Are you in need of a car but struggling to get approved for a loan? If you’re in Kinston, North Carolina, you might be in luck. Buy here pay here dealerships offer a solution for those who have poor credit or no credit history. In this article, we’ll discuss what buy here pay here is and what to expect when buying a car from a dealership in Kinston, NC.
What is Buy Here Pay Here?
Buy here pay here (BHPH) is a financing option offered by car dealerships where the dealership acts as the lender. This means that you buy the car directly from the dealership and make payments to them instead of a traditional bank or credit union.
One of the unique features of BHPH dealerships is that they don’t typically check your credit score. Instead, they rely on your income and employment history to determine if you’re eligible for financing. This can be a lifesaver for those who have poor credit or no credit history.
What to Expect When Buying from a BHPH Dealership in Kinston, NC
If you’re considering buying a car from a BHPH dealership in Kinston, NC, here are some things you should know:
The Process
The process of buying a car from a BHPH dealership is typically straightforward. You’ll start by finding a dealership in Kinston, NC that offers BHPH financing. Once you’ve found a dealership, you’ll need to provide proof of income and residency. The dealership will then help you find a car that fits your budget and needs.
The Cost
The cost of buying a car from a BHPH dealership in Kinston, NC can be higher than buying from a traditional dealership. This is because BHPH dealerships take on more risk by offering financing to those with poor credit or no credit history. As a result, interest rates can be higher, and the cost of the car may be inflated to offset the risk.
The Benefits
Despite the higher cost, there are benefits to buying a car from a BHPH dealership in Kinston, NC. For one, you can get approved for financing even if you have poor credit or no credit history. Additionally, BHPH dealerships often offer flexible payment options and may be willing to work with you if you have trouble making payments.
The Risks
While there are benefits to buying a car from a BHPH dealership in Kinston, NC, there are also risks. For one, interest rates can be higher than traditional lenders, which means you’ll end up paying more in the long run. Additionally, some BHPH dealerships have been known to use predatory practices, such as repossessing cars when the borrower is only a few days late on a payment.
How to Choose a BHPH Dealership in Kinston, NC
If you’ve decided to buy a car from a BHPH dealership in Kinston, NC, it’s essential to choose the right dealership. Here are some factors to consider:
Reputation
Research the dealership’s reputation online before making a purchase. Look for reviews from previous customers to get a sense of the dealership’s customer service and reliability.
Inventory
Make sure the dealership has a good selection of cars that fit your budget and needs. If the dealership doesn’t have what you’re looking for, keep looking.
Transparency
Make sure the dealership is transparent about the terms of the financing agreement. Ask about interest rates, fees, and payment options before signing any paperwork.
Conclusion
Buying a car from a BHPH dealership in Kinston, NC can be a good option for those who have poor credit or no credit history. While there are risks involved, there are also benefits, such as flexible payment options and the ability to get approved for financing. If you’re considering buying a car from a BHPH dealership in Kinston, NC, make sure to do your research and choose a reputable dealership with a good selection of cars and transparent terms.
