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Buy Here Pay Here Financing Basics

What does “Buy Here Pay Here” mean?

Buy Here Pay Here (BHPH) financing means that you arrange a loan and make payments on it at the dealership. You purchase the car through what’s referred to as in-house financing versus through a third party, such as a bank. Instead of making monthly payments to a traditional lender, you make weekly or bi-weekly payments at the dealership. You therefore “buy” the car at the dealership and “pay” on the loan at the dealership.

Who should go to a BHPH dealership?

BHPH dealerships are primarily designed for shoppers who may have experienced significant financial bumps and bruises. If your credit score is on the lower end of the scale or if you’ve had trouble getting an auto loan, a BHPH dealership is the place you should visit during a car search.

What are the benefits of BHPH financing?

1. Available cars, available credit

The most important benefit of BHPH financing is that it gives credit-challenged people the opportunity to get much-needed transportation. In many cases, BHPH dealerships aren’t just an option, they may be the only option when someone has been turned down by traditional loan institutions.

2. Opportunities to improve credit

A great way to rebuild a credit history is to make timely payments on an installment loan. If you consistently make payments on a BHPH car loan, the dealer will report that positive behavior to the credit reporting agencies. Over time, your credit score will improve.

3. Trade-in flexibility

BHPH dealerships are more forgiving when it comes to accepting trade-ins on older model cars. That’s because these types of dealerships understand the value and benefit of getting long-term use out of cars that many traditional dealerships would not accept. They are more likely to find a buyer for your car and thus more likely to take it as part of a trade-in.