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What is a Buy-Here Pay-Here?

Some auto dealers have their own in-house financing and do not require third-party approvals from banks in order to offer you a loan. This can be a great way for someone with less than perfect credit to get a vehicle and get re-established. Some buy-here, pay-here lots report to credit bureaus, however, some will not require a credit check at all and may simply verify your residency and income. BHPH lots may also require a down payment however, they are often more manageable than traditional bank loans.


Why Choose a Buy-Here Pay-Here?


Purchasing from a buy here, pay here is a much simpler process than getting a traditional bank loan. In addition, your in-house loan will likely also be reported on your credit, improving your history with little risk. However, these types of dealerships often have higher prices and a limited selection. Applying online could allow you to see if a buy here, pay here or traditional lender is right for you.

Is a Credit Check Required?

Typically all you need to be approved is a steady income and a proff of residence. Buy here pay here lots offer in-house financing for people of all credit types and financial backgrounds. Because the dealer has the means to recover and profit again from the vehicle they are more inclined to help those who do not have the credit history to prove they will make the monthly payment. 

Will a Buy Here Pay Here Build My Credit? 

While buy here pay here dealers traditioannjly do not require a credit check for approcal, many will still report your payments to the credit buereuas allowiung you to lose your loan to build your credit. With the positive history built with your on-time payments you may have better odds of securings a loan from a traditional lender in the future. While somtimes they are more expensive a buy here pay here loan may be the best option for some to build or improve credit for future financial wealth


In-House Financing

A "Buy-Here Pay-Here" lot is a dealership that offers in-house financing for vehicles. Usually, when you buy a car at a dealership the contract is through a bank or other auto lender, which provides the loan. At a buy here, pay here loans are financed directly through the dealership without the need to get bank approval. These types of dealerships present a streamlined process that is a great option for those who have a poor or limited credit history.

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