What is a buy here pay here car dealer.
Buy here pay here car dealers offer in house financing for people with bad credit. Often these We Finance Dealers approve auto loans with no credit checks. They can do this because payments are made directly at the used car lot. There are benefits and pitfalls to buying a car at a buy here pay here car lot.
Benefits of buying a car at a buy here pay here car dealer
Buy here pay here car dealers will finance anyone that can make the payment. More often than not there is no credit check. To buy a car, consumers only need a pay stub and enough money down for the first payment. Think of it as a rent to own auto or a lease to own car.
Pitfalls of In House Dealer Financing
Most everyone can get approved for a car loan with a BHPH car lot. The downside to financing an auto this way is that most of the time the payment history is not reported to the credit reporting agencies. In other words, if you are trying to rebuild a good credit rating a buy here pay here auto loan may not be the best way to go.
Buy here pay here car lots are most popular in the following states and cities:
Ohio Pennsylvania PA Florida Georgia Las Vegas Kentucky Oklahoma Tennessee Texas Virginia West Virginia Chattanooga Columbus Dayton Indianapolis Knoxville Lexington Orlando Tampa