You need a car, but you don’t want to deal with the hassle of bank or traditional dealer financing—or with the rejection that might come because you have less-than-perfect credit. Buy here pay here dealers offer fast and simple solutions, and they don’t care about your credit problems. In fact, most don’t even pull a credit report!
Let’s take a look at why more and more drivers choose the speed and simplicity of buy here pay here dealerships.
What is a Buy Here Pay Here Dealership?
As the name implies, a buy here pay here dealership is one where you buy and finance the car directly with the dealer. This is different from a traditional dealership in which you’d finance through the manufacturer or other third-party lender.
The reason this makes the process easier is that you’re only dealing with one entity—the business that sells you the car is the same business holding the car note.
The seller has complete control over who is approved for a loan. Unlike banks and traditional dealerships, approvals usually take a few minutes rather than a few days or longer.
What Kind of Credit Score Do I Need to Buy from a BHPH Dealer?
As mentioned above, most BHPH dealers don’t check credit, so there is no minimum credit score required.
Here’s the deal:
Traditional lenders base their decisions on what you did in the past. BHPH lenders are only interested in your ability to pay going forward. We just want to know that you have a job, a bank account, and an address. That’s it.
Myths About Buy Here Pay Here Dealers
Some buyers are hesitant to visit a BHPH dealership because of rumors they’ve heard about how they do business. Let’s take a look at the truth about some common myths.
They Only Sell Low-Quality Cars
While there are bad apples in every industry, this certainly isn’t true of all buy here pay here dealers. Some, like Victory Used Cars, only sell cars that have been carefully inspected and that meet our high standards. We don’t just want to make a sale; we want customers that are 100% satisfied. That’s why we only sell quality cars, and no lemons are allowed on our lot!
You’ll Have an Exorbitantly High Payment
One thing a respectable BHPH dealer won’t do is give you a payment that is too high for you to pay. Doing so would result in a losing situation for both buyer and dealer. Instead, a reputable buy here pay here dealer will take your financial situation into consideration and help you choose a car with payments you can easily handle.
BHPH Dealers are Unregulated
Come on, now. Do you really think the government would allow any business—especially one that is a lender—to just go off and do whatever they want with no rules to follow? We’re not sure how this one got started, but rest assured that buy here pay dealers are regulated at both the state and federal levels, and the regulations are very similar to those that govern traditional dealerships.
You’ll Need to Pay About Half of The Price of The Car as a Down Payment
Again, this varies by dealer, but generally speaking, you’ll find that BHPH dealers offer options with very low down payments. They know that many buyers simply don’t have a huge amount of cash available to put down, so they work with them to come up with down payment options that work for the buyer.
The Cars Don’t Come with Warranties
We can’t speak for every dealer, but at Victory Used Cars, every car we sell is covered by a labor warranty for the life of the loan. Buyers only pay for parts for any needed repairs. Want to know the best part? This warranty is FREE to every buyer.
Do you need a car? Stop by Victory Used Cars today to see our selection of quality used cars and drive away the same day! You can get started online by browsing our inventory and filling out the simple financing application.