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Buy Here Pay Here

What is Buy Here Pay Here?

Imagine you’re driving along the highway on your way to work. You look out the window and see a bunch of flags waving in the breeze. Those flags have the words “BUY HERE PAY HERE” printed on them. And you ask yourself, “What does that mean? Wouldn’t I normally buy there and pay there?” The answer is a little more complex than a simple “yes” or “no.”

Let’s start with, “What is a BUY HERE PAY HERE?” BUY HERE PAY HERE (BHPH) means that you arrange the auto loan for a vehicle and make payments on it at the dealership. Not only does the dealership sell you the used car, but it also lends you the money to buy it. In other words, the BHPH dealership is the finance company.

Now let’s take this one step further and ask, “Why is this good for you?” The main advantage to BHPH dealerships is for buyers in tight financial situations–BHPH puts credit-challenged borrowers in a car when no other traditional lender will allow it. On-time payments can also help rebuild a positive credit history. Another advantage is for people looking to get a good deal on used car, truck, van, or SUV–or make a trade on a used vehicle. BHPH dealers usually have a plethora of older cars available and are more willing to take on a used ride toward the down payment of the car you want to buy.

When a rocky credit history leaves you with no other choice, BHPH can help get you behind the wheel again.

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