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Buy Here Pay Here (BHPH) dealers offer in-house financing that doesn't require approval from a third- party lender like the bank, credit union, or OEM finance department. Since fewer parties are involved in the auto financing process, the car loan is more likely to be approved, and processing the paperwork can happen faster.
Buy Here Pay Here is a financing solution of last resort. A BHPH dealer underwrites the loan in addition to selling the car. Loan approval at a BHPH lot is easier than with a conventional dealership. Interest rates for BHPH loans often reach 20% or higher. The shaky economy is leading to higher interest rates and tighter credit.
America's Car-Mart is a buy here pay here used car dealership. Shop quality used vehicles, apply for used car financing and value your trade. Learn more about our commitment to you during the COVID-19 pandemic.
Although buy here, pay here financing has its advantages, this financial arrangement also comes with some drawbacks: Higher Interest Rates One of this loan type's major drawbacks is the interest rate.
With buy-here, pay-here loans, the car dealership acts as both the seller and the lender by offering in-house financing. Dealers sometimes advertise these loans as “no credit check” loans, which can make them especially appealing if you have low credit scores. Buy-here, pay-here loans may sound like a lifesaver, but their high costs ...