BHPH is a dealership financing option, also called in-house financing, that is available to people with less-than-perfect credit. It’s an alternative to getting a loan from a traditional bank or credit union. BHPH financing is often the last resort when other sources of finance aren’t available. Depending on your situation, BHPH may not be the best option for you.
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One-stop shop – Many buy here pay here nc dealers offer a range of car options in one location, making them a convenient option for people who are shopping for a vehicle but don’t have the time or energy to search multiple locations. Some also have a variety of ways to make payments, including online payment portals, auto-payment withdrawal from checking accounts, and phone payments.
Tracking and disabling devices – Some BHPH dealerships require you to install tracking or other devices that can disable the car if you stop paying, which is intended to help them recover it if you default on your payments. This may be a big drawback for some drivers who value their privacy.
Frequency – Unlike traditional lenders, BHPH dealerships often require you to make weekly or biweekly payments. This could be inconvenient from a budgeting perspective, especially for those who work on a monthly paycheck cycle.
May not build your credit – Some BHPH dealerships don’t report your payments to the major credit bureaus, which can hurt your chances of qualifying for conventional loans in the future. Ask the dealer if they do, and if not, consider alternative financing options.