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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]
Buy here, pay here financing is an attractive solution for those looking to purchase a car with lower credit scores. Find out what you need to know about buy here, pay here dealerships.
If you've been shopping for a car recently, or even just driven by a few used car lots, you've probably seen signs advertising, "Buy Here, Pay Here." But what exactly does that mean, and is it a ...
The borrower then pays off the financial institution the same as for a direct loan. [citation needed] Typically, the indirect auto lender will set an interest rate, known as the "buy rate". The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate".
[38] [39] DriveTime was the first "buy here, pay here" business targeted by the Consumer Financial Protection Bureau, which was created in 2010 following the financial crisis of 2007–08. [38] DriveTime agreed to pay the penalty and alter its collection process to comply with regulations.
By comparison, an auto loan provides money for one purpose: to buy a car. Like home equity loans, auto loans have fixed interest rates; however, their loan terms are much shorter, usually lasting ...
A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers , rental car companies, buy here pay here dealerships, leasing offices, auctions, and private party sales.
Buy now, pay later financing could require a hard pull on your credit, which may temporarily lower your credit score. Missed or late payments also have the potential to hurt your credit profile.
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