What is Buy Here Pay Here?
Buy Here Pay Here (BHPH) is a type of financing offered by car dealerships that allows customers with poor credit or no credit to purchase a vehicle. Instead of going through a traditional bank or lender, the dealership finances the purchase themselves and collects payments directly from the customer.
How Does Buy Here Pay Here Work?
The process of buying a car through BHPH is fairly simple. First, the customer selects a vehicle from the dealership’s inventory. The dealership then determines the customer’s eligibility for financing based on their income and credit history.
If the customer is approved, they will sign a contract with the dealership that outlines the terms of the loan, including the interest rate and monthly payments. The customer will then make payments directly to the dealership until the loan is paid off.
Advantages of Buy Here Pay Here
For customers with poor credit or no credit, BHPH can be a great option for financing a vehicle. The dealership is more likely to approve a loan than a traditional lender, and the process is often faster and more convenient.
Additionally, BHPH dealerships often have a wider selection of vehicles than traditional dealerships, as they are able to finance older or higher-mileage cars that other lenders may not approve.
Disadvantages of Buy Here Pay Here
While BHPH can be a good option for some customers, there are also some disadvantages to consider. Interest rates are often higher than traditional lenders, and the monthly payments may be higher as well.
Additionally, some BHPH dealerships may have a reputation for taking advantage of customers with poor credit by charging high interest rates and selling overpriced vehicles.
Buy Here Pay Here Mooresville NC
If you’re looking for a BHPH dealership in Mooresville, NC, there are several options to choose from. One popular choice is Lake Norman Auto Exchange, which offers a wide selection of vehicles and competitive financing options.
Another option is Mooresville Motor Company, which has been serving the area for over 20 years and offers financing for customers with all types of credit.
Final Thoughts
If you’re in the market for a vehicle but have poor credit or no credit, Buy Here Pay Here may be a good option for financing. However, it’s important to do your research and choose a reputable dealership that offers fair terms and pricing.
By choosing a BHPH dealership in Mooresville, NC, you can find a vehicle that meets your needs and budget without having to go through a traditional lender.
