Buy Here Pay Here Dealerships are specialists in helping car buyers who have no credit history or have difficulty getting finance for their used car purchase from banks or other lenders. If you are unable to get financing through traditional means, BHPH dealerships can arrange in-house automotive financing directly. Even if you have low or no credit, the Bhph dealership can help you get the financing you need.
However, many individuals are wary of Buy Here Pay Here automobile lots despite all the benefits these businesses provide. So, what should you know about BHPH dealers when you go out to buy a new car, and what are some of the most widespread myths and misconceptions regarding BHPH?
Myth 1: Buy Here Pay Here Dealerships Are Only for People with Bad Credit
Contrary to popular belief, these dealerships are not only for those with poor credit. People with various sorts of credit history can choose the Buy Here Pay Here dealerships. You may still acquire auto finance through a Buy Here Pay Here dealership whether you have strong credit, lousy credit, or no credit at all. Most BHPH dealers provide loans to customers directly. As a result, they frequently grant loans even if your credit history is less than ideal.
Myth 2: BHPH Dealerships Cost More Than Other Lenders
Compared to banks and traditional car dealers, BHPH dealers demand a somewhat higher interest rate. The Buy Here Pay Here dealer can also be more flexible with the down payment than other lenders. The typical down payments range from 20% to higher. Therefore, if you have a little down payment budget, Buy Here Pay Here dealerships can be a better choice.
Myth 3: BHPH Dealerships Sell Cars of Poor Condition
One of the misbeliefs is that BHPH dealers or car lots on purpose sell subpar vehicles. The fact is that these dealerships often have a large assortment of quality automobiles. Additionally, many Buy Here Pay Here businesses focus on offering pre-owned vehicles in outstanding condition. Do your study and be thorough in your research while dealing with any auto dealership to avoid wasting your money on a poor condition vehicle.
Myth 4: BHPH Dealerships Should Be The Last Option
Buy Here Pay Here car lots are frequently considered the last option by many individuals or car buyers. But this isn't always the case. Many people may find these dealerships to be excellent choices because they provide auto finance options and a large selection of different automobiles.
Myth 5: BHPH Dealerships Are High-Pressure for Customers
The pressure levels in these dealerships are typically no higher than in any other kind of dealership. On the contrary, there is relatively little pressure at many Buy Here Pay Here Dealerships. They make an effort to make the whole buying procedure as easy and pleasant as they can since they are aware that automobile buyers usually have reservations about buying a vehicle.
Myth 6: BHPH Dealerships Don’t Offer Warranties
In actuality, a large number of these dealerships actually provide warranties, which provide all around protection for the vehicle. BHPH dealerships understand their vehicles and the amount of maintenance and repair required. These dealerships know how to keep their customers satisfied. Most of the used vehicles in the market have expired warranties that came from the automobile brands. Therefore, these BHPH dealerships offer warranties from at their end to ensure peace of mind to their customers.
Myth 7: BHPH Dealerships Are Not Strictly Regulated
In addition to following federal rules, which among other things require BHPH to post a buyer's guide on every vehicle we list, dealerships are required to abide by state-specific regulations. This stops dealerships that offer "lemons" for sale at excessive costs to customers. Customers who purchase from Buy Here Pay Here dealerships always receive clear bargains since doing otherwise would require the dealerships to contravene the law and risk losing their ability to operate as a business.
Myth 8: BHPH Dealerships Are Always Interested in Repossessing Your Car
The concept of auto repossession is pervasive due to the myths surrounding BHPH dealerships, but in reality, any businesses that finance their products have the right to take those things back if the customer doesn't fulfill their obligation. This covers both straightforward BHPH dealerships and high-end dealerships like BMW and Mercedes-Benz. In actuality, auto repossessions are a significantly less lucrative source of income for buy here pay here businesses. In order to avoid ultimately having older automobiles on their lot, the dealer wants the consumer to keep and maintain their car. In the future, prices for these vehicles will only decrease steadily.
Dealerships that provide buy here pay here services, assist their clients in locating vehicles that go within their budget for monthly payments and do all in their power to help them maintain their automobiles.
Finally, if a dealership is repossessing the vehicles for personal gains, it will have a negative impact on their goodwill and the bad customer reviews will make it difficult to run the business successfully.
As your Grand Rapids, MI Buy Here Pay Here auto dealership, we are here to help you obtain financing and purchase a car, whether you have bad credit or no credit.
