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Buy Here Pay Here Dealer ^NEW^



With traditional car buying, buyers can obtain an auto loan directly from a lender or through dealer-arranged financing. In both instances, though, you're working with a bank, credit union, or other lending institution.




buy here pay here dealer



While buy here, pay here dealerships can make buying a car more accessible, there are some potential drawbacks to consider before buying a car this way. So, what is a buy here, pay here dealership and how should you decide if it's right for you? Here's what to know.


A buy here, pay here dealership is a specialized car dealership for buyers who may have a challenging time securing financing to purchase a vehicle. With a buy here, pay here dealership, you'll receive in-house financing from the dealership itself. These dealerships specialize in working with car buyers who may not be able to qualify for traditional auto financing. As such, it's common to see them advertise with signs like "bad credit, no credit, no problem."


When you buy a car with a BHPH dealer, you typically won't undergo a credit check like you would with a traditional auto lender. You do, however, need to prove that you can afford the monthly payments on the loan. As long as you have the necessary paperwork, you can complete the car-buying experience relatively quickly.


Compared to traditional auto loans, loans offered by BHPH dealers may have higher interest rates, which can make it more challenging to keep up with your payments. If you don't pay on time, you could risk having your vehicle repossessed.


Before you purchase a car, it's important to ask the dealer about its repossession policy. State laws on the matter can vary, so it's important to know upfront what could happen if you can't afford to make your monthly payments. Even within each state, dealerships can vary in how they deal with repossessions, and some may be willing to work with you if you can't afford your payments. Understanding what to expect before you sign the contract can help you determine whether or not to work with the dealer.


In some cases, you may be considered in default as soon as you miss a payment, and the dealer could repossess the car without prior notice. In other cases, dealers may even install a tracking device or a "kill switch" in the vehicle to prevent it from starting if you miss a payment. However, they can't break the law during the process.


If the dealer does repossess your car, it may show up on your credit report, which can make it even harder to get access to traditional auto financing options in the future. That said, a repossession may not impact your ability to buy another car from a BHPH dealer because there's no credit check involved in the process.


BHPH dealers can offer a valuable service, but it may come at a price. If you're thinking about buying a car from a BHPH dealer, take some time first to research alternatives, including traditional auto lenders.


If you've determined that a BHPH dealership is your only option, take some time to research dealers in your area, and compare their selection of vehicles, their loan terms, and which steps they may take if you end up defaulting on the loan.


Prestige Auto Mart is New England's premier Buy Here, Pay Here automotive dealer. Each and every month, we say "YES" to hundreds of buyers who have been turned down by every dealership they've visited in the past.


We are a family-owned and operated Auto Group since 2003, and a household name in all of Eastern Massachusetts and Rhode Island. As the original home of "Guaranteed Credit or the Car is Free", we've worked hard over the years to build our reputation as the most trusted & recommended Buy Here, Pay Here dealer in all of New England. We're currently rated an average of 4.7 out of 5 stars across thousands of reviews from real customers that we've helped along the way.


Drive Now specializes in providing buy here pay here auto loans for people with various types of credit. We know that used car customers in Arizona sometimes need a little help to find the right auto loan provider. If you have a low credit rating or have been turned down in the past, we are here to help you get the vehicle you need. Helping you choose the best car, truck or SUV for your lifestyle and at the best price is our specialty.


Low Rates & Flexible TermsWith our lender network offering low rates, fast approvals, instant, and flexible terms for the car loans for your used vehicles, there is no option better than Drive Now for your car financing needs. If past credit problems are keeping you from driving the car you need, then help could be just a click away with the best financing and used cars Phoenix, AZ has available.


If you need a car but have poor credit, buy here, pay here dealerships may seem like a good idea. Unlike most car dealers, buy here, pay here car lots finance your car directly rather than through a bank or credit union.


Could build your credit score. If the dealership reports payments to the credit bureaus, you could improve your credit score by paying the loan on time and in full. This way, you might be able to obtain conventional, less expensive financing the next time you buy a car.


High APRs. Buy here, pay here car lots routinely charge high interest rates, up to the maximum allowed in the state or even higher if the buyer agrees. For example, the legal rate of interest in New York state is 16% for loans under $25,000, but dealers are also allowed to charge a Credit Service Charge at whatever rate the buyer and seller agree upon. The higher interest rate can make it more difficult to keep up with the payments.


May not help your credit. Not every buy here, pay here dealer reports your payment history to the three major credit bureaus. Ask your salesperson if they report payments and to which agencies. Otherwise, you may lose the opportunity to improve your credit score.


Before you settle for a buy here, pay here car loan, consider exploring other options. One alternative is a bad credit car loan, a conventional auto loan with higher interest rates for borrowers that have lower credit scores.


In-house financing. Some franchised dealerships also have their own lending companies. Shopping for in-house financing at a dealership rather than going to a buy here, pay here lot could mean that you have access to a wider variety of cars and more lending options.


Take your pick of dealerships in Bradenton, Brandon, Lakeland, St. Petersburg, North Florida Ave in Tampa, North Dale Mabry in Tampa, South Semoran Blvd. in Orlando, East Colonial Dr. in Orlando, or West Colonial Dr. in Orlando, and our team will bend over backward to make your dreams a reality!


More and more franchised dealers are jumping into the buy here/pay here (BHPH) pool. The trend was given a boost by the post-Great Recession credit crisis, which contributed to a growing population of working men and women who were unable to access financing through banks and other traditional lending sources.


Some new and used car dealerships have set up their BHPH operations inside their existing dealerships, but more conduct the business in separate, dedicated locations. In fact, a BHPH operation is markedly different from a typical new or used car dealership. In most dealer sales you meet with the customer and find a vehicle that meets their desires and needs, then determine a price and payment option. In a BHPH operation, you determine what the customer can afford then match that with an appropriate vehicle.


With good underwriting standards and vigilant follow-up with late payers BHPH dealers can avoid excessive defaults and earn a substantial profit. And by helping customers in times of need, you can engender loyalty that leads to repeat customers now and for generations to come.


(a) No buy-here-pay-here dealer, as that term is defined in Section 241 of the Vehicle Code, shall sell or lease a used vehicle, as defined in Section 665 of the Vehicle Code, at retail price without giving the buyer or lessee a written warranty that shall have a minimum duration of at least 30 days from the date of delivery or when the odometer has registered 1,000 miles from what is shown on the contract, whichever occurs first.


(b) The written warranty shall provide that if the buyer or lessee notifies the buy-here-pay-here dealer that the vehicle does not conform to the written warranty, the buy-here-pay-here dealer shall either repair the vehicle to conform to the written warranty, reimburse the buyer or lessee for the reasonable cost of repairs, or cancel the sale or lease contract and provide the buyer or lessee with a full refund, less a reasonable amount for any damage sustained by the vehicle after the sale or lease, excepting damage caused by any nonconformity with the written warranty.


(c) The written warranty shall provide that the buy-here-pay-here dealer shall pay 100 percent of the cost of labor and parts for any repairs pursuant to the warranty, and may not charge the buyer or lessee for the cost of repairs or for inspecting the vehicle, tearing down the engine or transmission or other part, or for any deductible. Any person performing repairs pursuant to this subdivision shall comply with the requirements of an automotive repair dealer pursuant to Chapter 20.3 (commencing with Section 9880) of Division 3 of the Business and Professions Code.


(d) The buy-here-pay-here dealer or its agent may elect to refund the buyer or lessee a full refund, less a reasonable amount for any damage sustained by the vehicle after the sale or lease, excepting damage caused by any nonconformity with the written warranty, rather than performing a repair. In the event that the buy-here-pay-here dealer cancels the sale or lease, all of the following shall apply:


(2) The buyer or lessee shall return the vehicle in substantially the same condition as when it was delivered by the buy-here-pay-here dealer, reasonable wear and tear and any nonconformity with the written warranty excepted. 041b061a72


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