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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]
For example, if a dealer has an interest rate offer of 7.9% financing OR a $2000.00 rebate and a consumer's lending source offers 8.25%, a consumer should compare at the credit union what payments and total interest paid would be, if the consumer financed $2000.00 less at the credit union. The dealer can have their lending institution check a ...
Captives have a smaller share of the overall car financing market (new and used cars), along with banks, credit unions, and finance companies. A small number of cars are financed directly by the dealership at "Buy Here Pay Here" dealers, which cater to customers with subprime credit. Buy Here Pay Here financing accounts for 6% of the total ...
Bad credit shows potential lenders a negative track record of managing credit. Meanwhile, no credit means lenders can’t tell how you’ll handle repaying debts because you don’t have much ...
No-credit-check loans do not require a review of your credit score, which can make them convenient if you have bad credit. But they can be risky and often have extremely high interest rates and ...
Passing up on credit cards means giving up important benefits including a credit-building opportunity. A credit card with a 0% APR could be better than a buy-now-pay-later service.
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