Buy Here, Pay Here: The Experience

Even if you have a bad credit score, there are still plenty of used car options available. The internet has joined the traditional options of used car dealers and private sellers to give shoppers an incredible number of choices. As the recession worsens, lenders are becoming more restrictive. Hard-working individuals who had little difficulty obtaining financing only two years ago now find themselves turned down by both banks and dealers, is buy here pay here financing?

In this situation, buyers have two options. They can choose a vehicle that is less expensive and of lower quality, but has a high mileage. Nobody wants to buy a vehicle which may cost them thousands of dollars in repair costs just months later. There is a third option – the Buy Here Pay Now dealerships. BHPH dealers are relatively new to the world of used cars. They allow people to build their credit and drive a quality used car at the same.

One key difference between the BHPH and traditional car-buying experience is that BHPH offers a unique buying process. The buyer usually looks at the car lots, chooses a vehicle they like, and then asks the appropriate questions before going for a test-drive. The salesperson will sit down with you to go over financing options once the purchase decision has been made. The theme is different, but in general the price negotiations begin after the vehicle has been selected by the customer.

The transaction is reversed with a BHPH. To find a good used car, you need to meet with a seller and answer a few simple questions. The salesperson usually asks about the buyer’s employment, their debt and how much they are comfortable paying for a vehicle. A credit report may be requested by the dealership, but not always. The buyer might be asked for a list with references, people that know him or her and can vouchsafe his/her integrity. In contrast to traditional car dealers, BHPH dealerships tend to rely on less information about an individual’s past credit. Personal impressions and references are therefore important in determining whether the dealer is willing or not.

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