Buy here pay here car lots are an excellent source of car financing plans. In buy here, pay here car lots, dealer themselves offer financing options to car buyers who may be unable to meet the strict credit standards of car dealerships, banks, and other lending institutions. If you have bad credit, you may be able to find the car loan you need at a buy here, pay here car lot. Before you make your decision and visit local buy here pay here car dealers, though, here are some pros and cons you should consider.


The Pros of Shopping at Buy Here Pay Here Car LotsIn-house Financing

These car lots offer in-house car financing for all credit scores. Even if you have a poor credit score because of unpaid credit card debt, you’ll be able to get an auto loan from a buy here, pay here car lot. You can have a weekly, semi-monthly, or monthly payment plan set up, and many BHPH car dealers will be willing to match your pay dates with your salary. This way, it’s easier for you to make on-time payments. It’s wise to prepare room in your budget for a high interest rate, though. Many BHPH lots offer interest rates that range from 15% to 20%.

Of course, there’s the added convenience of having the entire car buying process done at one place. You can set up car financing and buy your car right at the BHPH lot. Many of these buy here pay here car lots even provide pre-approval through an online credit application.

Thoroughly Inspected, Reliable Vehicles

Despite popular opinion, buy here pay here car lots offer a wide variety of vehicles that have undergone thorough inspection. This is especially true for certified pre-owned vehicles. You can rest assured that vehicles offered by BHPH car lots have been inspected and repaired by professional mechanics. Certified pre-owned vehicles are usually in a ‘like-new’ condition, so these usually have a bigger price tag. However, these vehicles also come with perks such as a limited warranty and roadside assistance, so these are great options for auto loans at buy here pay here dealers.

48-Hour Return Policy

Experiencing buyer’s remorse? The good news is that your local BHPH car lot may offer a 48-hour return option. This is great if you’re not satisfied with the vehicle you chose at the lot. For instance, you may have suddenly discovered some performance problems the day after you drive off with your new car. As long as you return the vehicle to the lot within the 48-hour window, you’ll be able to choose a new vehicle that’s more to your liking. If your buy here pay here car dealership doesn’t offer a return policy, you might be better off looking for a car loan elsewhere.

Buy Here, Sell Here

Your local buy here, pay here car dealership may also allow you to trade in your current vehicle as a payment towards the new car you want to buy. This ‘buy here, sell here” option is a good way to save money in the long run. For instance, if you’re tired of driving around in your old gas-guzzling car, you can take it to a BHPH car lot and trade it in for a sensible car that’s more fuel-efficient. You’ll get a lower price on a new car you want and save money on gas in the long run.

Rebuilding Your Credit

One of the best things about buy here, pay here car dealerships is that getting an auto loan from these car dealers actually help you rebuild your bad credit. Many BHPH car dealers reports payment histories to credit bureaus, and an excellent payment history is a good way to boost your credit score to a level where you have better financing options the next time you