sign a contract that outlines the terms of your loan. This will include your interest rate, monthly payment, and any fees or penalties you may incur if you miss a payment or default on the loan.
Why Choose Buy Here Pay Here Financing?
There are several reasons why you may choose BHPH financing over traditional financing:
- Easy Approval: BHPH financing is often easier to get approved for than traditional financing, especially if you have bad credit or no credit history.
- No Credit Check: Some BHPH dealerships don’t even check your credit score, making it a good option if you have a low credit score.
- Flexible Terms: BHPH financing often has more flexible terms than traditional financing, such as longer loan terms and lower down payments.
- Convenience: Since you make your payments directly to the dealership, you don’t have to worry about mailing a check or setting up automatic payments with a bank.
- Rebuild Your Credit: If you make your payments on time, BHPH financing can help you rebuild your credit score over time.
Where Can You Find Buy Here Pay Here Dealerships in Kernersville, NC?
If you’re interested in BHPH financing, there are several dealerships in Kernersville, NC that offer it. Some of the most popular BHPH dealerships in Kernersville include:
- Crescent Ford: Located on NC Highway 66 South, Crescent Ford offers a wide selection of new and used cars, trucks, and SUVs, as well as BHPH financing.
- Kernersville Chrysler Dodge Jeep Ram: Located on NC Highway 66 South, Kernersville Chrysler Dodge Jeep Ram offers a large inventory of new and used cars, trucks, and SUVs, as well as BHPH financing.
- Auto World of Winston-Salem: Located on Peters Creek Parkway in Winston-Salem, Auto World of Winston-Salem offers a variety of used cars, trucks, and SUVs, as well as BHPH financing.
- Frank Myers Auto Maxx: Located on North Patterson Avenue in Winston-Salem, Frank Myers Auto Maxx offers a large selection of used cars, trucks, and SUVs, as well as BHPH financing.
Conclusion
If you need a car but can’t get financing from traditional lenders, BHPH financing may be the right choice for you. Just be aware that it often comes at a higher cost in terms of interest rates and fees.
If you’re interested in BHPH financing, be sure to do your research and choose a reputable dealership that offers fair terms and good customer service. With the right dealership and the right loan, you can get the car you need and start rebuilding your credit score at the same time.
