If you're having trouble getting financed for a car in Los Angeles, or have been turned down for second chance financing, a buy here pay here (BHPH) dealership might be the way to go. These dealers can finance a wider range of borrowers than traditional or even subprime lenders.
Why Buy Here Pay Here Dealers are Different
Buy and pay here dealers finance in-house, so they don't rely on outside lenders to approve you for an auto loan. At a BHPH dealership, the dealer is the lender, so they can sell you a vehicle and also approve you a loan. Often, if you meet the BHPH requirements, you can sign and drive off in a car in the same day, which can be a big plus if you have to get from Downtown to LAX in a hurry.
The other advantage to a BHPH dealership is that they don't typically check your credit when you apply for an auto loan, which makes it easier to get financing. In fact, in-house financing dealers are more interested in whether you can afford to make your payments on time, so they check to see that your income meets their minimum requirements, which vary by dealership.
Another way BHPH dealers in LA differ from traditional dealerships is that instead of making monthly payments, you may be required to make payments every week or two, depending on your pay schedule. In some cases, you're also required to make these payments in person. If this is the case, you need to make sure that you can get to the dealer on time. Payments made even one day late can result in repossession.
Vehicles at Buy Here Pay Here Dealerships
When you purchase a vehicle from a buy here pay here dealership in Los Angeles, you should know that you're not always going to find top-of-the-line models, or expensive luxury cars. Vehicles at BHPH lots in and around The City of Angels tend to be used cars that are more than a few years old. They're not bad vehicles, you're just not as likely to find a low mileage SUV that's only a year or two old, unlike a traditional franchised dealer.
When you do find lower mileage cars, or ones that are only a year or two old, you're more likely to pay a premium for them. Many BHPH dealerships require you to bring in a down payment, and you're likely to find interest rates that are higher than average.
Let Us Help You Find the Dealer You Need
If the reason you're looking for a place that can finance anyone is because you're under the impression you can't get lender financing with your credit score, you might be surprised. Here at Auto Credit Express, we work with a nationwide network of special finance dealerships that work with people in many types of credit situations.
Let us connect you to a dealer in the greater Los Angeles area that can help. These special finance dealerships are signed up with lenders that may be able to get you a lower interest rate than a BHPH dealer, or don't require such a large down payment. See who we can connect you with now by filling out our free, no-obligation auto loan request form and we'll get to work connecting you to a dealership in LA.