What is a buy here pay here dealership?

A buy here, pay here dealership is a car dealer that also provides auto loans. These dealerships specialize in helping people with bad credit get a vehicle. They usually charge high interest rates but require a relatively small down payment. Buy here, pay here dealerships tend to sell used cars with low values.

What is buy here pay here (BHPH)?

Buy Here, Pay Here (BHPH) is an auto dealership in which the financing for the vehicles purchased is done in-house. These types of dealerships are typically involved in the sale of heavily-used cars, and they tend to cater to customers with relatively poor credit ratings. Learn more about the pros and cons of BHPH dealers.

Can you get a buy-here pay here loan if you have poor credit?

Buy-here, pay-here loans can help people with poor credit secure auto financing. They’re offered by car dealerships that provide in-house financing — meaning the dealership both sells and finances its cars. But you may encounter a speed bump or two with buy-here, pay-here financing.

How do traditional dealerships make money?

Traditional dealers only make money from selling cars. They do not offer car loans in-house like buy here, pay here dealerships do. Traditional dealerships use third-party financing from banks and other lenders that specialize in auto loans.