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If you're in the market for a car and your credit history is shaky or worse, you'll see plenty of dealerships with signs proclaiming "no credit, no problem," "buy here, pay here," "no credit check
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
Before settling for a loan through a buy here, pay here dealer, research alternatives. Buying a car with bad credit — a credit score between 300 and 579 — is possible, but it may be more ...
You can also treat your trade-in's value like cash toward the purchase or down payment. We suggest looking at online car valuation tools to get an idea of what a dealer would offer versus what you ...
Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). There are two primary methods of borrowing money to buy a car: direct and indirect. A direct loan is one that the borrower arranges with a lender directly. Indirect financing is arranged by the car dealership where the car is purchased.
Subprime borrowers have credit ratings that might include: limited or no debt experience; limited or no possession of property assets that could be used as security (for the lender to sell in case of default); excessive debt; the known income of the individual or family is unlikely to be enough to pay living expenses, plus interest and repayment;
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