BHPH (buy here pay here) dealerships are a great option for people with poor credit who need a vehicle. These dealerships offer car loans with less stringent requirements than traditional car dealerships. These loans also have more flexible payment terms.
What is the easiest installment loan to get approved for?
Bhph dealerships typically charge higher interest rates than traditional car dealers, which offsets their risk. However, this doesn’t mean that these dealerships aren’t willing to work with people who are struggling with their credit. They may offer lower down payments than traditional car dealerships, as well.
These dealerships also report to credit bureaus, which is a good sign of honesty and responsibility. However, they may not report to all three credit bureaus, which could mean that they don’t have the most accurate score. Also, they may not report timely payments, as this could affect their score.
BHPH dealerships also typically offer less selection than traditional car dealerships. For instance, you may not be able to find a car that meets your budget. If you don’t have enough cash on hand to purchase a car, you may be limited to used cars that have higher mileage.
BHPH dealerships are also more likely to find buyers for older vehicles. This is because BHPH lots want to make sure that their customers are willing to make their payments.
The average interest rate at BHPH dealerships is slightly below 20% APR. This is about the same as the average interest rate on subprime loans. However, they may charge more for high-risk loans.
