Buying a car with buy here pay here financing is a little different than conventional dealership financing. However, it can help you get behind the wheel of a new car even if you have bad credit. The process is quick, easy, and convenient.
Where can I borrow money instantly?
When shopping for a car, you can ask a financial advisor at the dealership to help you determine whether you can afford the car. They will also help you determine if you are eligible for financing. The dealership will then provide you with a financing quote so that you can decide which vehicle is right for you.
You will pay a higher interest rate with pay here pay here financing than you would with a conventional dealership. The monthly payments are also higher. You may also be required to make payments in person. Some buy here pay here dealerships require a high down payment, which can make the monthly payments even more expensive.
Unlike a conventional dealership, you do not have to use a third-party financing company. This can be convenient, but you may be forced to make high down payments to qualify for a loan.
A BHPH dealership may also be able to help you get a loan if you have bad credit. However, the interest rates are often much higher than those for people with good credit. In addition, a down payment may be required, and the dealership may try to sell you a warranty or GAP insurance as part of the loan.