Buy Here Pay Here Car Lots

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If you're looking for bad credit car financing that offers guaranteed approval, one option you might consider is a buy here pay here car dealership near you. More and more people are suffering from poor credit scores and are being turned down by traditional lenders and at car dealerships. Auto Credit Express is here to tell you that you're not alone, and that we can get you the financing you need regardless of whether you have good credit, bad credit, or no credit.

Buy Here Pay Here Dealerships are Different

Before you can understand what makes a BHPH dealer different, you need to know what it means. Buy here pay here financing means that you arrange a loan and make payments on it at the dealership. You purchase the car, truck, SUV, or minivan through in house financing car dealerships instead of through a third party lender.

Many things separate these dealerships from traditional lenders, but the biggest is the shopping experience. It is very important to the buy here pay here dealership that the loan fits within your budget so you can make each payment on time and comfortably. Before you get your heart set on a car you can't afford, sit down with their financial expert and figure out a monthly payment which fits within your budget before you choose a car.

Along with the shopping experience there are other things that separate most buy here pay here car lots from other used car dealerships and these include:

  • Loan repayment structure
  • Some don't require a credit check
  • The types of vehicles sold
  • Interest rates

Most buy here pay here dealerships will structure your loan or rent to own terms to meet your pay schedule. This means if you get paid weekly then you will have an affordable weekly payment; if you're paid bi-weekly then you will have a bi-weekly car payment. This is especially helpful when you need low payments.

Generally, these car dealers don't care about your credit score, which is why they are so popular among consumers with bad credit. Since they don't perform a credit check when you apply for auto financing, many have guaranteed approval programs for people with a steady income.

Most vehicles sold on the BHPH car lots are older pre-owned cars. This doesn't mean they are junky and unreliable. Most buy here pay here dealers understand that it's hard to make payments on a vehicle if it's not running, or is in and out of the shop all the time.

The interest rates on these loans tend to be higher than on traditional auto loans. There is a higher probability of default and risk to the dealer so they raise the interest rates to cover any possible loss.

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Take Advantage of BHPH Benefits

As demand has increased for no credit check financing, more dealerships have opted into buy here pay here programs. There has been a big boom in the industry over the last few years, and you can take advantage of many of the benefits they provide such as:

  • Available Cars, Available Credit. The most important benefit to BHPH loans is that it gives credit challenged people the opportunity for transportation that they need.
  • Trade-In Flexibility. Most dealers understand the value in late model vehicles and can re-sell them on their lots easier than a traditional lender. Therefore, when you are trading in an older car that other dealers won't even consider, a BHPH dealer might.

Get a Car Loan through a BHPH Dealer

When you're on the hunt for a dependable used vehicle with an affordable payment, start online. At Auto Credit Express, we help find you a local buy here pay here car dealership with bad credit auto financing. Working with them you can obtain a pre-approval that will help you stay within your budget when searching the lot for your next vehicle.

Once we have received your auto loan request form we will refer you to a dealership in our network. They will help get the financing to meet your needs, and then help you choose a vehicle that fits your needs.

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Is Buy Here Pay Here Financing Right for You?

Several guaranteed credit approval programs at bad credit car dealerships have no credit checks and weekly/bi-weekly payments; this may seem like the perfect option for you. While it is a very good choice for car buyers with very bad credit scores, it's not for everyone. If you have a low credit score, there is a chance you can still qualify for a bad credit auto loan from a traditional dealership in Auto Credit Express' network.

When you purchase a car from a buy here pay here dealership with good or fair credit, you can experience some downfalls. The disadvantages of these dealerships include:

  • Weekly payments at the dealership - This may be beneficial for some people who need cheaper payments, but for those that don't live near the dealer it can just be a big inconvenience.
  • Short loan terms - Most auto loans from a BHPH car lot are shorter term with a higher interest rates when compared to sub-prime auto lenders. This can cause you to have a higher monthly payment than you would from a traditional dealership on the same vehicle.

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