Buy here pay here car lots offer a chance to customers who have very little money and low credit scores. If you have been turned down by other car dealers, this door is still be open to you. These lots are everywhere across the country.
BHPH car lots directly finance the car deals that are made on their lot. They specialize in working with customers with trouble in their credit. They have a much more liberal measure as to who can qualify for a loan with them.
With buy here pay here car lots, usually weekly or bi-weekly (every 2 weeks) payments are required. You may also be required to make physical cash payments on location at the car lot during their business hours. This is how the term “buy here pay here” originated – you buy here and you pay here. If physical cash payments are a requirement, then the location of the car lot is an important consideration when choosing to buy from such a car lot.
If you are unable to make payments on time, they can be very fast on repossessing the car. This will leave you in a lot of trouble. However, more and more, car lots are making it easier for their customers to make payments on time. More have mechanisms for taking payments over the phone or online, using direct deposits and debit cards. Be sure to understand your terms of payments to keep the loan in good standing.
For more information and tips on choosing buy here pay here car dealers, consider these articles: