BHPH, or buy here pay here nc, is a method of running automobile dealerships where a dealer extends credit to car buyers. These dealerships offer car buyers a low down payment and low interest rates in exchange for a car loan. While BHPH is not right for every car buyer, it can be a great option for those who are strapped for cash.
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The downside of buying a car this way is that you may not have any credit history and you may have to pay higher interest rates. While some buy here pay here dealerships report payments to credit bureaus, not all do. This means that even if you are able to make timely payments, your payments will not contribute to your credit score. Furthermore, a buy here pay here loan has different repayment terms than a traditional car loan. In some cases, you’ll have to make weekly or biweekly payments.
Another downside of buy here pay here dealerships is that they won’t accept bank account or check payments. This is because these dealerships deal with consumers who don’t have good credit. They may not have the money on hand to process the payment automatically, and they might not have an auto-pay system in place.
Another downside of buy here pay here dealerships is that they may require a high down payment and require you to pay weekly or bi-weekly. Some of them also require payments to be made in person or in the form of checks or cash. However, if you have the cash to pay for the car, a buy here pay here dealership can offer you a competitive interest rate. Be aware, though, that the interest rate may be higher than the market value of the car, and you may end up paying more than you need to.