In-house Car Financing Introduction
Buy Here Pay Here financing is an option that is generally explored by the people who have a bad credit report or a low credit score. There are a number of buy here pay here car dealers who will be providing you with excellent options to get a great car without the hassles associated with the typical car loans. Let us learn more about what this used car financing option can offer you.
Buy here pay here, popularly known as BHPH are options for car financing provided by some specialized car dealerships that do In-house Car Financing. These dealerships keep a good amount of used cars that have been provided with a mechanical overhaul as well as a cosmetic facelift to look and function like new. As a result of this, you would be getting a car that easily stands up to your expectations. As these cars are used previously, they are available for a slightly lower cost than a typical new car of the same model. You simply have to visit a BHPH car lot and select the car that you like the most. Then, you can go ahead and sign a contract for buying the car on BHPH terms and conditions.
Exploring in-house car financing
The BHPH car dealers provide you In-house Car Financing. As a result of this, getting your car becomes easier and the process of getting car finance is shortened. As there are only two parties involved in the deal, you might get better terms and might even think about negotiating these terms to suit your needs and budget. However, some car lots also provide you sub-prime car lending services. Here, a sub-prime lending agency would be scrutinizing your loan application and then providing you a loan to buy the car of your choice. In this case, the process can be slightly lengthier and you would certainly have to pay a higher rate of interest. The terms are also less flexible in this case. However, both these options are less expensive as compared to a typical car loan.
With the buy here pay here car buying options, you would be able to possess and own the car at the same time. It is exactly opposite to the car leasing options where you just possess the car, but don’t own it. The most interesting factor about this kind of In-house Car Financing is that often you have to make weekly cash payments to the dealer instead of monthly checks.