At some point in our lives, many of us find ourselves needing reliable transportation but lacking the cash or credit to purchase a car at a traditional automobile dealership. If that sounds like you, it may seem like you have no options, which can be stressful. Luckily, there’s a solution: a Buy Here Pay Here dealership is the answer you’ve been seeking.
Buy Here Pay Here (BHPH) is an industry term for a special kind of dealership that caters to buyers with no or bad credit and/or no money for a down payment. It’s perfect for new grads and first-time buyers, as well as buyers who are working on rebuilding their credit. BHPH professionals are experts at matching buyers with a reliable used car they can afford.
We all go through periods of time where money is tight or circumstances, such as a period of unemployment or a health issue, have created short-term financial strain. Even first-time buyers with no credit can struggle to secure credit or buy a car without any money to put down. BHPH is designed to accommodate buyers facing these types of hurdles. As the name implies, BHPH dealerships not only offer car-buying services; they also finance buyers in-house, sometimes even without running a credit report. In-house financing gives BHPH dealers the flexibility to approve buyers who might not get financed at traditional auto dealerships. For first-time buyers, it makes buying that first car easy, convenient, and stress-free.
BHPH Inventory: A Wide Range of Choices
If you’re a first-time car buyer, it’s not unusual to feel a little defeated by your circumstances. After all, you don’t have thousands to put down on a new car, and your credit history is nonexistent. The irony is, you need a reliable way to get to work so you can build a credit history and save some money. It’s a vicious cycle.
Don’t worry! You’re not limited to a small pool of unattractive, high mileage beaters, especially if you choose to work with an established BHPH dealer. These dealers staff expert inventory specialists who know how to suss out the best cars, trucks, SUVs, and motorcycles at the lowest possible prices, which translates into more high-quality choices for you. The best part is, you never have to worry about getting stuck with a lemon because these cars are carefully inspected to ensure they are in excellent mechanical condition.
This inventory screening process and attention to mechanical detail mean you can focus on finding a vehicle that meets your criteria for appearance, body style, features, and most importantly: price. Pride of ownership is an important part of your driving experience. When you love what you drive, you’re more likely to keep your car clean and well-maintained, so it holds its value when you’re ready to upgrade.
BHPH Financing: Easy, Fast, and Fair
Quality BHPH dealers establish a budget with you upfront. They do this to help you eliminate vehicles that are out of your range and avoid ultra long-term loan programs designed to dig the debt hole even deeper. You want a weekly or monthly payment you can afford, not one that has you scrambling to keep up.
To qualify, there are some general criteria you’ll be asked to verify, including current employment. Most buyers who earn at least $1,200 per month are instantly eligible. In addition, proof of residency in the form of a utility bill is also required. Most BHPH dealers will work with buyers ages 18 and up, which is great news for recent high school graduates.
The application process is designed to be simple and focused on your individual financial situation. The goal is to establish a payment range you can afford. BHPH dealers work through the financing steps first to avoid wasting your time. When you’re crunched for cash, it’s much more productive to focus on the cars you can afford.
Because BHPH dealers accept trade-ins, you’ll be able to save even more money if you’re walking away from a college commuter or other unreliable used car. Cash-strapped first-time buyers will also appreciate the minimal down payment requirements. Lastly, the entire financing process is fast, which means you’ll be behind the wheel of your new car in a matter of a few hours.
BHPH Warranty: Enhancing Reliability
Because the first year or two is when the buyer is adjusting to their payment and rebuilding their credit, facing major mechanical repairs can be catastrophic. Many would-be used car buyers hesitate to pull the trigger for this reason. They dread ending up upside down, carrying a loan on a car that breaks down all the time and that they can’t afford to fix. Luckily, providing a comprehensive warranty for every vehicle sold is the hallmark of a reliable BHPH dealer. Cash or credit-challenged buyers will find added peace of mind from their vehicle’s warranty coverage, which usually includes the most expensive components, like the engine and transmission.
The existence of a warranty is also a tribute to the quality of inventory available. Dealers simply won’t warrant vehicles with troubled mechanical histories. In fact, most BHPH dealers offer complimentary vehicle history reports for buyers to review before they buy. These reports inform buyers about any major accidents or other damage the vehicle sustained.
BHPH dealers have extensive inspection processes in place for screening potential vehicles before they earn a spot on the showroom floor. As such, they typically offer 1-2 years of powertrain coverage with a small deductible. It’s that kind of after-the-sale support that BHPH dealers are famous for, making them a practical option.
BHPH Can Be the Perfect Solution for Your Car Buying Woes
It isn’t easy to juggle financial strain and figure out how to end up with a reliable car you love sitting in your driveway. Traditional avenues simply don’t cater to buyers with challenging credit or buyers seeking their very first car loan. Instead, they serve up barriers that are sometimes impossible to overcome. No one likes rejection, especially when we’re struggling. If you find yourself dealing with circumstances that limit your car buying options, consider visiting a Buy Here Pay Here dealer. It’s there that you’ll find a simpler process designed to get you in and out quickly, without conventional hurdles like long loan applications and rigid approval standards.
BHPH dealers approach the car buying process differently. They start with financing so the buyer knows exactly what they can afford and the loan payment they’ll qualify for, eliminating the time-wasting process of picking a vehicle only to find that it’s not affordable. This finance-first approach customizes the buying experience rather than asking the buyer to fit into a predetermined set of criteria. It’s a new way to match buyers with the right vehicle. Flexible payment plans let buyers pay weekly or monthly, and many BHPH dealers have online payment portals and autopay settings, so buyers never forget to make a payment.
Simply put, BHPH facilities offer challenged buyers a way to start over. Through their relaxed lending practices, buyers can establish good credit habits, ultimately improving their credit scores and setting themselves up to qualify in the future for other credit, like mortgages and credit cards. It’s an important building block to a brighter financial future that traditional automobile dealerships can’t offer in a supportive environment that doesn’t make buyers feel self-conscious about their circumstances.
The BHPH model is designed for a different kind of buyer – a niche buyer that doesn’t fit in a standard consumer box. Going this route will save you hours of frustration and align you with professionals who understand your unique circumstances. It’s a judgment-free, pro buyer environment designed to be there for you at a time in your life when you need just a little more support.
