The “buy-here, pay-here” car lots have existed for some time and gained some fame. Others believe that they are fakes, while some vouch. What is the truth about BHPH then? What about buy here, pay here auto lots nearby? This is a much more complex situation than just a simple yes or no.
BHPH lots can come in handy for those with bad credit who are desperate to get a new car. Those with low credit ratings may find it hard to purchase the vehicles they desire to travel to their jobs or care for their families because conventional lenders often refuse to lend them money. BHPH offers an internal finance option to people who may not otherwise be able to access it, go here.
On the flip side, there are some BHPH lots that follow unethical methods. Some auto dealerships will charge exorbitant interest rates or fees, and bury the extras in fine print. Some car dealerships may have different rules to traditional lenders, because they are the ones who provide financing.
Do you think that this means that each BHPH lot is a scam? Sometimes. This means that you should exercise extreme caution, and do your due diligence prior to signing anything. You can tell if a BHPH auto lot is genuine. Research is the first step. You can check the online reviews of the dealer and also ask your friends about their experience. You should avoid an item in your local BHPH if you notice a trend of negative feedback or complaints.