Buy Here Pay Here Shoreline
There’s a financing option that is becoming increasingly popular with buy here pay here Shoreline, Washington car buyers. If you have been car shopping, you may have come across dealerships that offer a “Buy Here Pay Here” option. Just what is BHPH financing exactly?
This method of financing offers you the ability to buy your car and pay for your car at the same dealership. You may have seen this promoted when you saw signs at certain dealerships that said “We Finance” or “Dealership Financing Available”. Essentially, you are borrowing money from the car dealer to buy one of the their cars. The payment that you make every installment is paid directly to the dealership. No bank or financial institution is involved in this transaction. The loan agreement is between you and the car dealer.
The goal of any auto dealership is to sell as many cars as possible. Because the car dealer wants to make a sale, he may be more flexible in the financing terms. That means he will work with you to come up with a payment plan that is affordable to you so you can buy your car.
What is Buy Here Pay Here Shoreline’s financing most attractive benefit? Basically, it is the ability to enable people from all credit backgrounds to purchase much needed transportation. People who have poor credit most likely would not be able to obtain a car loan from a bank or a financial institution. A person with bad credit is a poor risk to a traditional third-party lender. However, these individuals have the option to go to a BHPH dealership and get in-house financing. If it were not for BHPH financing, these same people would not be able to buy a car.
The benefits do not stop there. As the car buyer who obtained BHPH financing makes regular payments to the dealership, his credit history will improve over time. The dealer reports these on-time payments to the credit agencies, and gradually, this positive behavior will improve the individual’s credit score.
How does the dealership benefit from this? It makes a sale that otherwise may not happen. Sales quotas are met, and dealers are happy.
Traditional dealerships may offer in-house financing, but they often talk about money matters after you have selected a car to buy. With our Buy Here Pay Here Shoreline dealerships, you discuss your affordability and financial situation with the dealer before you look at cars. The dealer runs some numbers, reviews your credit report, and determines what price range you can afford. Then, he shows you cars that fit your price range and needs. In a way, this is a more sensible way to purchase a car because you would not be wasting your time looking at something that you cannot afford.
So, if someone asks you if you understand what is BHPH financing, you know what to tell him. It is actually a very logical way to buy a car. In-house financing takes away all the red tape of dealing with a third-party financial institution. This offers a win-win situation for the car buyer and for the dealership. Apply now with local buy here pay here Shoreline dealers that want to approve you immediately and drive your new car home today!