BHPH (Buy Here Pay Here) dealerships are businesses that sell cars to people with bad credit. Rather than working with traditional car dealerships, BHPH dealerships work with customers based on their payment abilities and budget. The financing process is simplified, and they offer flexible interest rates.
How can I get my car fast with no money?
These dealerships may offer lower interest rates than traditional car dealerships. However, these rates are often four to five times higher than the average interest rate of a traditional car loan. This means that a loan at these dealerships may cost you thousands more than the value of the vehicle.
Some buy here pay here dealers require physical payments in person, while others allow payments online. These payment options can be convenient, but can also be difficult to remember.
Many BHPH dealerships offer financing for borrowers with bad credit, though you may have to make a high down payment to get approved. This may make the loan more difficult to pay back than a traditional car loan.
BHPH car dealerships are also more likely to accept older trade-ins. This can make it easier to find a car for you. However, the inventory will vary at each dealership, and you may not be able to find a car that meets your specific needs.
Many BHPH dealerships also install tracking devices in the car to monitor when payments are missed. These devices are installed because of the high risk of lending to people with bad credit. If you miss a payment, the dealership may report it to the credit bureaus.