You’re not alone if you can’t buy a car with cash, in fact, you’re among the majority. Typically, people borrow money for a car through third-party lenders, such as banks, credit unions and other lending companies. However, a little to no credit or poor credit history may leave you without a lender. If that’s the case, there are always buy here pay here (BHPH) dealers, like us at Auto Action.
What Is Buy Here Pay Here Financing?
BHPH financing means that you arrange the loan and make payments on it at the dealership where you purchased the car. In other words, it’s a one-stop shopping process because the car dealer is also the finance company. Sounds awesome right? Well, it is.
Because loan decisions are made by the BHPH dealer, approval is almost always guaranteed. If you have an address and a steady income, your chances for approval are very good.
Who Should Go to a BHPH Dealership?
If you’re young, don’t have credit, or don’t have financial history, don’t worry. A BHPH car dealer is one of the few places that will grant a person credit without any credit score. Often the only other way to build credit is to have someone with a good credit report cosign for that person.
In most cases, you can get any credit used car financing even with extremely bad credit if you visit a local buy here pay here dealer, but every dealer and every financial situation is different. Auto Action is a participating BHPH dealer where a workable car buying and financing agreement is possible even when you have terrible credit.
Benefits of BHPH
– They can help credit-challenged borrowers get a car of their dreams, when a traditional lender will not.
– On-time payments can help repair your credit history (but be sure that the BHPH dealer reports payment histories to the credit bureau).
– They buy used cars and will be more willing to take in your old beater toward the down payment of a new car.
When every traditional lender turns you down, Buy Here Pay Here dealers, like us here at Auto Action, we can help put you behind the wheel. If you think Buy Here, Pay Here Phoenix Arizona dealership is a good fit for you, come visit us at one of our locations or give us a call today!