When it’s time to buy a used car at interest rates at buy here pay here, you still have plenty of choices available even if your score isn’t in the best shape. Internet options, such as used car lots or individual sellers, have joined traditional methods of buying a vehicle. This gives shoppers countless choices. The recession has tightened lending standards, which means that people with good credit scores who were able to get financing in the past are being rejected by banks and dealerships.
The majority of buyers will be presented with only two choices. The first option is to settle for an older, less-quality vehicle. It is not a good idea to purchase a car that will cost thousands in additional repairs a few short months after the sale. Fortunately, there is another option: Buy Here-Pay Here dealerships. BHPH Dealerships are relatively new options for used car buyers. These dealerships offer a way to improve your credit rating while still driving a good-quality vehicle.
The BHPH experience is different from the traditional way of buying used cars in a key respect. A buyer will usually look around a lot of cars, find a vehicle that they are interested in, then go for a drive. After the customer has made a decision, the salesperson sits with them to discuss the financing options. Although there are some variations, the majority of price negotiations don’t start until the buyer selects his or her car.
A BHPH works the opposite way. Meeting a used-car salesperson to answer some questions is the first step in finding a high quality vehicle. The salesperson asks buyers questions about their employment history, how much debt they have, and the amount of car payments that are acceptable to them. Dealerships may obtain credit reports, although not always. Buyers may be required to provide a reference list – people familiar with the buyer who can attest to his or her integrity. Since BHPH dealer’s tend to rely more on personal references and less on credit histories, they are likely to provide financing.