Buy Here Pay Here Car Lots



BHPH Car Lots



If you have done even just a little bit of research into options for buying a used car, then you are probably familiar with a few different programs. These include:

  • Car dealerships
  • Used car lots
  • Private sellers

However, the concept of buy here pay here car lots may be entirely foreign to you. What do you need to know?

Understanding Buy Here Pay Here Car Lots

Before you can even think about going to a buy here pay here car lot, you need to fully understand what it is. At these types of lots, you are probably not going to have a credit check performed. The entity is just going to allow you to get a car and enter into an agreement with them to pay back the rest of the loan. Each one can vary a bit from the others though, so it is wise to find out what the specific conditions are before signing up for a specific Buy Here Pay Here program.

No Credit Check = No Credit Reporting

Buy here pay here car lots are different in a number of ways. First of all, they may not accept a pre-approval. On top of that, most of them do not report your good payments. Therefore, if you are hoping to use this loan to get you out of a bad credit situation, that is no longer a possibility. Since the entity is not reporting your payments, you have no chance for your credit scores to be built up. Consider this when buying from a buy here pay here lot.

What Car Can I Get at Buy Here Pay Here?

It's a natural inclination to wonder what type of car you are going to be able to purchase whenever you go to the lot. Checking out the entire selection before you make a decision to buy one is the smartest idea, and you can look to see if the lot has a website where you can browse through all of the vehicles. Find out as much about the quality of the cars as you can because you do not want to wind up with a "lemon".

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Fortunately, quite a few possibilities exist when you are trying to purchase a car and do not have a lot of options in front of you. Do all of your research and you will be able to find a car fit for you.

Basic Buy Here Pay Here Car Dealer Requirements
  • Good job time
  • Adequate income
  • Valid drivers license
  • Down payment (may vary from vehicle to vehicle)
  • Auto insurance

Does the customer need a good credit history to qualify?

More often than not the buy here pay here customer's credit history has little or no effect on whether or not he or she is approved. The car dealer will require more of a down payment when a customer has really bad credit.

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