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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.
Buy-Here, Pay-Here Financing Buy-here, pay-here financing involves the car dealership serving as an independent lender. The dealership calculates how much risk you pose as a borrower and uses its ...
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]
In some cases, vehicles financed through a "buy-here-pay-here" car dealership—in which the consumer (generally those with poor credit) finances a car and pays the dealer directly without a bank—may require comprehensive and collision depending on the amount owed for the vehicle.
Usually, the dealer knows in advance which financial institution will buy the contract. 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 ...
A few things are going on here: First, many consumers had to borrow even more money when they paid high prices to buy a new car. Many consumers paid above sticker price to get some trucks and cars ...
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